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Brought to you by
WEBINAR
Transforming Statutory Reporting at General Electric
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Susie West
CEO
sharedserviceslink
Andrew Hay
Global Head Statutory Reporting
Thomson Reuters
Mark Boakes
Program Manager
General Electric
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• Send me your question early
• Use this opportunity to get the answers/info you seek
• The sooner you send me the question, the more likely it will be asked
• Remember to stay on for Q&A in the last 10 minutes of the session
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The slides will be available after the webinar at www.sharespace.digital
sharespace is the community site for shared services professionals with both free and premium subscriptions.
All webinar registrants will be sent an email with a link to the sharespace page.
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• Context
• An introduction to Thomson Reuters ONESOURCE
• General Electric’s approach to Statutory Reporting
• Some background
• The challenges of managing statutory reporting globally
• Integrating ONESOURCE
• Results so far
• Q&A
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• Local statutory financial reporting can be a real headache for multinationals, often
requiring reports to be created for hundreds of legal entities across dozens of
jurisdictions all with different formats and reporting deadlines.
• The reporting process, which is traditionally managed by local finance teams using
manual processes or outsourced to expensive audit firms, can be inefficient and can
risk inaccurate or delayed filings.
• As a result many multinationals are seeing the benefits of automating their reporting
processes and having the shared services organization take full responsibility.
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THOMSON REUTERS
ONESOURCE Statutory Reporting
The Last Mile of Financial Reporting
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MARKET THEMES
Centralization,
Automation,
Standardization
One standard global
process
Standard business
processing language
Initiative to centralize
statutory reporting
function
(e.g. SSC or COE)
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One standard global platform
to prepare financial statements to comply with local government reporting requirements
WHAT IS ONESOURCE STATUTORY REPORTING?
Content for 34+
standard countries
2018: additional 8
2019: additional 8
Compliant country
templates in local
languages
Updates to each
country template
for regulation
changes
Pre-defined and
pre-linked
disclosures, with
supporting
workpapers
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DELIVERY MODEL STATISTICS
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Statutory Reporting
What is your delivery model for Statutory Reporting?
a) Outsourced
b) Completed in-house, local country
c) Completed in-house, SSC/GBS
d) Mix of all above
POLLING QUESTION 1
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• Required skill sets
• Local or central review
• Language
• Motivation and career progression
KEY COMPONENTS TO SUCCESS
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• Review process steps and gaps
• Same process, different location?
• Consistency of output
• Controls
• Practice run before live
KEY COMPONENTS TO SUCCESS
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• Consistency of inputs
• Local currency & GAAP
• Non-financial data per country
• Other uses of data outputs
KEY COMPONENTS TO SUCCESS
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• Enablement of process and controls
• Match business objectives
• Automate or manual?
• Tools for oversight and tracking
KEY COMPONENTS TO SUCCESS
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Statutory Reporting
What would you say is the main reason for not moving Statutory
Reporting to a Shared Service Center model?
a) Country specific knowledge is required
b) Need local relationships with authorities
c) Language capabilities
d) Processes aren’t standardized to migrate
e) Not a business priority
POLLING QUESTION 2
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• Austria **
• Belgium **
• Denmark
• Finland **
• France **
• Germany **
• Hungary **
EMEA Americas
• Saudi Arabia **
APAC
• Australia
• China **
• India
• Hong Kong
• Malaysia
• New Zealand
• Philippines
• Singapore
• Argentina **
• Brazil **
• Canada
• Chile **
• Mexico **
• South Korea **
Scheduled for delivery in Q4 2017
• Ireland
• Italy **
• Luxembourg
• Netherlands
• Norway **
• Poland **
• Portugal **
• Colombia **
• Peru **
• Russia **
• South Africa
• Spain **
• Sweden **
• Switzerland
• Turkey **
• United Kingdom
Scheduled for delivery in 2018
• Czech Republic **
• Slovakia **
• UAE
• Japan **
• Taiwan **
• Vietnam **
• Ecuador **
• US GAAP
** Local language (otherwise
English)
ONESOURCE STATUTORY REPORTING COVERAGE
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Transforming Statutory Reporting at General Electric
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Presented by Mark Boakes Program Manager Statutory Consolidation & Reporting [email protected]
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• About GE
• History
• Facts
• Mission & Strategy
• Shared Services
• Overview
• Operating Principals
• Enterprise Standards
• Statutory Reporting
• Reporting Strategy – Process and Tools
• ONESOURCE Statutory Reporting
Agenda
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About GE
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History
GE traces its beginnings to Thomas A. Edison, who established Edison Electric Light Company in 1878. In 1892, a merger of Edison General Electric Company and Thomson-Houston Electric Company created General Electric Company.
GE is the only company listed in the Dow Jones Industrial Index today that was also included in the original index in 1896.
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Financials People
• Estimated net worth $170 billion
• Revenue 2016 $123.78 billion
• Net Earning 2016 $8.28 billion
• R&D spend 2016 $5.5 billion
Business
Facts
• Total Employees worldwide Dec 2016 – 295,000
• In more than 170 countries around the world
• GE Aviation
• GE Capital
• GE Digital
• GE Energy Connections
• GE Healthcare
• GE Lighting
• GE Power
• GE Renewable Energy
• GE Transportation 11/15/2017 Transforming Statutory Reporting at GE 23
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Mission Statement
Building, powering, moving & curing the world by transforming industry with software-defined machines & solutions that are connected, responsive and predictive.
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Shared Services
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Overview – Global Operations
Who are we
We are the primary shared services for GE, operating in 85 countries. Our globally-focused team enables a unique competitive advantage by looking across all GE businesses, customers and suppliers for opportunities to deliver better outcomes at lower costs. In return, we create capacity for our business teams to focus on our customers, invest in R&D and grow new markets.
What do we do
Finance
• Controllership
• FP&A
• Treasury
HR
Legal
Tax Support
Commercial
Supply Chain
Where are we
5 Regional centres:
• Europe & Russia – Budapest, Hungary – 2,200 people – supports 27 Countries
• Asia – Pudong, China – 1,700 people – supports 18 countries
• LATAM (South America) – Monterrey, Mexico – 1,000 people – supports 10 countries
• META (Africa & Middle East) – Riyadh, Saudi Arabia – 1,000 people – supports 32 countries
• US & Canada – Cincinnati, Ohio – 2,000 people – supports 2 countries
Globally >7,000 FTE
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Operating Principals
Delivering processes at scale to enable businesses to focus on their core-expertise
Partnership
• Between the Businesses, Global Functional Owners and the Regional Global Operations teams working together to implement solutions to help simplify GE’s operations
Ownership of the Process
• Wing to wing processes are functionally owned, business leveraged / influenced, and global Operations enabled to maximize standardization and to ensure consistent quality for all GE’s operating processes
• Copy length is limited by the height and width of the container shape
Shared Infrastructure and Leveraged Enabling support
• One seamless environment to reap the benefits of scale, reduced overhead and duplication and to provide a simplified experience for employees
Common Framework
• Each function approaches us in the same way – in terms of common mission, purpose and delivery model
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Global Operations is building solutions to reduce complexity in the company's processes, systems, and structures ... Enterprise Standards.
Partnering with the GE businesses, we are aligning employees globally who work on our key finance, transactional, and compliance processes into one team to accomplish our mission: to create leaner processes that improve our cost, quality, and speed, drive simplification, and build and operate world-class processes for GE.
Enterprise Standards
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Enterprise Standards published:
• Finance – Record to Report, Stat 2 Tax, Fixed assets, Treasury
• Supply Chain – Sourcing, Customs, Travel
• HR – Payroll, Recruitment, Exit, etc
• Order to Cash, Data Management, Integration, Legal, etc
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Statutory Reporting
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S@S STRATEGIC
GLs
Account Rec ARM
Last Mile
ONESOURCE STAT
REPORTING
Enterprise Standard Chart of Accounts
Core statuatory process & Tools
Reporting Strategy – Process and Tools
CTQ's
ES Chart of Accounts
Statutory @ Source (S@S) - Technical
Dual Ledgers GAAP & Statutory independent ledgers available
P-Mirror Primary GAAP ledger mirrored to Statutory ledger
GAAP to STAT Walk Indicators in Statutory Ledger to enable
Statutory adjustment in GL (e.g. S@S)
Statutory @ Source - Organizational & Operational: on the ground
readiness to meet…. ES Quarterly close, Global Operations migration, etc
Enables ARM Account Rec: tool and process
Enables Tax Provisioning: Tax @ Source tools and process
CTQ's
ES Chart of Accounts
GL Integration to load Statutory
Ledger Trial Balance – Standard
Edit Check Reports utilised
Full Consolidation process –inc.
Elimination & Aggregation
Standard Reports available (e.g.
GAAP2STAT Walk, BS, P&L, etc.)
Flexible User query tool
CTQ's
ES to Local CoA mapping
Full filing FS content – Big 4
certified
Country release enabled
Auto Sub (xBRL) if mandatory
Legislative changes delivered by
TR – template “upgrade”
Minimal manual inputs – TB
loaded
"Audit Proof” as transparent
Consolidation SHFM
Local CoA
Process Tool
Integrated (limited hand-offs), Controlled, Standardized & Scalable
S@S Adj Stat Recs Abridged Financials Locally compliant Stat Accounts
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ONESOURCE Statutory Reporting
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Global Delivery Project
• Enabler – TR Country Template available or Bespoke Justified (Africa and Middle East Regions)
• Delivery Infrastructure – Thomson Reuters Expertise, Central GE Team, Local Stat Team
• Deployment Process:
Pre release: TR model FS shared, GE team review and feedback
Pre release: TR review GE current filing sample for content assurance
Initial Kick Off and ONESOURCE Training: TR Deliver
Bi-weekly Pule Calls: TR & GE, knowledge gaps, issue resolution, How To, etc
Country Delivery: Account Mapping, Content Finalisation, User Testing, GE Template moved to Production
• Operational – GE Team migrate existing filings to ONESOURCE – TR monthly health check – utilise Standard TR Support
Country ONESOURCE Utilisation for Statutory filing so far….
2015 Cycle > 500 filing completed in tool
2016 Cycle – around 800 filings planned
End Game – around 1,200 filings
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Thank you – any questions?
32 11/15/2017 Transforming Statutory Reporting at GE
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Statutory Reporting
400+ 2017 Clients
34 Countries now live within
ONESOURCE Statutory Reporting with a further
16 Countries in 2018/19
3 Used by
of the
Big 4 accounting firms
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Statutory Reporting
Are you interested in attending our European Shared Services Leaders’
Summit in March in London?
• Yes
• Maybe
• No
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www.sharedserviceslink.com/webinars
Nov 22nd Nov 29th Dec 6th Dec 13th
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Nov 15th-17th
www.sharespace.digital/summit-space
Oct 10th-12th Feb 2018 Feb 2018
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