Large volumes of data. All in different places. One organisation was facing a huge headache when it came to preparing its financial statements. Simren explains how we helped it automate its processes, making them more efficient and improving governance.
Making the difference: Simren Bains, Tax Technology and Innovation Manager at KPMG in the UK, talks to us about how technology is reshaping the landscape of tax and what clients can do to adapt to this complex and ever-evolving environment.
We met up with Simren at KPMG's Canary Wharf offices in London. In this interview Simren talks about the current state of play in tax transformation, and what leaders can do to leverage the power of technology and unlock additional transformation gains.
Globally, the tax landscape is changing at an accelerated pace as technology advances and as economies become increasingly digitised. Many companies are looking to incorporate and adopt new technology, so they can process, reconcile and validate their data more effectively. But also to demonstrate that they have the proper tax governance and control frameworks built into their tax functions. They're driven, as much by understanding the potential benefits associated with tax transparency and trust, as by the risk of falling behind to more tech-enabled and nimble competitors.
We take a people-centered approach to transformation, with an emphasis on fostering relationships. At the core of any relationship is trust. and from my experience it's what can make a transformation journey a truly impactful one. Tax leaders look to KPMG firms as trusted advisers. Yet, I think within that trust is a tacit understanding that more can be achieved working together than by working singly or individually. There is a real sense of co-ownership.
Agile methodologies emphasise the benefits of collaboration and working with cross functional teams to encourage cross-pollination of ideas and solutions. More than this, I think Agile is well suited to transformation work because the completion of a sub-project or program often unlocks additional opportunities for transformation and value creation. So, teams learn that there isn't a solid or fixed end point and that transformation is, in fact, ongoing. The practice of continuous performance improvement is certainly supported by Agile but I'd say it's even more the case that the practice is borne of an Agile mindset.
There's an aspect of continuous improvement that involves exploring better ways to deliver to customers and respond to changes in the external environment.
Exploration is a vital activity because it is both outward looking, and future focused. Self-learning is something I make time for in my schedule, and I actively promote it within my team. I have a real interest in learning about new and emerging technologies and seeing how they disrupt and change business industries and functions.
Currently, I’m exploring the possibilities associated with ChatGPT, an Open AI service that has already started transforming businesses. As ChatGPT develops it could reform the way financial services are delivered and it will be important to understand how this can improve business insights. I think strategic insight is one of the things clients value KPMG firms for, so it’s vital that we take the time to engage with fresh content and have conversations inside and outside our network to go beyond what we know, and to expand our insight reach.
I've always wanted to make a difference; in myself, in terms of the growth and development of my skills; within my team, as a relational and supportive leader; and in client engagements, in helping them to unleash the potential through digital transformation. There is truth in the adage: Be the change you want to see. At the start of my career, I knew I wanted to be an Accountant but there were very few opportunities to learn about the different pathways in becoming an Accountant, and how to build an accounting career built on purpose. That's why I started vlogging about my own career journey as a means of sharing knowledge and advice. I wanted to be the person I didn't have when I was first looking to build my career. It comes naturally to me to want to help others. And that's always going to make a difference.
Even if you have the support of friends and family members, no one knows the stressors of your work better than your own colleagues. So, I believe in creating a culture of openness, and that includes talking about mental health and wellbeing openly. It comes back to trust - when you create the conditions for people to feel psychologically safe, we become more open, and more trusting of one another. I try and help people in my team make positive changes that enable them to give their best at work. It may be boundary setting or adding 10,000 steps to your daily routine. Small changes can make a big impact.
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