KPMG closes financial reports more quickly and accurately with Oracle Cloud EPM
The professional services firm reduces the time it takes to close budget versus actual reports by 50% using Oracle Cloud EPM.
“Currently, KPMG's finance department is a back office mainly dedicated to analyzing data, and no longer building it. And Oracle Cloud EPM gives us the support for that. So, not only do we gain quantitative data, but also speed, agility, reliability, and traceability in this process. Additionally, we saw gains in processing, so that we could have more time to act strategically and in a timely manner, with faster decision-making.”
Business challenges
KPMG is a global network of professional firms that provide audit, tax, and advisory services to businesses, governments, public-sector agencies, and not-for-profits across 143 countries and territories. A key challenge for KPMG Brazil was to improve the quality and confidence in its budget preparation and tracking processes, and to bolster its ability to generate various analyses and reports. Routine processes in the financial area at KPMG Brazil were all manual, so the company spent too much time generating and entering data into systems, rather than analyzing it. The company found that it could not guarantee reliability, traceability, and fidelity of financial information with manually intensive processes.
In an effort to modernize and overhaul its finance operations, the company went out in search of a new system that would guarantee security, improve processes, and allow the team to work with different types of data for various analytical views.
Why KPMG chose Oracle
KPGM Brazil chose Oracle Cloud EPM because it offered several features that addressed the company’s key challenges. Oracle Cloud EPM would allow KPMG Brazil to build budgets in a decentralized way, which was especially important for company leaders who perform openings at different levels.
A second key feature was monthly results tracking, because Oracle Cloud EPM could save KPMG professionals time when preparing reports and facilitate better analysis of documents. The Cloud EPM also includes unique functionality for end users and would allow each line-of-business leader to search for the data they need in a friendly and intuitive way.
KPMG was also interested in customizing Oracle Cloud EPM so that all users would view the solution in the same way, facilitating traceability, navigability, and the possibility of assembling individual report views.
Results
With Oracle Cloud EPM, KPMG Brazil saw significant improvement in the closing stage of budget versus actual reports, as well as in the monthly follow up. Oracle Cloud EPM also allowed the company to reduce the result calculation time by half. Prior to the deployment, KPMG Brazil's financial department took 8 to 10 business days to finalize these reports. Now the team can close in just a few hours. Oracle Cloud EPM also improved budget planning and preparation, which is now completed quickly and reliably.
KPMG also used Oracle Cloud EPM as a kind of engine to generate all the necessary data for the financial area, performing quick, thorough, and efficient searches. With its versatility and speed, the solution allows users to create different scenarios and KPIs for analysis, supporting management decision-making and service provisioning.
About the customer
KPMG is a global organization that provides audit, tax, and advisory services. By helping other organizations mitigate risks and grasp opportunities, KPMG aims to drive positive, sustainable change for its clients, employees, and society at large.