Compliance reporting is all about submitting your compliance reports to the legal authorities in a timely and efficient manner. But it is not as simple as it sounds as there are various activities and steps that are involved in the compliance reporting process.
If you are a global company, you have operations in different countries and therefore, are bound by each country’s legal laws. So how do you then track the statutory reporting tasks that has to be completed on time in the various countries? And, what if you must submit your reports physically or electronically? Maybe there are last minute changes in the generated report. How you do tackle such scenarios when compliance laws change rapidly and there is a stark rise in data consumption?
The answer is simple: SAP S/4HANA for advanced compliance reporting (ACR)
To simplify the end-to-end process of tracking, creating and submitting legal reports to authorities in the mode, format and frequency of their recommendation, ACR offers the Run Compliance Reports app (Run time). Business users like the Tax Accountants and G/L accountants can use the application for the following:
- Get an optimized overview of your compliance reporting tasks and keep ahead of your submission deadlines
- Facilitate the overall process of generating and submitting compliance reports and their respective activities to the government on time and in the prescribed format
The Run Compliance Reports app is capable of more than just report generation and submission. With this app, you have all of the following:
- Easy access to the list of all compliance reports that you are responsible for
- Notification of due dates
- Scheduling run generations as per your needs, be it immediately or at a later date
- Tracking of the various activities that are relevant for your compliance reporting scenario, be it report generation or non-report generation activities.
- Possibility to analyze individual report runs and their results
- Possibility to generate report documents in the legally required format, to view the documents, or to download them
- Manual adjustment of document data after report generation
- Workflows for approval of reporting data at various levels
- Direct connection to the authority systems, allowing you to verify and submit report documents easily and to receive a direct response
- Easy modifications to the reporting data through different phases such as correction, additional correction, and clarification phases
For more introductory information on the ACR run time, you can have a look at this video.
For more information on the features, capabilities, and latest news, see the community page.
In the underlying blogs of the series, we would be exploring how to create specific type of reports as well as a detailed overview of the specific features and capabilities of the ACR Run time: