Industry Article

Embracing Digital Transformation in Finance: The Role of an Accounting Rules Platform

Bryce Ehrhardt is a director in the Accounting Advisory Services Practice at KPMG US. During Legerity’s FastPost Showcase, he spoke with host Mike Wilson about the importance of an Accounting Rules Platform for digital transformation, regulation, and automation.

The way that businesses operate is becoming ever more complex, especially within financial services. This can be due to anything from new regulations, new ways of viewing a business, integrating more data, or simply acquiring another business with different processes and controls.

“An Accounting Rules Platform can help to standardise and centralise processes within an organisation,” Bryce explains. “The platform can allow firms to centralise their accounting rules and can help to integrate and align data from different sources. It can also help with automating processes such as generating accounting journal entries”.

“An Accounting Rules Platform does a lot of the heavy lifting from an audit trail perspective.”

Bryce Ehrhardt

“Platforms such as Legerity FastPost can, not only support financial reporting, but also management reporting and any sort of operational process. This is critical, because we want to marry up financial reporting and management reporting so that both are visible at the same time, in real-time.”

Some common operational accounting pitfalls can be significantly reduced, such as the risk of incorrectly accounting for transactions. “A lot of manual effort usually goes into accounting processes and an Accounting Rules Platform does a lot of the heavy lifting from an audit trail perspective”.

Watch 'Modernising Finance Operations' - with Bryce Ehrhardt, KPMG US

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