Financial report of Deloitte Touche Tohmatsu Limited

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Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity.

Deloitte provides audit, tax, consulting, and financial advisory services to public and private clients spanning multiple industries. In its fiscal year 2010, the Deloitte member firm network became the largest private professional services network in the world. Approximately 170,000 professionals in more than 140 countries demonstrated their commitment to a single vision: to be the standard of excellence. This review shares results and examples illustrating that commitment. Collectively, they tell a story of success and leadership. Of shared values and goals. Of reaching new heights, As One.

In 2010 financial report, CEO James H. Quigley represents that, as Deloitte implement 'As One' strategy, it will focus specifically on five priorities:

excellence in client service;

distinctive talent development;

globalization and accountability;

innovation; and

Competitive excellence in brand, risk, operations, and investment.

In view of economies are slowly recovering, although at different paces, from one of the most serious downturns in memory, actions of improving the information system have been taken by Deloitte Malaysia to meet the 'As One' strategy set by Deloitte global. Deloitte Malaysia is adapting to changed expectations and demands driven by new economic realities, new technologies, and new awareness in areas such as sustainable development and corporate responsibility.

For examples, in the year of 2006, Deloitte has standardize the usage of auditing software A/S 2 in the member firms all over the world in order to improve the efficiency and effectiveness of audit work in the respective department. In the year of 2010, Deloitte has created a platform of communication i.e. face book, to strengthen the bond of Deloittean and building reputation among youngsters. However, the most significant move is to implement SAP system in 2009 which providing businesses with the enterprise resource planning (ERP) software needed to gain strategic insight, increase productivity, and respond flexibly to changing markets to compete better.

Benefits of implementation of SAP ERP

The move to SAP enterprise resources planning has given Deloitte a strong foundation for excellence in its core business functions and the support it need for its overall growth strategy as it continues to expand internationally.

The implementation of SAP has

• Simplify reporting across complex corporate structures

• Improve business processes and increase collaboration with customers

• Accelerate time to market and time to value with more personalized products and services

• Gain agility and speed in operations

• Optimize the use of corporate resources and assets

• Deliver higher levels of service and enhance customer satisfaction

The usage of SAP has shown an improvement in Deloitte financial management by increasing internal control and lowers the cost of financial compliance. The increase in automation of accounting, consolidation and reporting, and working capital management processes has eliminate redundant systems for financial reporting. SAP ERP supports financial analytics, operations analytics, and workforce analytics, as well as consolidated financial and statutory reporting; planning, budgeting, and forecasting, strategy management and scorecards, and risk management. The employees can readily access the critical data, applications, and analytical tools they need to perform all their job functions efficiently and effectively. For instance, Deloitte management is required to analysis the performance of the company on weekly basis. The reports required for management's usage are such as project acquisition, engagement management, incident management and service-level agreement management. the person in charge in finance department only need to click a few buttons in order to produce those reports subsequent to the customization of SAP function to the need of the respective professional service provider to minimize the time in producing the required reports.

The usage of SAP has improved the performance management of the company. The SAP supports the entire life cycle of performance management, delivering real-time, personalized measurements and metrics to improve business insight and decision making. Employees are required to do carrier planning by SAP online prior commencement of the each financial period. Goals are sets and expectations from company are clearly delivered to employee. With SAP performance management module, employees are also required to perform engagement evaluation after completion of each engagement. The record is maintained online for evaluation purpose. Evaluation will be done at the end of the financial period. Assessment of the results of evaluation of the staff is restricted to the respective staff; her counselor and the engagement manager for tracking purpose. With the prompt communication and monitor of the employee's progress, the management is able to improve the performance of the staff and subsequently, the performance of the professional service firm.

To improve profitability, Deloitte needs to identify its most valuable customers and products, while testing the impact that changes in pricing and process improvements have on costs and profitability. This will give the insight to act decisively, with a clear understanding of impact. The SAP business objects profitability and cost management application can help streamlined, connected processes that deliver credible, reliable results. This scalable software allows Deloitte management accurately and effectively measure product, customer, and channel profitability and develops and dynamically tests ways to improve each. Every employee in Deloitte is required to submit time sheet online by weekly basis. Administration manager monitors and ensures the punctuality of time sheet submission to enable the measurement of cost and profit analysis to be conducted every week for management usage.

Drawback of SAP ERP

The drawbacks of SAP ERP are:

It is very expensive;

It is not very flexible; not that user-friendly;

The implementation takes lot of time, resources;

In accordance to 'As One' strategy, Deloitte Malaysia has spent more than RM 10 million to implement the SAP ERP. The implementation of SAP ERP has been taken more than one year. The internal control for SAP ERP is more tighten than previous accounting information system. Any amendment or customization must be done by SAP consultants instead of Information Technology department. Thus, any amendment would incur additional cost for the company.

Conclusion

The world of finance and accounting is radically changing, such as convergence of accounting standards and greater expectation for transparency. One must be incredibly efficient and precise with every decision, while complying with regulatory requirements. Everyone in the organization needs access to the right information at the right time in order to gain a competitive edge and ensure greater control of business operations.

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