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KPMG offers accounts production program

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13th Mar 2013
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KPMG has developed software that can help medium-sized and large companies produce accounts up to 70% quicker.

The Big Four firm said its K-Trinity AP program automates 80% of the accounts production process and applies iXBRL tags to the financial statements.

KPMG saw a gap in the market for accounts production software, as much of the available software is aimed at small and medium sized businesses and accountancy firms. These users have relatively straightforward accounts and don’t need to tweak the layout of reports, KPMG reckoned.

While template-based software is fine for most small businesses, larger companies typically have more complex accounting needs and want the option to customise the layout of their accounts, according to KPMG.

Large companies often use Word and Excel documents to customise the accounts, which can be fiddly and time-consuming. In a large corporate group, it can take up to four months to prepare statutory accounts.

Bivek Sharma, partner at KPMG UK, told AccountingWEB that as the need for filing corporation tax accounts in iXBRL arose 3-4 years ago, some of its large business customers asked for software to handle both production of the accounts and converting the data to iXBRL.

KPMG’s K-Trinity software is now used by about 100 organisations including FTSE 350 companies, Sharma said,

Other benefits of the software, he added, include:

  • Reduces the risk of errors in the financial accounts
  • Saves time and resource
  • Maintain flexibility currently only available via bespoke in-house systems
  • Licensed to Audit and non-Audit clients in the UK and foreign jurisdictions.

KPMG has been developing software for more than a decade and has other products for VAT and financial reporting.

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By Mark Smith
14th Mar 2013 13:19

Further information

For further information, please contact the Accounting and Tax Technology team at [email protected]

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