Reimagine global legal reporting with SAP solutions for advanced compliance reporting
In today’s world, entering the global market is no big feat. But what happens once you enter the global market, and you start business with/in other countries? The next step would be to follow the local government guidelines to run a successful business, and that means — being legally compliant.
So, you could be a company founded in Asia, but also operating in the Americas. Wouldn’t it be nice to have a single global platform, where all your legal reporting needs are satisfied? And of course, changing economy means, ever-changing legal rules and compliance laws. If only someone could keep track of all that and make compliance a piece of cake, while you just concentrate on the business end of it.
We offer SAP solutions for Advanced Compliance Reporting (ACR) — the one-stop solution for all your reporting needs.
About the framework
The ACR solutions is a legal reporting platform that simplifies and manages statutory reporting in a timely, efficient, and transparent manner. It goes one step further and enables you to customize your own reports with a guided step-by-step process to easily adapt to your business process specific requirements.
It is a smart and flexible framework that works for your organization and business to ensure all your compliance needs are fulfilled. It is an ever-evolving product that adapts to the changing laws across the globe and provides a rich set of features to make legal reporting a smoother experience overall. Whether it is the physical submission of the compliance reports or and online submission of e-reports, ACR supports all.
It’s a platform that will help your business run simple!
Here’s the big picture of how ACR fits into your business landscape:
SAP solutions for advanced compliance reporting has a multitude of deployment options available:
- The SAP Localization Hub, ACR service addresses the critical compliance requirements of ECC and non S/4 HANA customers who are yet to plan their S/4HANA adoption journey.
- For customers who have already adopted S/4HANA, ACR is developed and delivered for both cloud and On-Premise systems.
So, what’s special about ACR when there are many legal reporting platforms available out there? Whether you are a Business User, a Technical User, or even the Tax Manager, ACR caters to all needs. If you are an Accountant, ACR offers multiple ready-to-use standard reports through the Run Compliance Reports app, that fit your compliance requirements, whereas, if you are a Technical User, ACR provides a design platform called Define Compliance Reports app, to enhance the standard reports and create new reports as per your business needs. And if you are the CFO, then we would like to introduce the Global Compliance Dashboard, which provides a quick overview of the real time reporting status across the globe, while also using analytics to display information at the granular level.
Here’s a high-level overview of some of ACR’s key capabilities:
- End-to-end reporting process
There are many activities that need to be performed to complete a reporting process and ACR offers you the capability to create your own reporting activities, whether they are pre-report submission or post-report submission.
- Audit friendliness
ACR helps you keep track of all reporting tasks and its related data. This level of tracking is not only limited to the current report but also lets you identify documents long after the reporting is done, for future considerations.
- Accommodate last minutes changes
Generating a report is not the end. In case of valid business reasons, controlled modifications to the output file can be done at the last minute. The changes are tracked along with date/time stamp and user information.
- Enhanced visualization and user-friendliness
The preview mode provides a more legible layout for the output data and helps better visualize the reports in a user-friendly manner. You can use the Define Compliance Reports app to create intuitive labels as well.
- Drilled down view
As an enhancement to the auditing facility and in general for better understanding of your reporting data, embedded analytics allows you to drill down and analyze details of the report data such as documents submitted for the report and changes done to a report.
Extensibility and Localization
One of the ACR’s strongest features is its extensibility options. SAP may not cover localization for all the countries in the world, but ACR is flexible enough to offer multiple extensibility options for you to make use of and customize your own reports.
If the delivered standard reports don’t fit your business needs, create your own reports using the Define Compliance Reports app. And when we say create, it could be that you might just want to add some specific activities, modify the report data sources, and even adapt the output to easily fit your needs. You can choose to extend the standard reports to do the same. This reduces the time and effort involved in creating reports from scratch.
There are pre-delivered generic reports such as Generic VAT, Generic Cash Flow Statement, Generic Withholding Tax Reports which can be used directly. Reusing generic reports means you are expediting your entire reporting process, saving time and effort.
If you have similar reporting requirements for different countries, you can easily make use of the flexibility ACR provides and create a generic report category, which can then be reused for different reporting entities as well.
In summary, you are now aware of SAP Solutions for advanced compliance reporting and how it enables you in making legal reporting process easier.
For various other resources like the how-to videos, information on legal reporting with ACR on LTK, link to the customer influence channel, and other topics available for ACR, check out the SAP Community page.
For more detailed information on ACR solutions, please refer to Advanced Compliance Reporting on the SAP Help Portal.