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Creating Business Potential with New Accounting Application
Deloitte’s audit unit (Audit & Assurance) is now ready with a new business application, FACT, to automate the processes around the preparation of financial reports, including annual reports and tax returns. The FACT application creates a large business potential for the auditing company with significant benefits for both customers and the organization as a whole. About Deloitte Deloitte is one the world’s largest auditing and consulting firms. They are a leading global provider of audit and assurance, consulting, financial advisory, risk advisor and tax. Deloitte Denmark is part of a global network of local partner-driven companies that employs over 300,000 people worldwide. Briefly about the case Challenge: •Focus on digital development of audit firms’ strategies, services, and processes in the market for audit and consulting •Audit houses invest in new data-driven services to deliver more value and insight to customers •Deloitte Audit & Assurance in Denmark wants a digital solution for optimizing the value chain for preparing financial reports. Solution: •Business application for intelligent generation of financial reports •Scalable solution on Microsoft Azure •Facilitate large-scale preparation of financial statements of high professional quality. Results: •Future-proof, scalable and robust application •Significant efficiency for both employees and the organization •Supports objective of data-driven services for customers in the future Business challenge The market for audit and consultancy has remarkably changed the past years, and especially digital development transforms the auditing companies’ strategies, services, and processes. This development greatly affects the entire area for preparation of annual reports and the like, whilst the auditing companies invest significantly in new data-driven services to deliver more value and insight to their customers. To meet this development, Deloitte Audit & Assurance in Denmark has wanted a digital solution that can optimize the entire value chain for the preparation of financial reports. In the summer of 2019 Immeo became responsible for developing the business application FACT for intelligent generation of financial reports to Deloitte Audit & Assurance in Denmark. Immeo took over the delivery responsibility after a two-year collaboration with another supplier and was chosen based on a documented track record with complex IT architecture and application development based on Microsoft Azure Services that enables assurance of a scalable application. The main function of the new FACT-application is supporting big scale preparation of financial statements and its primarily purpose is thus to support accountants to quickly and easily generate financial reports of high professional quality. The aim was to guide Deloitte’s accountants through the process from A to Z via legal guidance and automatic validation ensuring compliance with the legislation and supporting digital submission of annual reports in XBRL format. Optimizing the entire value chains provides great benefits Deloitte annually prepares 30 – 40,000 annual reports and tax returns for their customers and there is therefore a remarkable potential in developing a future-proof, scalable and robust application. Today approximately 1,000 accountants use FACT for preparing annual reports. Deploying the application has been a great success which Deloitte has already reaped the benefits of. The accountants have streamlined their workflow, they are satisfied with the system while its usability makes it easy to onboard new users to the platform. For Deloitte Audit & Assurance not only does it mean a remarkable streamlining of their work, but FACT also supports their goal to deliver data-driven services for future customers through structured collection and organization of accounting data etc. Results: 30 – 40.000 annual reports and tax returns 1.000 accountants use the FACT application Data driven services for future customers https://www.immeo.dk/
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