KPMG has announced a collaboration with Oracle to provide clients with cloud-based financial processing, analytics and reporting tools via the Oracle Cloud.
The joint initiative, which will be known as "KPMG Powered Finance," will aim to bring finance and tax transformation services to FTSE 350 organisations.
It is hoped that the project will help businesses manage their finance functions by offering more core financial processes in the Oracle Cloud.
Patrick Fenton, head of financial management at KPMG, said that the software would be rooted in the cloud to prevent it from becoming outdated and irrelevant as businesses change focus and develop.
"By teaming up with Oracle we are demonstrating our commitment to technology-driven change, with the crucial recognition that cloud-based tools and programmes give organisations the freedom they need to adapt and grow," he said.
KPMG Powered Finance has also been developed to increase the speed with which firms can transform their finance functions, by enabling Oracle and KPMG to respond more quickly to client requests. By storing data in the Oracle Cloud, businesses will also be able to measure their performance and compare it against high performing companies within their own sector and across vertical markets.
The vice president of UK application sales at Oracle, Mark Newton, added that digital technologies are increasingly important in today's dynamic business environment.
"To help modern finance organizations fast-track their digital journey, KPMG is working with Oracle to provide transformational projects with Oracle ERP and EPM Cloud," he said.