Case study: Let the cloud take the strain - financial reconciliation made simpler
Let the cloud take the strain
A major international manufacturing group implemented cloud-based collaboration software to make collecting financial data more efficient and collaborative.
For our client, a major international manufacturing group, collecting the data needed to file financial statements and prepare tax computations across various jurisdictions was a labour-intensive and expensive affair.
The group, which has operations in 2,000 different locations worldwide, was running a number of different financial systems. These recorded financial data under US accounting rules, which then had to be adjusted to local accounting rules for different jurisdictions. Local teams were making these adjustments manually using a mix of systems and spreadsheets. As a result, checking that the group’s financial statements and tax returns matched up with the underlying data was complicated and time-consuming.
KPMG implemented our K-Helios cloud-based collaboration software to make the process more efficient and collaborative. The software is hosted in Microsoft’s Azure cloud, enabling finance teams spread around the world to interact with a single set of data. With the software, finance teams can map their financial systems to a standard format, and can enter adjustments from US to local accounting practice directly into K-Helios. This provides a clear audit trail and makes it easier to check final numbers against source data.
Scroll down to continue reading...
K-Helios also allows source data to be mapped in multiple ways. So our client can now use a single data source for multiple compliance purposes, such as financial statements and tax compliance, reducing reconciliation issues.
For our client, moving to K-Helios has reduced the time and cost spent preparing financial statements and tax computations significantly, freeing up more time for finance teams to focus value-adding activity.
There’s another important benefit too. As global tax authorities shine a spotlight on tax reporting by international groups, our client has the transparent, reliable processes they need to demonstrate their reporting is accurate and consistent across all locations.
© 2021 KPMG LLP a UK limited liability partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.
For more detail about the structure of the KPMG global organisation please visit https://home.kpmg/governance.