Automation of budgeting, financial reporting and consolidation processes
Automation of budgeting, financial reporting...
Enable technologies to manage the timeliness, reliability and transparency of the closing and reporting processes
In a rapidly changing environment, companies need to review their processes continuously to help ensure that they stay at the forefront of innovation and improvement. Budgeting, financial reporting and consolidation are some of the critical processes in any company. To make these processes work, today’s finance employees need to manage complex tasks on data extraction/ transformation/loading, updating cost drivers, calculating line items, and distributing reports. Even the most seasoned and vigilant employee can make mistakes. A business can make timely and effective decisions if it gets financial information that is of a high standard and is presented on a timely basis. There is also a growing need to produce such information in a cost effective manner. The alternative to spreadsheets is process automation. For many companies, however, the reporting process is often a slow and labor-intensive affair, possibly hindered by poor systems, manual processes and lack of coordination between different parts of the business. The challenge for the finance function is to develop an efficient, accurate and repeatable reporting process that helps ensure the integrity from beginning to end. This is critical in order to manage the timeliness, reliability and transparency of the closing and reporting processes.
When do you need our assistance
Does the budget-to-actual exercise, financial reporting and consolidation require a significant time absorption at an operational level (in the transactional, consolidation or reporting phase)?
Are your processes heavily manual and/or spreadsheet intensive?
Do you work noticeable overtime during the closing & reporting?
Does the daily routine prevent you from conducting a root cause analysis of budget deviations/or establishing an Action Plan to overcome them?
Is your closing & reporting time longer than you want?
Do you notice a lack of visibility or a difficulty in monitoring your closing & reporting process and/or the one of one or more of your subsidiaries?What we offer
KPMG provide a wide range of services to assist you in improving and automation of your budgeting, financial reporting and consolidation processes. Our services allow optimization of the administration, finance and control area of the process in terms of their cost, time, quality and organisation. Accounting and Reporting Advisory team are comprised of specialists from our firms’ various Advisory service lines including IT professionals who focus on the complex technical issues surrounding automation of accounting and reporting process on the basis of Oracle, SAP and 1C platforms. We help our firms’ clients design and implement IT systems to:
Automate repetitive business processes such as data imports, allocations, consolidation, and currency conversion in order run logically and consistently;
Reduce the cost of compliance audits by ensuring that the system adheres to applicable standards and policies;
Eliminate waste of time determining the source of errors;
Distribute financial and management reports securely and on time;
Continuously monitor the status of critical steps in period end close and reporting processes and receive automated notifications regarding status changes; and
Easily train new employees, including non-finance users, to master the financial automation solution.