Can complex demands lead to a better working world? Global Compliance & Reporting and EYKeySpace : innovation at the intersection of finance and tax

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1 Can complex demands lead to a better working world? Global Compliance & Reporting and EYSpace : innovation at the intersection of finance and tax

2 2 GCR and EYSpace TM : Innovation at the intersection of finance and tax

3 Turning complex demands into a simple solution. GCR and EYSpace : innovation at the intersection of Finance and Tax. Today s digital technology landscape is both demanding and complex. In fact, enabled by data and technology across the organization, digital has become a continuous form of disruption to business models, products, services and experiences, adding to the challenge for companies to quickly adapt or become obsolete. Digital is affecting individuals and enterprises, business and government. It s changing the makeup of the finance and tax function and the relationship between taxpayer and tax authority, adding governments use of more sophisticated data analytics to the already demanding regulatory and reporting environment. Whether your company does business with a multinational footprint or operates in a single country, tax and finance professionals are expected to navigate through largely uncharted territory while maintaining an enterprise-wide view across the record-to-report and tax life cycle processes. Likewise, corporate and divisional executives are under more pressure to continue to achieve growth through economic uncertainty, drive business transformation and control costs in that same setting. Some significant challenges, to be sure all now intensified in the context of digital disruption. EY can help, and it starts with GCR, our Global Compliance and Reporting services. GCR innovation at the intersection of finance and tax GCR is a strategic component of this emerging new digital tax function and the broader digital working world. Operating at the intersection of Finance and Tax, it offers a holistic approach that covers all the key elements of a company s tax life cycle planning, accounting, compliance and controversy and the key filing and statutory reporting processes that reside within the broader record-to-report spectrum. Record-to-report and the tax life cycle Record and process transactions Legal entity financial accounting Tax accounting and provisions Statutory accounting and reporting Income tax compliance Tax planning and forecasting Tax audit and controversy management Governance and control Our approach is truly integrated, drawing on competencies across service lines to help you meet your compliance and reporting challenges around the world, allowing national and multi-national companies to achieve greater visibility and control across the tax and finance functions for end-to-end data management enterprise-wide. And with EY s One Global Methodology (OGM) for GCR, it s seamless, no matter where in the world you do business. OGM s market-leading methodology connects across our extensive global network of GCR professionals, enabling us to provide consistent standardized compliance and reporting services in more than 140 countries. A well-established practice, GCR has continued to evolve to keep ahead of marketplace changes. For the new working world, that means harnessing the upside of digital disruption with a full suite of leading-edge technology, which we ve brought together in one powerful portal called EYSpace TM. GCR and EYSpace TM : Innovation at the intersection of Finance and Tax 3

4 EYSpace TM where innovation operates For companies of virtually any size, the data needed to ensure accurate and timely compliance and reporting has grown in volume and complexity: different requirements and sources across jurisdictions, more and more filing types and diverse corporate operating segments. Finance and Tax create and use much of the same data, but innate disparities mean that transactions may be classified and reported inconsistently. EYSpace TM can bridge the traditional gap between Finance and Tax, connecting their disparate data through a common digital language. EYSpace TM is the common interface that helps simplify this multijurisdictional and increasingly complex digital landscape through a single digital control point. It uses common terminology and connects common processes that let you collaborate with your EY team. And it functions as an intelligent forwarding service that provides direct web-based access to workflow, data, reporting status, analytics and other value-add information, from engagement-specific details to EY s market insights and other thought leadership EYTaxSpace TM EYAccountingSpace Collect Data management Create Store Process management and reporting 4 GCR and EYSpace TM : Innovation at the intersection of finance and tax

5 Working with EYSpace EYSpace is modular in structure and activity-based rather than tool-based, which means it can be customized with as much or as little functionality as you want. We start with what you want to achieve, then we map your pathway directly to the tools and technologies necessary to get you there. What you see Where it takes you Monitor: tasks, actions and performance dashboards Monitor Takes you to a customized view of your engagement in real-time and enterprise-wide, where we can sequence, assign and track compliance tasks and deliverables across the organization. Data can be filtered to focus on specific deliverables, regions or filing years and desired level of detail. You can see your entire compliance calendar and identify critical dependencies, dates and at-risk deliverables, along with the status of each task needed to complete a deliverable, the person responsible and actions being taken to address any issues. Offline reporting allows detailed analysis of the underlying data. Share: document collaboration and storage of deliverables Share Controls the life cycle of documents in EYSpace how they re created, reviewed, published and retained. It offers secure storage of documents, organized so that users can access information appropriately and collaborate with teams and enterprise stakeholders in an environment that is both flexible and controlled. This is the point for capturing, organizing and sharing information from compliance processes into databases for easy indexing, search and reporting. Collect: data collection, validation, analysis and reporting Collect Gathers, validates and reports structured and unstructured data via smart web and -based forms including data provided in previous years to provide the starting point for new forms and support a range of such tax and finance processes as compliance and country-by-country reporting. Data files, big data, ERP extracts and other information is captured, organized and archived in databases that make indexing, searching and dynamic reporting efficient and accurate. It is also used to gather any other data needed to support the record-to-report and compliance processes such as user satisfaction surveys, changes in local country requirements, insight and issues spotted by your teams and ours. Connect: roles, responsibilities, contacts and messaging Connect Provides contact information and profiles; connects your country, shared services and group teams to EY team members; supports collaboration. The Connect function in EYSpace makes it easier to manage multijurisdictional teams. It helps increase productivity by enabling access to Instant Message and other online collaboration sessions to exchange information, share screens, participate in joint presentations, and address issues in real-time. Contract: engagement details and project information Contract Allows you and your EY team to manage engagement-specific items such as tracking, reporting and reconciling the contract, SOWs, proposed fees, actual invoices and payments. Contract contains information about your engagement contracts with EY. That can include details of your entities and entity structure; which entities are to receive which EY services; SOW and key performance indicators for each service; change request tracking and approvals; the fees for each service and approved change request(s); the status of invoicing and payments; globally agreed rate cards and more. GCR and EYSpace TM : Innovation at the intersection of Finance and Tax 5

6 What you see Where it takes you Analyze: live reporting, visualizations and analytics Analyze Turns the data collected for compliance and reporting into powerful analytics and reports that offer compelling insights into your compliance and tax affairs across the globe. Whereas Monitor provides online access to the status of the processes comprising an engagement, Analyze drills into the data these processes produce and helps us to consolidate and harmonize key information across processes, countries and time periods. The dynamic data analytics that result help us identify opportunities and provide insights that can help you make informed business decisions and shape the strategies for improving performance, mitigating risk and driving the future success of your organization. Learn: tax and accounting knowledge resources Learn Helps you access the wealth of learning and information available to you as an EY client, from global tax guides and up-to-the-minute alerts to country-specific legislative updates, relevant whitepapers, online reference database and the latest in EY thought leadership. Users are provided access to EY, public domain and client-specific content appropriate to their roles and functions within the engagement. Where your engagement includes it, Learn can also provide access to help desk or on-call advisory service. More: access to other key engagement tools and resources More Integrates top-flight tools ours and yours whether sourced from market-leading vendors or developed by in-house technologists. This includes the interconnection with other EYSpace modules to create bespoke engagement processes to manage other service- and client-specific requirements. This intrinsic and wellplanned integration makes EYSpace customizable and scalable to meet your unique needs, both long- and short-term, while it also supports more effective change management and smooth transitions. 6 GCR and EYSpace TM : Innovation at the intersection of finance and tax

7 Power at the intersection of finance and tax To work efficiently and competitively in an ever-changing environment, companies can t allow their GCR process to continue performing to yesterday s standards. We don t either. By bringing together the complementary skills of tax and accounting, plus the knowledge and experience of more than 11,000 talented professionals worldwide, then adding the power of EYSpace, we re setting the standard in the global compliance and reporting space. The technology of EYSpace and the long-standing strength of our GCR services enable us to provide you with a tailored client experience and exceptional client service to help you keep ahead of the challenges of your business and your working world. Global compliance and reporting Standardized methodology and seamless, integrated approach: Using our One Global Methodology OGM for GCR we deliver our services through a seamless, integrated approach across the EYSpace platform, wherever in the world you do business. Flexible and scalable approach: Your needs may change as your finance and tax model evolves. Our service model can scale from monitoring your local filing obligations through outsourcing your entire R2R process. EYSpace Simple and accessible: From anywhere at any time, via webbased portal. There s nothing to install on your servers and no updates or patching for your IT department to maintain. You and your usersjust need to sign in to get access to all the designated features and modules. Flexible: From global organizations to single country businesses, EYSpace can be configured to provide as much or as little functionality as you require with a range of marketleading technology. Proven global reach: As a globally integrated professional services organization, EY can offer global synergies and efficiencies as well as country-by-country knowledge of tax laws and reporting regulations. Positive potential: Improving your global compliance and reporting can mean much more than the basics. It can mean market reach, operational agility, cost-competitiveness, stakeholder confidence and tax value. Scalable: As you expand, enter new countries or require new compliance and reporting services, EYSpace is already there to support you with a common and familiar user experience, limiting any investment in user training and deployment. Powerful: You ll have access to analytics and visualizations that can turn your historical data into insightful decisiondrivers, together with relevant thought leadership that captures current trends and provides timely and time-sensitive updates. GCR and EYSpace TM : Innovation at the intersection of finance and tax 7

8 To find out more about GCR and EYSpace TM Aidan O Carroll EY Global and EMEIA GCR Leader aidan.ocarroll@uk.ey.com Doug Mastrangeli EY Americas GCR Leader douglas.mastrangeli@ey.com Jon Dobell EY APAC GCR Leader jon.dobell@au.ey.com Kazuhiro Ebina EY Japan GCR Leader kazuhiro.ebina@jp.ey.com EY Assurance Tax Transactions Advisory About EY EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com EGYM Limited All Rights Reserved. EYG No GBL BSC No ED None This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice. Please refer to your advisors for specific advice. ey.com