the data
the data
the data
the data
the data
Acquiring the data
The first step in producing any tax and legal deliverable is acquiring the data.
Data comes in many forms. Common examples include:
- Structured data: Data from ERP systems, procurement system, master customer data
- Semi-structured data: E-mails, Excel workbooks containing working papers
- Unstructured data: Legal agreements, commercial invoices, scanned reports and documents
The main challenge is acquiring data from various sources in various formats. In many cases, the data exists but the tax/legal teams don’t know how to get the data or assume that the data cannot be easily obtained or brought together.
Our approach is to work collaboratively with specialists across data, IT and tax/legal teams to help develop solutions and processes that can help businesses extract data once and be able to repurpose multiple times.
Transforming the data
Once the data is acquired, a series of checks and transformations are performed:
- Logical checks and reconciliations based on the specific usage of the data (e.g. missing data fields in legal documents, reconciling transactional level detail to account level balances)
- Transforming the data into a logical, organized and system-agnostic structure to help drive process efficiency and integration with downstream solutions and analytics.
KPMG’s approach allows for standardization across geographies combined with the proper amount of localization that can enable automation and presentation in local filings when consumed by local tax engines.
Storing the data
Data storage is a key component of our data management suite.
It provides a single location (where permissible) that houses data acquired from you and transformed by KPMG professionals.
Whilst seemingly simple, how the data is stored can impact the efficiency of downstream processes, such as generating data analytics and feeding data into other technology solutions e.g. tax engines.
It allows data to be transmitted in standard formats that can be easily used by clients globally.
Analyzing the data
By bringing in all your data together, we can present data and analytics that provide a customized view of your tax/legal function to assist in decision making processes.
Through a user interface, clients can access a library of standard analytics based on the services KPMG firms are delivering and the data we hold, while also giving you the ability to create new self-serve analytics.
Our analytics incorporates a leading artificial intelligence technology which can develop predictive and prescriptive analytics to provide you with greater insights and foresight capabilities.
Using the data
Once we have acquired the data and transformed the data into a highly standardized and structured format, the possibilities are endless in how you use that data.
Common examples include:
- automating the generation of financial statements and management reports;
- feeding data into local tax compliance engines to produce the relevant tax returns;
- automating the preparation of other documents, such as legal contracts;
- providing an electronic record of invoices scanned
….and so on!