CCH Australia expects local companies to look at improving corporate reporting and compliance outcomes in the coming months.
Managing director at the corporate reporting company, Peter Boyle, said there was a need for integration of automation, content and support in a Cloud-based environment.
“It’s about what's under the hood, and this doesn’t mean consumer-grade software options being hosted online and packaged to look Cloud-based,” he said.
Instead, Boyle said corporate reporting professionals will look for a platform that provides core reporting and compliance outcomes with modular options.
“This is so they can keep pace with ever-changing regulation and growth requirements,” he said.
Another area Boyle expects to become a focus for compliance and report production is transparency.
“At a recent GST Reporting industry event, the ATO put it on the public record that the integrity of business systems will form a key component of reviews for adequate tax risk management processes,” he said.
The Standard Business Reporting templates for superannuation have already been launched by the Government, and Boyle said this will lead to the processes of data collection falling “under the microscope.”
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With the ATO already questioning the integrity of the technology underpinning business systems, Boyle said many organisations may now have to “consider the future from a different perspective” as they react to their reporting and compliance being scrutinised.
Patrick Budmar covers consumer and enterprise technology breaking news for IDG Communications. Follow Patrick on Twitter at @patrick_budmar.