KPMG Financial Reporting Harmony (Harmony) is a cloud-based technology that supports reporting, compliance, and collaborative work management processes by integrating and connecting inputs to create a single source of truth for your business.
Harmony can help tackle the most difficult part of any business change or transaction: working with data. It can simplify the reporting process for your business by extracting data from multiple incompatible sources with speed and ease, making the reporting process smoother, more transparent, and more accurate. Harmony supports live flow-through updates from your data to its outputs, allowing for seamless integration of critical changes to data. Harmony can also facilitate collaborative working and live editing, especially helpful as companies adapt to hybrid working models.
Learn more about Harmony by exploring this webpage.
Explore Harmony's key capabilities
Exploring strategic alternatives from divesting to entering the capital market is challenging; however, Harmony can provide that level of comfort in any transactional endeavor your organization is contemplating or executing on.
With the power to connect directly to data where it is stored, Harmony is the right solution to meet your reporting needs. Connections into Harmony can be made from a variety of sources, including but not limited to KPMG Aggregation and Reporting Tool (KART), ERP systems, financial consolidation platforms, data warehouses, customer relationship management (CRM) systems, and other tabular data types. Having the ability to transform your reporting process and integrate files, deliver formatted data efficiently and consistently, and automate to manage data and tasks for your team(s) are just a few highlighted capabilities of Harmony.
Harmony can be leveraged for many transaction types, including:
IPOs: Companies preparing for an initial public offering will need audit-ready, separate financial statements, a robust Management Discussion and Analysis (MD&A), and other comprehensive reports. Timing is of the essence. Harmony can help build and maintain the necessary statements and reports for any stage of an IPO in an efficient manner, providing the level of detail necessary to facilitate a smooth audit process.
Mergers, Acquisitions, and Divestitures: Harmony can help generate both separate and combined financial statements and other outputs necessary for reporting before or after transactions, while also generating separate and standalone reports and outputs for pre-deal and post-deal comparative purposes. Whatever avenue you are exploring, Harmony gives you the information needed to make the best decision for your organization.
Other types of transactions, including restructuring: Harmony allows users to experiment with various “what if” scenarios by pulling in different data sources and seeing how other variable elements of your business change or transaction can impact the overall outcome. Needing both audit-ready financial statements and pro-forma financial statements? Harmony lets you leverage the same data set to create various reports.
Discover Harmony’s key features
- Reduced turnaround time for flowing changes made to input data (e.g. consolidated financial data) and for updating reporting period (e.g. from year-end to quarterly reporting) across multiple files (e.g. supporting workpapers and output reports: 10-K, 10-Q, S-1, Form-10, MD&A, pro formas, investor relations reports, etc.) through the power of linking.
- Ability to concurrently prepare, edit, review and address comments real time by multiple team members.
- Linking among data enhances accuracy and consistency throughout the financial reporting process as the output reports are linked to the source data. Any changes to the source data are consistently updated for all numbers and texts linked across multiple files (excel, word and PowerPoint).
- Version control issues are reduced by using a central document repository for storing all project files. Further, changes made to a file are saved on a real time basis as a documents, spreadsheets, and presentations are updated.
- Data from multiple sources can be integrated into a single platform to create a central and connected set of data.
- Data connection to Harmony can be established from a CSV, SLSX report extracted from the client ERP system or from the client ERP data uploaded to the KPMG Aggregation & Reporting Tool (KART).
- Drag-and-drop query building to enrich and refine datasets of any size.
Ease of Audit:
- Ease to audit as a history trail is automatically created and saved for every change in Harmony. All edits leave a record, providing greater insight and transparency.
- Ability to compare revisions of a report through blacklines.
Ease of Review:
- Ability to direct comments at users. Email notification are sent to assigned team members to address comments and reviewers are notified when comments have been addressed.
Data Security & Permissions:
- Secured access granted only to a limited number of users such as KPMG team members, specific client users, and client external auditors.
- Access within a project workspace can be further restricted to users by granting ready only, full or no access to specific project folders, files or section(s) within a file.
- Built-in project management capabilities where tasks can be assigned to individual team member with due dates. Task reminders can be set to alert team members for upcoming due dates on task assignments.
- Ability to easily track tasks “in progress” and “completed” and create project status reports.