A digitally enabled close can deliver more timely, targeted, and relevant financials and other reports to all end users. Leveraging digital capabilities throughout the R2R process enables time-savings, cost-savings, efficiency, data quality, and increased reporting insights.
KPMG believes the entire R2R process needs to be digitally enabled in order to attain maximum efficiency and effectiveness, while also supporting a greater focus on business enablement. When fully and properly implemented, a digital close allows the finance department to receive period-end source data more quickly—with little or no need for correction.
New digital technologies are available that enable greater workflow integration, data alignment, discussion thread transparency, and quicker approvals all the way through earnings release. To be clear, it will still take time for the key stakeholders in the finance department and elsewhere to reach conclusions on what to include in the final reports that tell the story behind the numbers to customers, investors, and regulators. But better use of technology can take the delays, speed bumps, and roadblocks out of the equation and speed up the reporting process by allowing them to communicate more quickly, seamlessly, and effectively.