Finance and Accounting revamped

As the central nervous system of the enterprise, Finance and Accounting must strike a critical balance between driving innovation and running an efficient operation. A digitally enabled Finance function can play a critical role in generating insights, growing the organization, modernizing the workforce and meeting business demands.

Potential benefits of pursuing a streamlined, digitally-powered finance organization

While some companies continue to use inefficient legacy accounting systems, we are now seeing rapid advancement of digital technologies beyond just the cloud “boom.” When coupled with the expansion of artificial intelligence, the acceleration of speed to value, automation capability, and speed of information have jumped dramatically.

CFOs increasingly need to facilitate an agile, effective allocation of capital based on the enterprise’s most pressing business priorities. By leveraging automation, data, and the right skillsets, CFOs can increase the speed, accuracy, and quality of financial data and analysis while mitigating financial and compliance risks. Moreover, by redistributing the work within F&A and increasing usage of dedicated, specialized CoEs, organizations are able to attract and retain top talent.

The Finance Transformation practice at KPMG supports the growing agenda and increased responsibilities of today’s finance and accounting leaders. With a globally focused team of knowledgeable professionals, we can help strengthen your finance operations by addressing key priorities including strategic decision support, efficient operations, strategic growth, and governance. Our services can help you improve your processes, drive business-led technology improvements, expand transparency and information integrity, develop strategies to prioritize and retain resources, and prepare for impending change.

Shift time to value-add activities

The demand for information from finance has evolved. Finance will have to disrupt itself to meet the demands of its customers, regulators, corporate boards, sales and marketing departments, suppliers, and internal and external auditors. Leveraging a digitally enabled close allows resources to be reallocated from manual tasks and fixing bad data to more valuable activities such as analyzing data and anomalies, streamlining processes, and providing insights to the business.

Data quality and accuracy

Record-to-report technologies produce clean and accurate data that can be fed into predictive models that support an organization’s business planning and decision-support needs. They can help standardize an organization’s data and eliminate the need for hundreds of manually maintained spreadsheets. Having a well-designed and structured data lake that’s used in conjunction with properly configured rules and process automation makes the monthly closing far more efficient, with fewer errors to correct, and leads to more accurate and useful actuals.

Speed to close

The digital close supports a continuous close and ability to prepare statements more quickly by aligning transactions to relevant rules and policies. Organizations will be able to avoid the fire drills that typically accompany the monthly, quarterly, year-end and even daily closings, often as a result of having to fix data and underused process automation.

Cost savings

These tools enable organizations to scale services and add value at a minimum cost with a short payback period. Additionally, with trustworthy structured and accurate data, organizations can reduce costs for governance, control, and external audits.

Finance and accounting process optimization

Focus on delivering optimized global processes leveraging enabling technologies.
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Digital Close

Propelling the R2R process into the Digital Age
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A more agile accounting process

Discover how the accounting hub can automate rule based accounting for continuous processing and delivery of timely information
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Zero-based Budgeting

Enabling finance to drive better decisions on portfolio and cost management
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Finance Transformation tailored to you

Supporting the modern CFO

KPMG Finance Transformation supports the increased responsibilities of the modern CFO. With extensive experience helping some of the world’s most complex companies transform their organizations, we know how your business works, how to assemble the right dedicated teams, and how to get the best out of technology—in order to deliver results that matter to you and your industry. We’ll be at your side through every step of your journey, from strategy to execution to achieving your vision.

Explore client stories

Client Story

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KPMG and Workiva help a global IT company transform its financial processes from good to great

Client Story

Webcast Replay Webcast Upcoming Listen Now

In the early days of COVID-19 business impact, KPMG helped a global 100 company's finance organization perform a virtual close for timely quarterly reporting.