Accounts production for financial statement preparation involves working with a high volume of data. Information must be collated, standardized, analyzed and submitted according to strict reporting deadlines. Companies often face challenges in streamlining the finance reporting process due to multiple factors, including:
Finance and accounts teams’ workload during the closing period, stressing capability and capacity
Use of Excel spreadsheets for data collation and standardization, resulting in high processing time for closure and reporting of financials
Labor-intensive processes used to manage last minute adjustments and manual validation checks, which may be subject to human error
Consolidating financial statements among subsidiaries using disparate accounting systems, different accounting currencies, and diverse charts of accounts, while adhering to different country specific regulations
Optimizing financial closing and reporting processes is key for CFOs. When considering the overall efficiency of the financial reporting process, several variables are considered:
- Improving turnaround time for accounts production
- Increasing efficiency with respect to remote financial closing
- Digitalizing accounting operations
- Supporting a technology-enabled workforce, capable of managing automated accounts production
KPMG’s financial reporting as a service assists business in simplifying the financial statement preparation process. We provide a managed services model that enables companies to offload their financial reporting responsibilities with the goal of achieving efficient and cost-effective financial reporting compliance. KPMG’s service offering leverages a mix of technology, people and process to support companies in accounts production and the preparation of financial statements and reports.
