Global statutory reporting and data management revamp

Project overview and objectives

A multinational paint manufacturer engaged our team to revamp their global statutory reporting processes through Workiva. When we met them, here’s what they needed to overcome:

• High degree of reporting complexity due to the number of jurisdictions where this company operates and its decentralized model
• Complicated, non-standardized, and time-consuming processes—like the need for financial managers within each country to manually update and circulate files for contribution and review
• Inconsistency in source data caused by 13 distinct ERP systems

What we did

We aimed to decrease the need for third-party services, bringing several accounting processes in-house. We also:

• Created and linked 27 financial reporting templates and corresponding data within Workiva for entities operating in EMEA
• Led creation and training for a new global statutory reporting process
• Developed and implemented a collaborative reporting and data management process, along with an entity management solution that uses the graph database component as a second database within Workiva

Impact

So, where did that leave them?

• 99 percent of their invoices are now keyed automatically
• They have greater automation, collaboration, and orderability across the global statutory reporting process for in-scope entities
• Standardized templates and reporting processes eliminate manual rework and adjustments, while keeping the structure of the source data intact—shaving days off of reporting time
• Ample experience and training for financial managers ensures long-term success

If your teams are struggling to balance varying reporting requirements and it’s challenging your ability to think strategically about the future of your business, learn more about how Workiva can simplify your reporting.