KPMG and Oracle target FTSE 350

KPMG is targeting the 350 biggest businesses by providing services through software giant Oracle’s cloud offering

KPMG is targeting the 350 biggest businesses by working with Oracle to provide services through the software giant’s cloud offering.

Through what is known as KPMG Powered Finance, the accountancy firm will use Oracle Cloud to deliver its expertise, financial processing, analytics and reporting to customers.

The collaboration will begin by offering core finance processes in the Oracle Cloud.

The service can be used by businesses to transform finance functions, as well as for collating data and sorting it in the cloud. The collaboration will also enable KPMG's clients to benchmark against high-performing businesses in their own sector.

KPMG said businesses need to be able to change their tax and finance systems as they grow, and while traditional software contracts make this difficult, the cloud offers a solution.

“Far too often we hear stories about fast-growing firms being constrained by their financial capability, or because the software they bought into during their embryonic years is no longer able to support their needs,” said Patrick Fenton, head of financial management at KPMG. 

“This demonstrates our commitment to technology-driven change, with the crucial recognition that cloud-based tools and programs give organisations the freedom they need to adapt and grow,” he added.

In its most recent financial results, Oracle’s overall cloud services business – for the latest three-month period – grew by more than 30% to $475m in sales. Total cloud services revenue amounted to 5.5% of total takings, compared with 3% of sales for the previous quarter.

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