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Powering finance in the cloud

Powering finance in the cloud

After years of scepticism, cloud software has become the norm for organisations, and KPMG’s Finance Hub takes the capabilities a step further.

Fleur Telford

Director, KPMG Enterprise

KPMG Australia


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People working on a cloud – Illustration

As a technologist, one of the greatest paradigm shifts I have witnessed in financial services over the past 5 years has been the move to cloud-based software.

Today, functions such as bookkeeping, invoicing, bank reconciliation, GST and payroll are done using cloud software. Once an organisation has migrated their systems into the cloud, they can share data simultaneously with their accounting advisors, which allows for co-operation, ease of access, and timely advice.

KPMG Finance Hub is our transaction and bookkeeping service that is underpinned by cloud technology, which is allowing us to work with our clients in this way.

Every system an organisation adopts must contribute to its growth and profitability. In this respect, the cloud wins every time with its ability to scale and adapt as required.

Although there were concerns about data safety and privacy issues in the beginning, these fears have gradually been allayed. With the growth in confidence, organisations have learned to appreciate the 24 hour-connected global transactional environment. When using the power of KPMG Finance Hub, the processing and reconciliation of transactions is part of the service, enhancing that feeling of being in an automated, connected world.

Other advantages of cloud software

Cloud technology is also very affordable for SMEs and means the end of hefty license agreements, server rooms for storing infrastructure, and the endless need of more disc space for storing data. With KPMG Finance Hub, there is no need to employ a dedicated specialist to manage the software and hardware, as clients can outsource the whole of the finance function for as little as $700 per month, leaving them with more time to focus on the operation of their business.

One of the great advantages of cloud software is that both software and data are now portable and accessible on mobile devices such as phones and tablets. The technology that powers KPMG Finance Hub makes it easy for clients to do what needs to be done, anytime, anywhere.

Future developments

How far will this brave new world take us? It’s true that with the passage of time, Artificial Intelligence (AI) will further automate transaction processing. We’re already seeing this in the major banks: machines assist us in making payments and digital assistants can respond to frequently-asked queries.

And yet, this isn’t the end of human involvement. In fact, the concept of service offering counts more than ever. There’s a difference between operational capability and the capacity to nurture trust and loyalty, and the most important aspect of KPMG Finance Hub is the service we provide.

Each client has a dedicated Finance Officer who knows their business and whom can be contacted when required. At KPMG we know that the greater the technological advance, the more we, as financial service professionals, need to foster traditional people skills – listening, interacting, and understanding our clients. Coupled with data at our fingertips, we can add even greater value to the service we offer than ever before.

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