KPMG and Microsoft partners to aid C-Suits Predict Tax Outcomes
The future of tax is at a tipping point as organizations work to keep pace with a rapidly changing business landscape, shifts in tax policy, heightened compliance and reporting requirements, workforce challenges, and the untapped potential of data. As part of their multi-billion-dollar global alliance,
KPMG and Microsoft are helping companies enable their operations to be future-ready through AI, machine learning, automation, and data & analytics applications on the KPMG proprietary Digital Gateway platform, enabled by the Microsoft Azure cloud. The collaboration is resulting in a wealth of new technology capabilities for tax and finance leaders in more than 140 jurisdictions globally through the KPMG Tax Reimagined service offering.
KPMG Digital Gateway is built with the C-suite in mind. It puts easy-to-use technology in the hands of non-technologists, so that business leaders can leverage insights to help predict what’s ahead. Digital Gateway offers a holistic view of a company’s total tax and finance data, in real time, and within a single platform. Business leaders use Digital Gateway’s data-driven applications, powerful modeling tools and interactive visualizations to help inform strategy, forecast outcomes, plan tax requirements, minimize risk, generate cost savings, and, ultimately, drive tangible business results.
KPMG and Microsoft have augmented the Digital Gateway platform with three new applications – Tax Advance, Data Factory and Connected Modeling. The latter two process, synthesize and visualize data from an organization’s ERP system, while Tax Advance is a cloud-based collaboration tool that uses Microsoft technology to connect and optimize an organization’s existing document management, process and workflow approaches within the tax and finance functions.
More about KPMG Digital Gateway enabled by Microsoft
Provides a single point of entry for a company’s entire suite of tax data
Translates unstructured data into actionable insights
Allows non-technology professionals to easily use the tool
Leverages AI and machine learning to reduce data redundancies across applications
Syncs with a suite of third-party tools
Equips C-suite with a Control Tower home screen, which features a suite of applications that process data, generate powerful visualizations and more
As part of KPMG’s US$5 investment in technology, people and innovation to accelerate digital transformation, and more than US$1billion in tax and legal technology, specifically, KPMG is utilizing Microsoft Azure and Azure AI as the backbone for a common, global cloud-based platform that helps to strengthen its range of digital offerings with new innovations in cloud-based audit capabilities, tax solutions and risk management.
KPMG and Microsoft hosted a June 1 virtual event on the transformation of tax and how technology and data can unlock value to drive business growth. The event was tailored to Chief Financial, Chief Tax and Chief Executive officers.
“C-suites are being challenged by tremendous disruption and uncertainty. Whether it’s preparing for potential changes to U.S. tax policies, implementing the OECD global tax policies, addressing the rising pressure to consider ESG in their total tax stories, or determining how to do more with less, many leaders are struggling with how to prepare and respond,” said Greg Engel (@Greg_Engel_KPMG), Vice Chair – Tax at KPMG in the US. “The KPMG Digital Gateway was built to equip executives with a single access point to their entire suite of tax and finance data so that they can see around the corner and make smart business decisions even amid a time of great uncertainty.”
“Together, KPMG and Microsoft are on a multi-year journey to change tax and finance leaders’ lives for the better and transform tax departments from a cost-center to a value center. The relationship with KPMG Tax is in direct response to the tremendous disruptions that companies are being faced with and the need to help them grapple with it. KPMG is helping Microsoft push the envelope on our technology to meet these executives’ needs.” – Jacky Wright, Chief Digital Officer, Microsoft
“An organization’s data is both vast and complex and in order to generate real value from it, the right technology is critical,” said Brad Brown, Global Head of Tax Technology & Innovation, KPMG International. “Digital Gateway is intended to be an organization’s single source of truth for all its tax and finance information. Our relationship with Microsoft is a testament to our investment in tax technology built to help the C-suite make sense of their data so that they can ultimately drive value and benefit the bottom line.”