financial management advisory financial systems · pdf filekpmg’s research findings and...
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Financial Systems Overview & Leading PracticesPublic Sector Management Workshop
June 1, 2009
Financial Management Advisory
ADVISORY
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1© 2009 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. KPMG and the KPMG logo are registered trademarks of KPMG International, a Swiss cooperative.
Today’s Agenda
Introduction
KPMG’s Perspective on the Finance Function and Supporting Technology� KPMG’s Research Findings and Challenges faced by Organizations
� Software Industry Trends and the impact on Financial Systems
Technology Solutions Definitions and Leading Practice Solutions
Current Challenges and Issues
Financial Systems Architecture (FSA) and Leading Practices
Lessons Learned on Financial System Transformation Initiatives
Contact Information
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2© 2009 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. KPMG and the KPMG logo are registered trademarks of KPMG International, a Swiss cooperative.
KPMG’s Perspective on the Current Trends in Finance and Technology
KPMG has released several Finance thought leadership publications based on our research and our client experiences. The publications reflected a real ground
swell of opinion that technology is playing a vital role in helping finance functions achieve operational excellence. Our Findings indicate:
� Leading CFOs have been intensely focused on building the technology infrastructure that will enable them to streamline processes, eliminate redundant tasks, improve data quality and consistency.
� Legacy systems always produce imperfect information and multiple versions of the truth. Enterprise wide systems, in contrast, provide “a more accurate, single version of the truth.”
� Implementing new technology will continue to be a priority over the next two years for about half the firms in the survey sample.
� Spreadsheets remain a key business tool for piecing together data from multiple applications.
� Many finance functions still have a poor understanding of business value drivers and, in many cases data and IT architectures are inhibiting the ability of finance functions to help drive real business value.
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3© 2009 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. KPMG and the KPMG logo are registered trademarks of KPMG International, a Swiss cooperative.
Link lack of investment in technology has led to many challenges for the Finance function
Use of technology by leading global
organizations
EIU Survey: KPMG 2006
More than three-quarters of finance functions still use spreadsheets (or other manual processes) for ad hoc decision support, and over 50% percent continue to use them for
planning, budgeting and forecasting. These areas are also the biggest areas for improvement identified by Finance
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4© 2009 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. KPMG and the KPMG logo are registered trademarks of KPMG International, a Swiss cooperative.
Providing real Business Intelligence is still a challenge
Data is often the root of finance function inefficiency :
� The issue for many businesses is that their business intelligence processes and systems are not delivering. If they were, would there be such a prevalence of spreadsheets in delivering management information?
� The research identifies the two key drivers for investing in finance technology as the quality of the business information and the speed at which it is delivered – over 70 percent of respondents saw these issues as major drivers for future investment.
77%
72%
61%
61%
55%
53%
43%
77%
72%
60%
61%
46%
66%
48%
0 10 20 30 40 50 60 70 80 90
Improving quality of f inancial reporting
Delivering information faster
Integrating f inancial and non-f inancial
operational info in forecasts/ reporting
Reducing the cost of f inance processes
Improving quality of non-financial info
Process standardization
Regulatory compliance
Canada Non-Canada
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5© 2009 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. KPMG and the KPMG logo are registered trademarks of KPMG International, a Swiss cooperative.
KPMG’s Perspective on the Public Sector and Technology
Recent international survey conducted by Economist Intelligence Unit for KPMG:
� 254 public sector executives from five countries interviewed: Australia, Canada, Germany, the United Kingdom and the United States
� 37% were heads of departments, financial chiefs, directors or deputy directors
� 1/3 of respondents have departmental budgets greater than $1 billion, another half have budgets of up to $500 million
Our research for the Public Sector and Financial systems
are similar to our other surveys. KPMG’s findings indicate
that the systems do not properly support the preparation of
financial reporting and forecasting
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6© 2009 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. KPMG and the KPMG logo are registered trademarks of KPMG International, a Swiss cooperative.
KPMG’s Perspective on the Public Sector and Technology
Some of our key findings from our Public Sector thought leadership research survey :
� Technology can have a big impact on improving management insight and decision making
� Implementing technology projects still remain a challenge
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7© 2009 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. KPMG and the KPMG logo are registered trademarks of KPMG International, a Swiss cooperative.
Software Industry Trends and the impact on Financial Systems
Vendors are offering more Comprehensive Solutions
� ERP Vendors entering into the BPM/ BI space
� Comprehensive solutions to support entire performance management process
Vendor Consolidation
� BPM/ BI
− Microsoft acquired ProClarity
− BusinessObjects (BOBJ) acquired Crystal Reporting, and SRC (Planning)
− Cognos acquired Adaytum and Frango
− Oracle acquired Hyperion
− BOBJ acquired Cartesis
− SAP acquired Outlooksoft and BOBJ
− Cognos acquired Applix
− IBM acquired Cognos
− Exact acquired Longview
� ERP
− Oracle acquired JD Edwards and PeopleSoft
− Microsoft acquired Great Plains, Nav Vision and Axapta
− Infor Systems acquired BPCS, BaaN, Sun, etc.
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8© 2009 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. KPMG and the KPMG logo are registered trademarks of KPMG International, a Swiss cooperative.
Financial Systems Definitions
• This represents the final layer in which data is accessed and reported on via web-based technologies and other multi-dimensional reporting tools.
• Information can be customized to the business users’ individual preferences. • Various types of decision support tools are leveraged here to provide multi-dimensional analysis
and drilldown functionality for the end user
Decision Support & Reporting
• This layer generally contains the organization’s General Ledger (GL) and consolidation systems. • It is also used as a supplier of data for management reporting and serves as the key source for
conducting reconciliations. • This level of the architecture may also include other financial data repositories. • The repositories are typically linked to other operational and transactional data which support
varying degrees of regulatory and management reporting
Aggregation and Consolidation
• This is essentially the data transformation layer where the raw source data pulled from source systems is transformed into accounting related transactions (e.g., balanced debits and credits).
• Contains an accounting rules engine, which maintains the logic for the creation of debits and credits.
• The single location which is used to map, edit and post data from the source systems to repositories and other end user applications
Data Transformation
• These systems are the front-end data capture systems, which contain the originating source data specific to a given transaction.
• These systems can vary from the financial sub-ledger applications (e.g., Accounts Payable, Fixed Assets) to an organization’s operating systems or sub-ledger accounting systems (e.g., A/R)
Source Systems
DefinitionKey Layers of the Financial Systems
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9© 2009 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. KPMG and the KPMG logo are registered trademarks of KPMG International, a Swiss cooperative.
Leading Practices/ Solutions
Data Transformation (Middleware, Rules Engine,
Data Management)
Decision Support & Reporting
Aggregation and Consolidation
Financial Source
Systems
Organizatons have many alternatives to choose from when designing their Financial System Solution
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10© 2009 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. KPMG and the KPMG logo are registered trademarks of KPMG International, a Swiss cooperative.
The Organizations Pain Points for Finance Systems
Each department or functional area has its own version of the truth…
Distributed (unlinked planning, reporting and analysis)
Source Systems Resource Intensive …Data ManipulationIn-efficient Planning,
Reporting and Analysis
HR/ Payroll
Projects
A/P
A/R
Other
G/L
Depts
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11© 2009 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. KPMG and the KPMG logo are registered trademarks of KPMG International, a Swiss cooperative.
Current Challenges and Issues
Typical results due to lack of guiding Financial System Architecture vision:
� Interapplication Spaghetti
What’s the Impact ?
� Manual and labor intensive processes
� Multiple locations for controlling and validating data
� Increased cycle time and error
� Lack of user confidence
� Limited access to information for decision support
� High degree of effort to plan and forecast
� Not flexible to facilitate mergers and acquisitions
� Adds level of complexity
Oracle Hyperion Excel
Hyperion Excel
Budget Spreadsheets
Budget Spreadsheets
Excel Forecast
Workbooks
Excel Forecast
Workbooks
Hyperion ReportsHyperion Reports
ISS BillingISS Billing
BDF
LegendBatch data flow by system (Flat File transfer)
Manual transfer of data using paper reports
Partial Integration requiring Manual intervention
Real Time Data FlowR
Business Objects
Hyperion (Consolidation
& I/C)
Pillar Budget
GenevaGeneva
MontrealMontreal
AIMSAIMS
ACLIACLI
SABASABA
OPSOPS
Various Billing Systems
Various Billing Systems
Americas(16 Locations)
Americas(16 Locations)
Americas(16 Locations)
Europe(40 Locations)
Europe(40 Locations)
Europe(40 Locations)
Asia Pacific(13 Locations)
Asia Pacific(13 Locations)
Asia Pacific(13 Locations)
Payroll/HRISPayroll/HRIS
OracleOverhead ForecastOverhead ForecastVolume
drive Revenue &
Costs
Volume drive
Revenue & Costs
Pillar Consolidator
HR PayrollHR Payroll
TopMan Financials & G/L
R
BDF
R
BDF
BDF
BDF
BDF
BDF
BDF
BDF
RR
BDF
BDF
BDF
BDF
BDFBDF
BDF
BDF BDF
BDF
BDF
RBusiness Reports
Business Reports
R
A/P Link, EFT
A/P Link, EFT
BDF
BDF
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12© 2009 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. KPMG and the KPMG logo are registered trademarks of KPMG International, a Swiss cooperative.
Conceptual Financial Systems Architecture
Enterprise Data Governance (Policies and Procedures, Data Standardization)
GFDM:
Validate/Transform/Enrich
Reconciliation/ Suspense Control
Financials
Operational Systems
Product Systems
HR System
Manual Entries
CRM System
Qtr 1 Qtr 2 Qtr 3 Qtr 4 YTD Variance
Profitable Company, Inc.
Consolidations and Regulatory Reporting
Policy
Financial Systems: General Ledger
Consolidations
Data Staging / Data Warehouse
Analytic Applications
Treasury Reporting Customer Reporting
Budgeting and Planning
Enterprise Management Reporting and Analysis Product,/
Customer Profitability
Data Transformation Decision Support & Reporting
Source Systems
Aggregation and Consolidation
Capital
Allocation
Product Analysis
Cost
Accounting
ABM
Middleware, ETL, Centralized
Business Rules
Business Event Transformation
Posting Rules Engine
Aggregation Rules Engine
Reference Data� Account� Organization� Customer� Channel� Geography
Extr
act
Lo
ad
Ta
rge
t
Project reporting
Variance Analysis
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13© 2009 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. KPMG and the KPMG logo are registered trademarks of KPMG International, a Swiss cooperative.
Serv
ices
Serv
ices
Messaging
Middleware
Data Access
Electronic Software
Distribution
Data Replication
Enterprise Network Management
Support Structures
TechnologyTechnology
ApplicationApplication
InformationInformation
Custom Applications, Packaged SolutionsCustom Applications, Packaged Solutions
Purchasing, Inventory, Sales & Marketing, FinancePurchasing, Inventory, Sales & Marketing, Finance
HP, IBM, DEC, Sequent, Sun HP, IBM, DEC, Sequent, Sun -- Windows NT, AIX, HPWindows NT, AIX, HP--UX, MVS, OS/400UX, MVS, OS/400
WANWAN
DataData
Oracle, DB2, Informix, Sybase, VSAMOracle, DB2, Informix, Sybase, VSAM
Knowledge ManagementKnowledge Management
Financial Systems Architecture
� Driving toward a vision for FSA can lead to a context for key decision making
− Investment Prioritization
− Migration Strategy
− Discipline in thinking across initiatives
� A framework for building and integrating information systems to...
− Guide the design and development of new business systems
− Direct the evaluation and selection of packaged products and technology toolkits
− Adapt to the changing needs of the business and to evolve with technology changes.
Having an FSA vision will help guide future finance decisions & investments
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14© 2009 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. KPMG and the KPMG logo are registered trademarks of KPMG International, a Swiss cooperative.
A Financial Systems Architecture allows a company to ensure a unified system, that will provide timely and accurate information to the Finance and the organization.
Delivering Value to the Organization:
� Cost reductions
� Process standardization
� Data feed automation and validation
� Centralized controls and accounting rules
� Single source for management reporting
� Integrated planning and forecasting
� Ad-hoc analysis capabilities
� Scaleable for consolidations/divestitures
� Multi-dimensional reporting with drill down capability
An organization’s FSA Strategy dictates how data is: Extracted, Transformed, Stored, Manipulated in order to provide critical information about the organization, to the organization.
The result: a blueprint which ties together the dependencies and relationships of the data and systems that drive Finance function deliverables.
Benefits of a Financial Systems Architecture
Enterprise Data Governance (Policies and Procedures, Data Standardization)
GFDM:
Validate/Transform/Enrich
Reconciliation/ Suspense ControlFinancials
Operational Systems
Product Systems
HR System
Manual Entries
CRM System
Qtr 1 Qtr 2 Qtr 3 Qtr 4 YTD Variance
Profitable Company, Inc .
Consolidations and Regulatory Reporting
Poli cy
Financial Systems: General Ledger
Consolidations
Data Staging / Data Warehouse
Analytic Applications
Treasury / ALCO Reporting Tax Reporting
Budgeting and Planning
Enterprise Management Reporting and Analysis Product,/
Customer Profitability
Data TransformationReporting Analytics PortalSource Systems Aggregation and Consolidation
Capital Allocation
FTP
Cost Accounting
ABM
Middleware, ETL, Centralized Business Rules
Business Event Transformation
Posting Rules Engine
Aggregation Rules Engine
Reference Data� Account� Organizati
on� Customer� Channel� Geography
Ext
ract
Load T
arg
et
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15© 2009 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. KPMG and the KPMG logo are registered trademarks of KPMG International, a Swiss cooperative.
Technology- Leading Practices
Time and resource
Value
� Legal�consolidation�(highly�manual)
� Single�CoA (consolidation�level�only)
� Multiple�GLs and�CoAs (below�
consolidation�level)
� Multiple�data�models�and�instances�of�
reference�data
� Common�reporting�limited�to�primary�
statements
� Local�Finance�technology�maintenance�and�
development - no�common�sourcing�
strategy
� Multiple�finance�systems�of�varying�
maturity,�with�manual�interfaces
Incompatible
systems and
data models
Organization
data model /
systems
Standard�tools�and�
applications,�on�
single�occurrence
Multiple�data�
models,�tools�/�
applications�and�
G/Ls
Standard�
consolidation�layer
Standard�systems,�
interface�layer�and�
recommended�
data�models
Standard�data�
models,�tools�/�
applications,�on�
multiple�
occurrences
Technology
� Single�consolidation�system/�process,�with�
Multiple�GLs and�a�recommended�Group�
CoA
� Recommended�standards�for�data�model,�
reference�data�and�limited�common�
reporting
� Recommended�standards�for�the�
governance�of�Finance�technology
� A�single�vendor�strategy�but�multiple�
instances�/�customizations
� Recommend�standard�for�the�sourcing�of�
Finance�technology�maintenance�and�
development
� Limited�scalability�and�flexibility�of�Global�
Finance�Systems�Architecture�
� Single�consolidation�system�/�process,�
Group�GL�and�CoA
� Common�reports�based�upon�common�
data�model�and�reference�data
� Governance�for�Finance�Systems
Architecture
� Single�ERP�(one�instance)
� ‘Single-source’ strategy�for�Finance�
technology�maintenance�and�development�
� Finance�Systems�Architecture,�scalable�and�
flexible�to�support�business�requirements
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16© 2009 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. KPMG and the KPMG logo are registered trademarks of KPMG International, a Swiss cooperative.
Lessons Learned on Financial System Transformation Initiatives
� Define the system strategy and roadmap first so that the most appropriate overall technology solution can be adopted. It is essential the system strategy is aligned with the overall strategy
� ERP Systems are Enterprise-Wide, and merging the data with other sources is straightforward
− Not exactly, because usually there is a data disconnect. Numerous data sources cause data normalization issues
� An ERP Solution can satisfy all our reporting needs
− Depending on the reporting requirements, more complex organizations require a data warehouse and data transformation tools
− Decision support and reporting tools are additional tools required by the organization
� The Data Quality in our financial systems (ERP or Reporting) is high
− ‘Weakest Link’ from integration of other systems
− Still require robust Data Management processes
� We Can Get at the ERP Data Quickly and Easily
− ERP systems are focusing at getting the transaction information in and not at getting the information out
� We Don't Need a Data Transformation Tool. Our Internal Staff Can Build it Quicker and More Inexpensively
− ETL Tools can manage the data extraction process much more efficiently
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17© 2009 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. KPMG and the KPMG logo are registered trademarks of KPMG International, a Swiss cooperative.
KPMG’s Guiding Principles for Finance System Initiatives
The guiding principles we follow include:
� Define project objectives and scope up front and stick with them
� Secure senior management involvement and active participation
� Commit your best people … and empower them
� Make sure your team is balanced with both business and technical skills sets
� Avoid customizing the financial systems
� Recognize that the system implementation project is a business initiative
� Ensure deadlines are realistic
� Don’t underestimate the Change Management requirements, especially training
� The biggest challenges can be with cut-over issues, and dealing with historical data
� Don’t forget the interfaces.
� Plan the best approach for implementation
� Plan, Plan, Plan your implementation and allow enough time
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18© 2008 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. KPMG and the KPMG logo are registered trademarks of KPMG International, a Swiss cooperative.
QUESTIONS?
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Presenter’s contact details
Chris Moore
Senior Manager
Financial Management Advisory
KPMG
(416) 777-3043
www.kpmg.ca