Asset managers require clear, reliable, and timely financial reporting in the face of increased investor demands, regulatory scrutiny, and pressure to cut costs. However, preparing financial statements can be a burden on both time and resources. KPMG’s Financial Reporting Solutions gives clients a cost-effective reporting solution that saves time, increases insight and improves data quality.

Current financial reporting challenges

  • Increased investor demands to deliver reports earlier, condensing the reporting cycle.
  • Manual processes which create increased dependency on asset manager and administrator staff during peak cycle resulting in lack of scalability and increased staff turnover.
  • Lack of transparency and controls resulting in a duplication of reviews by asset manager and administrator.
  • New regulatory requirements such as ESG not addressed until late in the process.
  • Manual production process for data collation and standardisation can create inconsistent workbooks and audit support.
  • Lack of automation applied to the review process results in labour-intensive processing and manual validation checks which may be subject to human error.
  • Lack of upstream data controls resulting in issues and delays arising later in the financial reporting process.

How we can help

  • Detailed KPIs / KRIs agreed covering accuracy, timeliness etc. tracked on a dashboard.
  • Central engagement lead coordinating all deliverables.
  • All pre-cycle activities scheduled and tracked.
  • Robust governance framework to reduce burden on client teams
  • Financial statements templates will be reviewed by centralised technical team at planning stage to ensure they are best-in-class.

Mapping and validation rules are applied consistently using Robotic Process Automation (RPA) which consumes accounting records from administrator’s fund accounting system This allows reports to be aggregated and validated at source, eliminates manual effort and allows data issues to be addressed timely.

  • Financial Statement preparation application maps the pre-processed data into financial statement templates. Standard footnote libraries are mapped to the fund to produce the financial statement package. This allows  front-loading of assembly of accounting treatments, footnote libraries etc. pre-year-end.
  • Review Technology - PDF financial statements are reviewed and cross- checked to supporting documentation  using  an automated solution.
  • Blacklining technology  reduces the effort to review subsequent iterations of the financial statements. 
  • Non-standard fund activity log will address accounting treatment and any top side adjustments required prior to cycle. This reduces risk of additional drafts later in the process.
  • Intuitive, transparent, user-friendly financial statement and proofs workbook to reduce effort on client review.
  • Financial statement comment logs to ensure all comments are agreed and processed correctly. 

Why KPMG?

  • Improving turnaround times
    Manual processes are eliminated with technology applied at every stage of the process.  Much of the remaining preparation is moved pre-cycle, significantly reducing the lead time to produce a first draft.  
  • Best-in-class process
    Tools and controls are in place to address upstream issues to allow a high quality product to be produced first time. 
  • A firm which can facilitate your growth
    Our process allows clients to maintain oversight while eliminating the re-performance of tasks to help scale their business.  This outsourcing model may help clients lower their cost of financial reporting compliance and reduce software and hardware implementation costs.  
  • Technical proficiency
    Your team will be fronted by industry-recognised leaders in reporting for alternatives and regulated funds who are engaged throughout the process. 
  • Disruptive technology applied at every stage of the process to deliver the most effective scalable solution
    We use data pre-processors, financial statement production technology, automated review of PDF financial statements and blacklining technology which allows the client to reduce their dependency on staff in the peak cycle and scale their operations more easily. 
  • A team you can trust
    You will have direct access to our local experts in Dublin supported by a relationship team that you can trust with customisation of service to fit your requirements. 
  • One-stop partner for your reporting needs
    For asset managers who use multiple administrators, KPMG can bring consistency and excellence to your financial statements process. 

Get in touch

The pace of change is challenging business like never before. If you have any concerns about financial reporting challenges, please contact our team below. We'd be delighted to hear from you.

Contact our Financial Reporting team

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