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Swift

PwC’s intelligent machine learning classification engine, automating burdensome line-by-line review processes.

Swift

Swift is commonly used where a human has large volumes of data that requires a manual line-by-line review. Swift’s machine learning technology will learn from previously reviewed data and use this knowledge to make future decisions. PwC has helped companies save time on a range of tasks that require manual analysis, to ultimately increase integrity and reduce burdensome tasks.

 

Swift for FBT

Swift automates the line-by-line review of your entertainment expenditure to determine the appropriate treatment of each expense for Fringe Benefits Tax (FBT) purposes. Swift increases the integrity of your review process and  identifies opportunities to ensure the most optimal treatment or methodology is selected to minimise your FBT liability.

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Swift for Capex

Swift is frequently used to analyse project (WIP/AUC) expenditure and Fixed Asset Registers. Its primary use is to highlight areas of risk or opportunity by determining the correct treatment of each expense item (e.g.deductible itself, treated as a separate asset or form part of a project cost base). Swift can also be used to process prior year data to locate errors and identify potential deductible transactions to submit an amended tax return.

Swift.CAPEX

Swift for Everything

Swift is an extremely flexible classification tool. Anytime your organisation needs to classify large data sets into buckets, Swift can automate this process. Our clients are using Swift to classify expenditure into accounts for accounting purposes, organise procurement data in order to understand volumes of purchasing and classify payments to different categories of vendors for various reporting requirements. Swift can be set up in minutes and even assist with one-off jobs. Swift will tirelessly and faithfully replicate the classification decisions of your skilled employees over large data sets its never seen before, freeing them up to focus on value-accretive tasks. Get in touch to explore the variety of use cases for Swift

"Prior to Swift.ENT, all our FBT workpapers have been prepared in excel and manually reviewed. We spent weeks analysing our general ledger, line by line. Due to the large volume of transaction in our business (across multiple entities), human errors may have occurred and transactions may have been misclassified in the past. With the implementation of Swift, we have seen an improvement in efficiency as well as savings in terms of actual FBT liability. Weeks of analysing data has been reduced to days. Our internal processes have been enhanced as we are now analysing data on a regular basis and therefore taking advantage of the machine learning capability that the Swift.ENT technology provides. We are also generating monthly FBT reports which make the end of FBT year processes easier to provide further insights into our FBT spending."

Multinational Legal Firm, 2018.

How does Swift work?

Automatically classify data

Teach Swift by uploading prior year workpapers or classifying raw data "in system". Then based on previously learned data, Swift will receive raw datasets and automatically perform the line-by-line analysis.

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Suggest classifications

On occasions that Swift is unable to make a determination, it uses its growing intelligence to make suggestions and allow the user to review and manually classify the data directly within Swift.

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Human review and feedback

Users can review Swift's decisions, make changes and provide feedback to Swift for future decision making. These changes contribute to the continuous education of Swift’s machine learning capabilities.

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Output analytics

With the elimination of line-by-line review, teams are empowered with the time to review the results and make important business decisions based on the output. Swift is equipped with integrated analytics to visually review the data, export to Excel or integrate with ERP systems for end-to-end automation.

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Contact us

Charmaine Chalmers

Charmaine Chalmers

Enterprise Digital Leader, PwC Australia

Tel: +61 438 445 673

Theo Denovan

Theo Denovan

Enterprise Digital Partner, PwC Australia

Tel: +61 433 888 893

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