Digital Finance Close | KPMG | IN
close
Share with your friends

Digital Finance Close

Digital Finance Close

Presently, the process of financial month-end close is spreadsheet-driven, and mostly manual in nature.

Presently, the process of financial month-end close is spreadsheet-driven

Presently, the process of financial month-end close is spreadsheet-driven, and mostly manual in nature. This often results in challenges around accuracy and standardisation. Digital Finance Close (DFC) is a combination of processes and technologies that assists clients to bring in automation and governance to the period end close process.

Potential benefits from DFC

  • Faster and efficient period end close
  • Centralisation and Standardisation
  • Effective accountability, governance and control
  • Global visibility on close progress and benchmarking
  • Cost reduction through automation/Risk reduction through financial integrity and risk-based approach
  • Foolproof Audit trail of reconciliations, journals and tasks
  • Reduction of errors and increased accuracy.

Key Focus Areas

  • Automatic reconciliation: Facilitates automation of mundane spreadsheet based reconciliations by increasing the overall accuracy and speed required to perform that activity manually.
  • Accounts certification: Creates a governance layer of reporting of unreconciled balance and enables actions and dashboards for analysis
  • Task management: Creates an electronic checklist of close activities and provides real time dashboard for analysis.
  • Variance analysis: Allows analysis of fluctuations in balance sheet and profit and loss (P&L) balances
  • Journal solution: Enables governance and automation for booking and approval of financial journals centrally
  • Intercompany solution: Enables agreement between the buyer and seller beforehand, reducing potential mismatches

Opportunities

  • High volume manual reconciliations
  • Delayed close
  • Quality/audit challenges for high risk accounts.

Our services

  • Opportunity assessment
  • Vendor selection
  • Design, development and deployment.

Connect with us

 

Request for proposal

 

Submit

Key Contact