Insight

Video: Enabling a virtual financial close

Jim Murphy, Anuj Mathur and Larry Melillo of KPMG's Finance Transformation practice discuss the four phases of executing a virtual close.

Jim Murphy

Jim Murphy

Principal, Finance Transformation, KPMG US

+1 408-367-1603

KPMG recommends a four-phase approach aimed at responsible reporting in disruption, then refining the process to make it robust and sustainable for as long as required. As an outcome, organizations will likely uncover process improvements that provide value long after COVID-19. 

This video breaks down: 

Rapid onboarding: Assess the business need, skill-sets and levels to identify and onboard resources

Train and assimilate: On-the-job-training and rapid resource deployment—100% shadowing of work hours and global support model across all regions and geographies

Quality close: Embed resources as part of the controllership teams, provide hands-on accounting, PMO, communications, and finance transformation support

Stabilize: Monitor and confirm that services and quality have stabilized and operationalize close governance processes