The preparation of financial statements is a multi-stakeholder, collaborative process that requires keeping data consistent and reliable – a single, clear source of truth is vital. Financial reporting requirements and regulations are complex and differ across jurisdictions. This, coupled with shrinking timelines, makes the financial reporting process challenging for the finance function. Multinational companies have the additional complexity of dealing with statutory financial reporting requirements for their group entities across different jurisdictions.
Leveraging technology to prepare financial statements can help address the above challenges. Automating the financial reporting process also reduces the risk of errors and addresses inefficiencies.
Reporting UniVerse is a cloud-based solution that delivers a Board-ready set of financial statements and other sections of the annual report in an automated, user-friendly manner, helping streamline the reporting process. The platform enables stakeholders, responsible for reporting, to work together to create a high-quality outcome, repeatedly in the most productive and time-efficient manner.
With a unique blend of strong accounting and reporting domain capabilities and an innovative Generative AI-based knowledge repository, Reporting UniVerse is designed to leverage the power of technology to streamline the financial reporting process and achieve a fast, quality close.
Reporting UniVerse Modules
Reporting UniVerse’s set up through five key steps and its key features that support users in the financial reporting process:
Master Set Up
- Manage multiple entities
- Supports multiple Reporting frameworks
- Role based access controls
- Audit Trail
Map Existing Trial Balance
- Ready to use Template Library
- Gen AI features for benchmarking
Upload Trial Balance with Balances for the Period
- Input period end adjustments
- Automation through ERP connectors
- Prepare notes through Secondary Inputs
- Use Validation Dashboards
Prepare Financial Statements
- Dynamic Linking for a single-source of truth
- Drill down linkages to source
- Roll-forward to subsequent periods
- Intuitive and easy to use features
Final Output
- Automated Casting
- Rounding-off numbers
- Automated note numbering
- Board-ready financial output in multiple formats
- XBRL capabilities
Reporting UniVerse Features
HIGH QUALITY AND ACCURATE FINANCIAL STATEMENTS
Structured approach to Financial Reporting
Reporting UniVerse enables entities to automate financial statement preparation through a process-driven approach that emphasizes on efficiency, enabling control, and reducing errors that may arise in a manual process.
TRANSPARENCY AND GOVERNANCE
SIMPLIFYING THE FINANCIAL STATEMENT CLOSING PROCESS
Template Library
Reporting UniVerse enables users to leverage and replicate existing financial statement formats and to efficiently build a complete set.
Why Reporting UniVerse?
Efficient and Accurate Preparation Process
Automation through features such as Template Library, Dynamic Linking, Automated Casting, ERP Connectors, Roll-forward help in increasing productivity.
Supervision & Data Control
Role Based Access on the platform provides a workflow based approval mechanism. Further, the Audit Trail feature and Validation Dashboards help automate manual checks and enable tracking of changes made.
Collaboration
Ability of the platform to permit multiple users to work simultaneously enables fast closure of the financial reporting process.
Easy to use, Intuitive Interface
The platform has an intuitive user interface designed to simplify interactions and enhance user experience.
GenAI Capabilities
The platform provides access to a one-of-a-kind inhouse generative AI chatbot, which enables the user to research accounting matters and benchmark disclosures.
Periodic Updates
Reporting UniVerse is designed using the deep domain knowledge and experience that Uniqus has around both financial reporting and technology. The platform will be updated periodically for changes in reporting requirements.