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Canadian companies are leading the way in using AI to manage their finances – and reporting higher returns than global peers, KPMG survey shows

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AI is helping Canadian organizations drive biggest benefits in accounting, financial planning and tax management

TORONTO, Jan. 31, 2025 /CNW/ – More than eight in 10 Canadian organizations are embedding AI throughout their finance functions, leading to better decisions and a higher return on investment than their global peers, new research from KPMG International shows.

According to KPMG’s AI in Finance survey of 2,900 organizations across 23 countries – including 100 from Canada – more than eight in 10 (82 per cent) Canadian respondents said their organizations are using or piloting AI in the finance function, compared to 71 per cent globally.

“Canadian organizations are increasingly weaving AI into the DNA of their finance functions because they want better data-enabled decision making, the ability to more accurately predict trends, and increased data accuracy and reliability,” says Chris Moore, Partner and National Leader of Finance Transformation at KPMG in Canada.

“Canadian firms are leading the way in tapping the power of AI to improve returns in their finance functions – and this is only just scratching the surface. We’re still in the early stages, and there’s considerable runway for organizations to implement AI in a way that impacts the entire enterprise in an even more meaningful way.”

Canadian organizations reported a higher rate of return on their AI investments than their global peers, with nearly seven in 10 (69 per cent) Canadian respondents saying the ROI from AI is meeting their expectations or ahead of expectations – eight percentage points higher than the global average.

“Canadian organizations are realizing the value AI can bring to their finance function, but embedding it deeper cross core operations, processes and workflows will further improve the quality of financial reporting, which ultimately enhances public trust,” Mr. Moore adds.

Accounting, financial planning, tax and treasury management are the most common functions within finance where respondents are already using AI or have pilot projects.

Canadian companies making progress with AI in tax

Compared to global peers, Canadian organizations have made considerable progress in AI for tax management, with 63 per cent piloting or using AI in tax operations, compared to 34 per cent of global organizations.

Susie Cooke, National Tax Transformation Leader at KPMG in Canada notes that while Canadian organizations are making strides, the majority (46 per cent) are still in pilot stage.

“Fewer than one in five organizations have adopted AI in the tax function, and many have yet to make the leap from experimenting to actively using AI for day-to-day tax processes. Complex tax regulations, a lack of up-to-date data, onerous legacy systems, and the reliance on human judgment for many tax-related decisions are still barriers to implementing AI in the tax function for many organizations,” Ms. Cooke says.

“Many organizations are at a standstill because they may not know where to start, or there’s resistance to taking the next step because of potential risks. But if organizations align AI to their business strategy, establish a strong data governance foundation, and educate and upskill their talent, they can actively remove the barriers to AI adoption.”

AI leaders vs. laggards

KPMG developed a maturity framework for the use of AI in finance with three categories of maturity: leaders, implementers and beginners. Among Canadian respondents, 25 per cent were classified as Leaders, 60 per cent were Implementers and 15 per cent were Beginners.

What sets Canadian leaders apart from others is their higher degree of investment in AI, their numerous use cases, stronger governance and controls, and robust resources devoted to AI. Leaders are investing nearly twice as much as others in enterprise-wide AI activities as a proportion of their IT budgets (13 per cent for leaders vs. 7 per cent for non-leaders).

Nearly nine in ten (88 per cent) leaders are using AI to a moderate or large degree (versus 39 per cent for others) and leaders have an average of six active use cases for AI -almost double what non-leaders reported.

As a result, Canadian leaders are experiencing higher returns on their investment than others, with 92 per cent of leaders saying the ROI on their AI investments are meeting or exceeding expectations, versus 61 per cent for non-leaders.

Leaders are also addressing and overcoming the barriers to AI adoption more successfully than others. The most common barriers that all companies encountered include data security vulnerabilities (56 percent), limited AI skills and talent (56 percent), and gathering relevant and consistent data (51 percent).

Chris Moore says AI leaders are better able to navigate the challenges of implementing AI because of the proactive steps they have taken, including devoting significant resources to the technology and proactively working to remove barriers to implementation, including the cultural and workforce impacts.

“Many AI leaders have a central team within finance, or specialized AI groups within each department of finance, and that’s helped those organizations address challenges such as data, security, privacy and skills gaps more effectively. Canadian organizations that build and leverage their own internal resources will be better positioned to drive AI innovation in finance, and that will ultimately help drive innovation across the enterprise as well.”

Companies want assurance on AI use, yet little regulation exists

Canadian organizations have growing expectations of their external auditors when it comes to AI. In addition to leveraging the tool for auditing activities including improved data analysis, risk mitigation, anomaly identification, fraud detection, and predictive analysis, many companies also want assurance over their own use of AI.

More than half (53 per cent) of respondents said they expect their auditors to conduct a detailed review of their control environment to ensure the responsible use of AI for financial reporting. Almost half (47 per cent) want their auditors to conduct assessments of their AI governance maturity, and 41 per cent want their auditor to perform third-party attestation over their use of AI technology.

“We’ve long believed in harnessing the power of AI to enhance quality. AI’s potential to drive real-time auditing will help companies manage their risks more proactively throughout the year,” says Bryant Ramdoo, Partner and Audit Innovation Leader at KPMG in Canada.

“As companies advance their AI adoption, there is growing desire for auditors to help companies ensure that their use of AI is robust, safe and compliant with rules and regulations, yet few standards exist. To best support the growing needs of Canadian organizations and investors will require all parties in the reporting ecosystem – auditors, organizations, standard setters, regulators and educators – to work together to manage the associated risks of AI and advance the future of assurance and attestation with confidence.”

KPMG has developed an AI maturity benchmarking tool  designed to help organizations assess their progress in the AI transformation journey. 

ABOUT THE SURVEY
KPMG International’s AI in Finance survey covered 2,900 organizations across 23 countries. The research was conducted between April and September 2024. Of the 100 Canadian respondents, 16 per cent identified as chief financial officers; 11 per cent were chief accounting officers; and the remaining distribution of respondents was split evenly across chief audit executives, chief technology officers, chief digital officers and heads of accounting or audit. 20 per cent of respondents reported annual revenues of $20 billion or more; 22 per cent reported revenues of $5 billion up to $10 billion; 22 per cent reported revenues of $10 billion up to $25 billion; 22 per cent reported revenues of $1 billion up to $5 billlion; and 14 per cent reported revenues between $500 million up to $1 billion. 82 per cent identified as public companies.

About KPMG in Canada
KPMG LLP, a limited liability partnership, is a full-service Audit, Tax and Advisory firm owned and operated by Canadians. For over 150 years, our professionals have provided consulting, accounting, auditing, and tax services to Canadians, inspiring confidence, empowering change, and driving innovation. Guided by our core values of Integrity, Excellence, Courage, Together, For Better, KPMG employs more than 10,000 people in over 40 locations across Canada, serving private- and public-sector clients. KPMG is consistently ranked one of Canada’s top employers and one of the best places to work in the country. 

The firm is established under the laws of Ontario and is a member of KPMG’s global organization of independent member firms affiliated with KPMG International, a private English company limited by guarantee. Each KPMG firm is a legally distinct and separate entity and describes itself as such. For more information, see kpmg.com/ca 

For media inquiries:

Roula Meditskos
National Communications and Media Relations
KPMG in Canada
(416) 549-7982
rmeditskos@kpmg.ca

SOURCE KPMG LLP

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Solestial to be Featured in Google Workspace Big Game Commercial

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Space startup to represent Arizona in Google’s “50 States, 50 Stories” campaign

TEMPE, Ariz., Feb. 6, 2025 /PRNewswire/ — Tempe space startup Solestial, Inc. (“Solestial”), will be featured in a Google Workspace commercial scheduled to air Sunday February 9, on Fox networks in the Arizona market during America’s most-watched football game. The ad, which features Solestial CEO Stan Herasimenka and other employees, showcases the cutting-edge solar technology for space being developed by Solestial and how the company is using Google’s AI tool, Gemini.

The company was handpicked by Google to represent Arizona as part of its “50 States, 50 Stories” campaign, which features 50 small businesses from across the United States. Google’s goal for the 30-second ad was to select a wide array of businesses from different locations and industries and highlight the many ways customers, like Solestial, are using AI.

“We were honored to be selected from among many innovative Arizona technology companies for Google’s campaign. It’s every business’s dream to be featured in a commercial during football’s premier event,” said Solestial CEO, Stan Herasimenka. “We are hopeful that the media attention will increase awareness of our next-generation silicon solar technology within the space industry, federal agencies, and the military. Beyond that, our team is really looking forward to seeing the commercial air on game day. It’s a company milestone none of us will ever forget.”

Solestial’s Google Workspace commercial, and all “50 states, 50 stories” commercials, are available on the Google Workspace website and on YouTube.

About Solestial

Solestial exists to deliver abundant energy in space. The company’s breakthrough technology is a silicon solar cell engineered for space to self-cure radiation damage under sunlight at operating temperatures as low as 65°C. Solestial solar cells are packaged in an ultrathin, low-mass, flexible solar power module designed to withstand up to 10 years in a variety of destinations in space. The flexible solar power modules can be produced on automated machines resulting in lower production costs than traditional III-V multijunction solar products.

From today’s satellite constellations and research projects to tomorrow’s lunar settlements and services in space, Solestial’s innovative technology represents a paradigm shift for space solar; an affordable, scalable solution to power sustained development. Solestial is a US company manufacturing solar cells and flexible solar power modules in Tempe, Arizona. Investors include space industry leaders including AE Ventures and Airbus Ventures. To learn more, visit the Solestial website or follow Solestial on social media.

View original content to download multimedia:https://www.prnewswire.com/news-releases/solestial-to-be-featured-in-google-workspace-big-game-commercial-302368057.html

SOURCE Solestial, Inc.

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Lumen Technologies to Attend Investor Conferences

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DENVER, Feb. 6, 2025 /PRNewswire/ — Chris Stansbury, executive vice president and chief financial officer at Lumen Technologies (NYSE: LUMN), will attend the following investor conferences:

JP Morgan Global High Yield & Leveraged Finance Conference on February 25.Raymond James Annual Institutional Investors Conference on March 3.Morgan Stanley Technology, Media & Telecom Conference on March 4.Deutsche Bank Annual Media, Internet & Telecom Conference on March 11.New Street BCG Connectivity Conference on March 26.

Live webcast links to each of the investor presentations will be made available on the Lumen Investor Relations website at https://ir.lumen.com/events-and-presentations.

About Lumen Technologies 
Lumen is unleashing the world’s digital potential. We ignite business growth by connecting people, data, and applications – quickly, securely, and effortlessly. As the trusted network for AI, Lumen uses the scale of our network to help companies realize AI’s full potential. From metro connectivity to long-haul data transport to our edge cloud, security, managed service, and digital platform capabilities, we meet our customers’ needs today and as they build for tomorrow.  

For additional news and insights visit news.lumen.com, LinkedIn: /lumentechnologies, Twitter: @lumentechco, Facebook: /lumentechnologies, Instagram: @lumentechnologies and YouTube: /lumentechnologies.  

View original content to download multimedia:https://www.prnewswire.com/news-releases/lumen-technologies-to-attend-investor-conferences-302370325.html

SOURCE Lumen Technologies

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ASAP Utilities wins ‘Best Microsoft Excel Add-in’ Award at the Global Excel Summit 2025

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LONDON, Feb. 6, 2025 /PRNewswire/ — ASAP Utilities has won the ‘Best Microsoft Excel Add-in’ award at the Global Excel Summit 2025. The winners were chosen through a comprehensive process that included public nominations, expert evaluations by a panel of leading Excel experts, and final voting by the global Excel community.

The Global Excel Summit, the world’s largest event for Excel users and experts, brings together thousands from around the world to share ideas, improve skills, and learn about the latest trends in Excel.

The Global Excel Awards, organized by the Global Excel Summit, celebrate excellence within the Excel community across five categories. ASAP Utilities won in the ‘Best Microsoft Excel Add-in’ category for its many tools that extend Excel’s capabilities, enhancing productivity and efficiency. Other awards categories include Rising Star in the Excel Industry, Most Innovative Use of Excel, Best LAMBDA, and Best Global Excel Summit 2025 In-Person Session.

“Winning this award is a tremendous honor and a significant compliment from the Excel community. Since 1999, we have been committed to helping Excel users by continuously developing tools that save time and perform tasks that Excel alone cannot,” said Bastien Mensink, the founder of ASAP Utilities.

Helping Excel users worldwide

Nearly a million users rely on ASAP Utilities, an essential tool for Excel users worldwide. It is also one of the few Excel add-ins available in ten languages, making it accessible to users everywhere.

ASAP Utilities is available in two editions, so everyone can benefit from working faster and accomplishing more in Excel. The Home & Student Edition is free for personal use, for students, and for charitable organizations like UNICEF and the Red Cross. The Business Edition is a one-time purchase for companies and government organizations, with a fully functional 90-day free trial to try all the features.

For more information about the Global Excel Awards, visit:  https://globalexcelsummit.com/global-excel-awards

For more information about ASAP Utilities, visit:  https://www.asap-utilities.com

Website:  https://www.asap-utilities.com

Photos which are free to use for editorial purposes can be downloaded via:  https://www.asap-utilities.com/media

Trustpilot reviews:  https://www.trustpilot.com/review/www.asap-utilities.com

View original content:https://www.prnewswire.co.uk/news-releases/asap-utilities-wins-best-microsoft-excel-add-in-award-at-the-global-excel-summit-2025-302370326.html

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