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Intelligent automation in financial reporting

Discover the future of finance

Intelligent automation is revolutionising the business landscape and leading organisations looking to gain sustained advantage have learnt that automisation is a powerful way to reduce costs along that path while improving controls, quality and scalability.

The future of finance: Leveraging automation to deliver undiscovered value

Access to real time financial data is critical for effective decision making. However, traditional financial processes in most organisations mean that finance functions require significant turnaround time on generating reports for management that are historical-focused and unable to deliver predictive insights.

Finance functions are also experiencing significant accounting changes due to new standards, and requiring more detailed disclosures, complex calculations and valuations. This has created the need for tailored solutions such as bespoke systems or RPA tools to increase the efficiency and accuracy in reporting.

Robotic Process Automation (RPA)

Automate routine and repetitive tasks to achieve efficiency and cost savings

  • Automate reconciliations, monthly closing, and preparation of financial statement and/or management reports

Insights for the future

Predict future outcomes and organises data into patterns and trends to provide business insights presented in smart visualisation

  • Smart dashboard for performance management and reporting
  • Business forecasts for the estimation of credit losses (e.g. IFRS 9), budgeting, and management reporting, treasury related forecast e.g. FX exposure , cash flow, commodity prices

Trust and transparency

Reduce time/resources spent in validation with trust built into the fabric of transactions through shared data and smart contracts

  • Calculation of contract cash flows/revenue (e.g. royalties) with triggering events captured in real time
  • Elimination of costly intermediaries in payment processing

Smart tools

Make information in documents more readily accessible for faster, more accurate data analysis to optimise cost and allow real-time monitoring of thousands of transactions

  • Review of contracts including IFRS 16 leases and IFRS 9 SPPI assessments

Your finance function: Automated and empowered

Considering the increasing demand for accurate and timely financial insights to strategic decision-making, are you future-ready?

  • Is your finance team tied up with repetitive, routine and non-productive tasks?

  • Is too much time required to close the books and prepare the financial statements? 

  • Are there significant manual reconciliations and updating of multiple excel spreadsheets for closing and reporting?

  • Does your current accounting system involve significant manual workarounds and data re-input?

  • Is there a high error rate detected in the reports?

  • Do you face poor data visualisation and flat reports without flexible drill down options?

How can we help

The world is changing and we enable you to capitalise on these changes. With our in-depth knowledge and established credentials in finance, accounting and reporting advisory, we are well-positioned to support you in the automation of your reporting requirements.

We support you “from strategy through execution” to shape a future-ready finance function on your reporting automation journey through:

  1. Adjustment of tasks of the CFO and development of a strategy for the transformation of the finance function.
  2. Standardisation and automation of the process and harmonising your data, evaluation of where and when to invest with a focus on the cost-benefit ratio.
  3. Planning your technology roadmap.
  4. Integration of strategic, non-financial value drivers and information in financial and management reporting.

Contact us

Voon Hoe Chen

Partner, Financial Reporting and Accounting Advisory Leader, PwC Singapore

Tel: +65 9817 0978

Phaik Sin Tay

Senior Manager, Financial Reporting and Accounting Advisory, PwC Singapore

Tel: +65 9755 3510

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