Driving Financial Success: How KPMG Empowers Businesses with Strategic Audits Tax Solutions and Advisory Excellence
Why This Topic Matters in Finance Today
Introduction to KPMG's Relevance in the Finance Sector
KPMG stands as a pillar of prominence and expertise in the financial services industry, essential for businesses navigating an increasingly complex economic landscape. As a leader among the "Big Four" accounting firms, KPMG's influence extends globally, providing cutting-edge audit, tax, and advisory services that drive financial clarity and stable growth. Its significance is underscored by its extensive client base, which includes many Fortune 500 companies relying on KPMG's insights to maintain competitive edges and compliance with evolving regulations.
Key Contributions and Benefits
- Comprehensive Advisory Services: KPMG offers robust solutions in risk management, mergers and acquisitions, and financial strategy development, helping companies adapt to dynamic market conditions.
- Tech-Driven Innovations: Pioneering the integration of technology with finance, KPMG uses advanced data analytics and AI to provide real-time insights, streamlining operations and optimizing decision-making processes.
- Global Expertise: With operations in more than 140 countries, KPMG combines local insights with global knowledge to address complex client needs, ensuring strategies are both insightful and actionable.
Emerging Trends
Recent trends spotlight KPMG’s increased relevance:
1. Sustainability and ESG: As businesses strive to meet environmental, social, and governance criteria, KPMG leads with strategic sustainability initiatives, ensuring robust ESG compliance.
2. Digital Transformation: With the rise in digital finance, KPMG's digital platforms empower companies to expedite their technological adaptation and transformation, maintaining agility in development.
3. Regulatory Changes: In a world of shifting compliance landscapes, KPMG provides unmatched expertise in navigating regulatory changes, defending organizations against risks and enhancing governance frameworks.
In claiming the forefront of financial advisory and consulting, KPMG not only remains relevant but also indispensable to businesses intent on thriving in a challenging and competitive market.
Understanding the Concept and Its Role in Finance
Definition of KPMG
KPMG is a global network of professional services firms providing auditing, tax, and advisory services. Operating in over 150 countries, it is regarded as one of the "Big Four" accounting firms, which also include Deloitte, EY, and PwC. KPMG's core components are its expertise in auditing, its prowess in delivering tax solutions, and its strategic and risk management advisory capabilities. These components facilitate organizations in maintaining financial integrity, ensuring compliance with complex regulations, and optimizing operational efficiency.
Practical Application in Finance
In the finance sector, KPMG plays a pivotal role in ensuring robust financial practices, delivering strategic insights, and fostering sustainable business growth. Here's how KPMG's services are applied practically:
- Audit and Assurance Services:
- KPMG conducts comprehensive audits that guarantee the accuracy of financial statements, enhance investor confidence, and meet regulatory requirements.
- Example: A global investment bank leverages KPMG's auditing services to ensure adherence to international financial reporting standards (IFRS), reducing regulatory risks and increasing stakeholder trust.
- Tax Services:
- Offers tailored solutions for tax compliance and planning, helping firms to navigate complex tax landscapes efficiently.
- Example: A multinational corporation utilizes KPMG's tax expertise to optimize its tax structure, resulting in significant cost savings across various jurisdictions.
- Advisory Services:
- Provides insights on mergers and acquisitions, risk management, and performance improvement strategies.
- Example: A fintech startup collaborates with KPMG to streamline its acquisition of a smaller competitor, ensuring due diligence and the successful integration of assets and personnel.
Impact and Benefits
1. Enhancing Financial Transparency:
- By implementing rigorous audit processes, KPMG reinforces the credibility of a company's financial disclosures, a critical factor for investor assurance and market reputation.
2. Optimizing Tax Strategies:
- KPMG's in-depth tax services help firms minimize liabilities while remaining compliant with local and international tax laws, directly impacting the bottom line positively.
3. Strategic Growth and Risk Mitigation:
- Through its advisory services, KPMG aids companies in making informed strategic decisions, such as expansions or technology adoption, thereby fueling growth and securing competitive advantages.
By harnessing KPMG's comprehensive suite of services, finance industry leaders successfully navigate complex financial landscapes, achieve compliance and transparency, and enhance their overall organizational performance, catalyzing sustainable growth and robust competitive positioning.
Key Benefits for Finance Companies
Increased Efficiency and Streamlined Processes
Adopting KPMG within a finance framework empowers businesses with significant operational efficiencies by leveraging cutting-edge technologies and expert insights. KPMG's forensic execution of process evaluations leads to the meticulous identification and elimination of bottlenecks, allowing firms to do more with less. By integrating the latest financial management software and automation tools through KPMG's consultancy, businesses can cut redundant tasks and reduce manual errors. One specific example is KPMG's collaboration with a leading multinational corporation, where automation reduced the financial closing cycle by 40%, thereby freeing up invaluable resources for strategic initiatives.
Cost Savings and Enhanced Financial Performance
KPMG offers unrivaled strategies in cost management that lead to substantial reductions in expenditure for finance departments, which, in turn, enhance overall financial performance. Utilizing their profound market analysis capabilities, businesses can renegotiate vendor contracts, optimize spend, and deploy resources more strategically. The case of a Fortune 500 company illustrates this benefit, where KPMG's intervention in renegotiating vendor agreements resulted in a 15% annual cost reduction.
- Enables precise vendor contract renegotiations
- Optimizes capital allocation
- Delivers insights for strategic investment opportunities
Improved Customer Experience through Financial Excellence
Implementing KPMG’s solutions fortifies customer trust by ensuring seamless and transparent financial operations. Enhanced financial reporting accuracy and timely delivery exemplify KPMG's commitment to boosting client satisfaction. Their predictive analytics equip companies to anticipate customer needs, thus aligning financial services with client expectations. KPMG assisted a top-tier bank in restructuring its financial reporting, leading to expedited service that fostered a 20% increase in client retention rates.
Competitive Advantage and Market Leadership
Utilizing KPMG's services engenders a robust competitive edge, underpinning organisations with a strategic market position through data-driven decision-making and best-practice financial governance. By deploying KPMG's industry-specific insights, companies can decisively outmaneuver competitors on pricing, compliance, and financial agility. For instance, a renowned retail chain, supported by KPMG's strategic market insights, saw a 30% surge in market share due to realigned pricing and product offerings.
- Fosters strategic market positioning
- Illuminates data-driven financial analyses
- Enhances financial adaptability to market shifts
KPMG's integration within a business's finance sector not only elevates operational capabilities but also orchestrates long-term success by sculpting a financially sound framework that resonates with industry leadership.
How to Implement the Concept Using KanBo
Initial Assessment: Identifying the Need for KPMG in Finance
Before embarking on the implementation of KPMG methodologies in a finance setting, one must begin with a thorough assessment. The goal is to pinpoint inefficiencies and identify opportunities for enhancement. Utilizing KanBo, this can be efficiently managed through:
- Workspaces: Create a dedicated "Assessment Workspace" to centralize all assessment-related tasks.
- Spaces and Cards: Break the assessment into smaller, manageable units using "Spaces" for areas like 'Financial Reporting,' 'Risk Management,' and 'Compliance.' Under each space, use "Cards" to document specific pain points and current processes.
- Activity Stream: Utilize the Activity Stream to track ongoing assessments and discussions, ensuring transparency throughout the process.
The assessment phase sets the foundation by elucidating why KPMG's structured approach is essential in streamlining finance operations.
Planning: Setting Goals and Strategizing Implementation
With a clear understanding of the needs, the next step involves meticulous planning. This is where goals are specified and strategies designed:
- Kanban View: In KanBo's "Spaces," visualize tasks using the Kanban view to map out each step of the KPMG implementation process.
- Card Relationships: Utilize Card Relationships to connect strategic goals with specific tasks, ensuring alignment and coherence throughout the planning phase.
- Labels: Apply Labels to categorize tasks based on priority, resources, or departments involved, facilitating quick access and understanding of key tasks.
Through careful planning, you align finance strategies with KPMG best practices, ensuring all stakeholders are on the same page.
Execution: Applying KPMG Methodologies Practically
Execution is where planning materializes into action. Here, KanBo becomes instrumental in driving efficient execution:
- Timeline: Use the Timeline view to schedule tasks, ensuring that implementation steps are completed sequentially and on time.
- Card Blockers: Identify potential blockers on Cards and address them proactively, ensuring smooth progression of tasks.
- MySpace: Allow team members to organize their tasks using MySpace, which helps them focus on their immediate priorities without losing sight of the broader project goals.
By leveraging these features, the finance team can implement KPMG strategies systematically, minimizing disruptions and maximizing efficiency.
Monitoring and Evaluation: Tracking Progress and Measuring Success
Monitoring progress and evaluating outcomes is crucial to ensure the initiative meets its objectives:
- Gantt Chart View: Track all time-dependent tasks using the Gantt Chart, providing a clear visual of progress relative to the project timeline.
- Forecast Chart View: Use data-driven insights from the Forecast Chart to predict future progress, allowing for early adjustments if needed.
- Reports: Generate Reports from Activity Streams and Task Completion rates to evaluate overall success and areas needing improvement.
Through structured monitoring and evaluation, ensure that practical insights are fed back into the process, enhancing future endeavors.
KanBo Installation Options: Ensuring Compliance and Security in Finance
When implementing KanBo, decision-makers must consider installation options that meet finance's stringent data security and compliance requirements:
- Cloud-based: Offers scalability and lower upfront costs; ideal for dynamic finance teams needing quick deployment.
- On-premises: Provides maximum control over data; suitable for finance firms with strict compliance mandates.
- GCC High Cloud: Combines cloud flexibility with high security, serving finance organizations dealing with sensitive government data.
- Hybrid: Blends cloud and on-premises benefits, offering versatile solutions to meet diverse regulatory landscapes.
By selecting the appropriate installation option, finance leaders can ensure KanBo operates within their operational and compliance frameworks, securing sensitive financial data.
In these outlined steps, KanBo's features substantially enhance the effective implementation of KPMG strategies, ensuring finance firms can drive innovation while maintaining rigorous compliance and security standards.
Measuring Impact with Finance-Relevant Metrics
Measuring the Impact of KPMG Initiatives in the Finance Sector
Return on Investment (ROI)
Return on Investment serves as the cornerstone metric when evaluating the success of KPMG initiatives in finance. It quantifies the financial gain or loss relative to the investment made. Specifically, ROI assesses whether the implementation of KPMG strategies yields higher profits, cost reductions, or operational efficiencies, thereby justifying the initial expense. To calculate ROI, finance businesses should consider the total revenue generated from the initiative, subtract the initial costs, and divide by the initial investment. Practical steps to monitor ROI include implementing real-time financial dashboards and analytical software that track financial performance indicators continuously.
Customer Retention Rates
While financial success isn’t solely achieved by new client acquisition, focusing on retaining existing customers adds substantial value. A high customer retention rate indicates successful KPMG implementation through improved customer satisfaction, enhanced service offerings, or superior client engagement strategies. To measure this, track the percentage of repeat clients over a set period. Implementing customer feedback systems and loyalty programs can furnish insightful data, and continuous tracking through CRM tools will spotlight trends and areas for improvement.
Cost Savings Measurement
Businesses can effectively quantify cost savings as a direct impact of KPMG advisory services or technological solutions. This metric is indicative of streamlining operations, optimizing resource allocation, or reducing waste, all facilitated by KPMG’s strategic initiatives. Track specifics such as reductions in process costs, decreases in error rates, and lower overheads. Employ budget variance analyses and financial performance benchmarking to continuously gauge cost efficiency.
Improvements in Time Efficiency
KPMG’s deployment in finance also focuses on enhancing operational efficiency, where time is crucial. Success metrics here involve measurable reductions in process times, accelerated transaction handling, or enhanced project delivery speeds. Setting baseline process time averages and continually comparing these against post-implementation performance can provide clarity on time savings. Incorporate automation tools and workflow management systems to maintain and augment these gains.
Employee Satisfaction
A satisfied workforce often translates to enhanced productivity and better implementation of strategic initiatives. Employee satisfaction metrics, therefore, unveil the human capital impact of KPMG interventions, especially if organizational change management is part of the initiative. Conduct regular employee surveys, analyze turnover rates, and track engagement scores. Continual pulse surveys and feedback mechanisms can help maintain and improve satisfaction levels.
Additional Relevant Metrics and Monitoring Practices
Finance businesses should also consider tracking other vital KPIs influenced by KPMG initiatives, such as compliance adherence rates, innovation adoption, and market share growth. To effectively monitor these metrics over time, leverage an integrated KPI dashboard that can aggregate data from multiple sources and provide real-time analytical insights. Continuous review meetings, performance scorecards, and adopting a balanced scorecard approach will ensure that the implemented KPMG initiatives sustain ongoing value and support strategic objectives. This multifaceted analysis not only reflects the impact of KPMG but fosters an environment of continuous improvement essential for long-term success in the finance industry.
Challenges and How to Overcome Them in Finance
Common Challenges in Adopting KPMG in Finance
Integration Complexity
The most prevalent challenge when adopting KPMG solutions in the finance sector lies in integration complexity with existing systems. Finance companies often operate on sophisticated legacy systems, and integrating KPMG's diverse services and software might disrupt already established workflows, leading to reduced operational efficiency. This disruption can result in inconsistencies in data reporting, delayed decision-making, and increased risk of errors.
Solution: To mitigate integration complexity, finance businesses should conduct a thorough system audit to understand existing infrastructure. Developing a robust integration plan that prioritizes critical functionalities can streamline the transition.
- Pilot Programs: Launch a pilot program specific to one department to identify potential disturbances and rectify them before full-scale implementation.
- Cross-Functional Teams: Assemble cross-functional teams involving IT and finance experts to oversee and facilitate seamless integration.
- Regular Feedback Loops: Establish regular feedback loops to ensure continuous monitoring and prompt rectification of issues.
Resistance to Change
Resistance to change among employees is another significant obstacle. Employees accustomed to particular workflows may exhibit reluctance to adopt new processes introduced by KPMG’s solutions. Such resistance can result in decreased morale and productivity, undermining the benefits of KPMG's advanced technological offerings.
Solution: Building an inclusive culture that values innovation can significantly reduce resistance to change.
- Targeted Training Programs: Implement targeted training programs tailored to address specific KPMG functionalities, highlighting personal benefits to employees.
- Change Champions: Designate "Change Champions" within teams who can advocate for the benefits and mentor colleagues through the transition phase.
- Incentives for Adoption: Develop a system of incentives for early adoption of new processes, encouraging a positive attitude towards change.
Financial Constraints
Cost considerations represent a substantial barrier. With the investment required for KPMG's sophisticated analytics and advisory services, smaller finance firms may struggle to justify or afford these expenses, especially when immediate returns on investment are not guaranteed.
Solution: Efficient budgeting and realistic financial forecasting are key to overcoming financial constraints.
- Scaled Implementation: Prioritize a phased or scaled implementation process, beginning with high-impact areas to maximize ROI.
- Leverage KPMG Expertise: Utilize KPMG's consultancy to identify cost-effective solutions tailored to enhance specific areas of business without unnecessary expenditure.
Data Security Concerns
Data security is a critical concern in the finance industry. Adopting new systems inherently increases vulnerability to breaches and cyber threats, posing severe risks to client trust and compliance with regulatory standards.
Solution: Ensuring robust data security mechanisms in place should be non-negotiable when adopting KPMG.
- Comprehensive Risk Assessment: Conduct comprehensive risk assessments to identify potential vulnerabilities prior to implementation.
- Compliance Training: Invest in regular compliance training and awareness programs, ensuring all employees are equipped with the knowledge to mitigate security risks.
- Partner with Experts: Collaborate with external cybersecurity experts to conduct periodic security audits and reinforcement of data protection measures.
While adopting KPMG solutions in the finance sector can present challenges, proactive planning, employee engagement, and strategic investments negate these obstacles. Embracing change through careful preparation ensures that financial entities capitalize on the full range of benefits offered by KPMG.
Quick-Start Guide with KanBo for Finance Teams
Getting Started with KanBo: Elevating Finance Workflows at KPMG
Harness the power of KanBo to seamlessly streamline finance coordination within KPMG by adhering to this straightforward, cookbook-style guide. These steps are crafted to ensure that you can start effective implementation quickly and efficiently.
1. Creating a Finance Workspace
- Launch KanBo and create a new Workspace dedicated to KPMG’s finance team.
- Name it "KPMG Finance Coordination" to encapsulate the focus area.
- Set access permissions depending on team roles to maintain security yet encourage collaboration.
2. Structuring Relevant Spaces
- Identify core finance tasks or projects and create corresponding Spaces. For instance:
- Accounts Receivable
- Financial Reports
- Budget Planning
- Audit Preparations
- Designate Space roles: Owners, Members, and Visitors, aligning roles with KPMG’s internal hierarchy to ensure streamlined operations.
3. Designing Initial Cards for Key Tasks
- Within each Space, create Cards that represent the main tasks. For example, under "Financial Reports," include cards like:
- Quarterly Financial Summary
- Annual Revenue Analysis
- Assign responsibilities using @mentions to notify and engage specific team members.
4. Utilising KanBo Features Immediately for Organisational Excellence
- Lists: Organise Cards into Lists that represent stages such as "Pending Review," "Approved," and "Archived," allowing clear tracking of progress.
- Labels: Implement colour-coded Labels for priority or category differentiation—e.g., "Urgent," "Routine," or "Data Required."
- Timelines: Employ the Gantt Chart View to align tasks chronologically, ensuring efficient resource allocation and foresight.
- MySpace: Encourage each team member to utilise MySpace to mirror critical Cards, thus maintaining focus without navigating multiple Spaces.
5. Engage Reporting & Visualisation for Insightful Analysis
- Navigate the Forecast Chart and Time Chart views to predict outcomes and assess efficiency metrics in real-time.
- Generate visual reports that convey complex numerical data into digestible insights, aligning with the financial strategies of KPMG.
6. Overseeing Access & Permissions for Secure Management
- Define user Access Levels conveniently, where junior analysts might be Visitors while managers occupy Owner or Member positions.
- Use Space Templates for recurrent tasks, expediting the setup process without compromising on intricacy or security.
Conclusion
Initiate this adaptable and dynamic use of KanBo at KPMG to revolutionise financial task management, cultivate a culture of clarity and collaboration, and profoundly enhance the precision and efficiency of financial analytics and planning. Integrate these steps seamlessly, crafting a direct pathway for immediate impact in financial operations.
Glossary and terms
Glossary of KanBo Related Terms
Introduction:
This glossary serves as a comprehensive guide to understanding the key features and concepts of KanBo, a work management platform designed to efficiently organize and manage work. The glossary covers a wide array of terms, from the basic structures within KanBo to advanced functionalities, providing users with the necessary vocabulary to navigate and utilize the platform effectively.
Core Concepts & Navigation:
- KanBo Hierarchy: A structural framework of the platform comprising workspaces, spaces, and cards, which facilitates the organization of projects and tasks.
- Spaces: Central hubs where work occurs, acting as collections of cards and offering various viewing options.
- Cards: Individual tasks or work items that are managed within spaces.
- MySpace: A personalized area for users to manage selected cards across the platform using "mirror cards."
- Space Views: Different formats for viewing spaces, including Kanban, List, Table, Calendar, Mind Map, Time Chart, Forecast Chart, and Workload view (soon to be available).
User Management:
- KanBo Users: Individuals with roles and permissions defined within the system who can be added to spaces.
- User Activity Stream: A record of user actions within accessible spaces.
- Access Levels: Degrees of user access to workspaces and spaces, such as owner, member, or visitor.
- Deactivated Users: Users who no longer have platform access but whose past actions are still visible.
- Mentions: A feature allowing users to tag individuals in comments using the "@" symbol to draw attention to specific tasks or discussions.
Workspace and Space Management:
- Workspaces: Containers at the top organizational level for spaces.
- Workspace Types: Variants such as private workspaces and standard spaces, especially for on-premises environments.
- Space Types: Categories of spaces—Standard, Private, and Shared—differing in user privacy and accessibility.
- Folders: Tools to organize workspaces, with the content being upward moved if a folder is deleted.
- Space Details: Information specific to a space, including name, responsible person, and other project-related data.
- Space Templates: Predefined configurations used to create spaces.
- Deleting Spaces: Requires user access to view and manage a space.
Card Management:
- Card Structure: The basic organizational unit in KanBo.
- Card Grouping: Method of organizing cards based on criteria such as due dates.
- Mirror Cards: Cards linked from other spaces and managed within MySpace.
- Card Status Roles: A card can be assigned only one status at a time.
- Card Relations: Linkages between cards, often displayed in a Mind Map view.
- Private Cards: Drafts created in MySpace, meant to be moved to other spaces.
- Card Blockers: Tools to indicate obstacles in card processes, managed globally or locally.
Document Management:
- Card Documents: External files linked to cards.
- Space Documents: Files associated with a space and stored in a default document library.
- Document Sources: Multiple document links across spaces for collaborative file management, potentially integrating templates from Word, Excel, or PowerPoint.
Searching and Filtering:
- KanBo Search: A function to find elements such as cards, comments, and documents across the platform.
- Filtering Cards: The ability to sift through cards based on set criteria.
Reporting & Visualization:
- Activity Streams: Historical action logs, available for both users and spaces.
- Forecast Chart View: Predictive analysis of work progress.
- Time Chart View: Assessment of process efficiency over time.
- Gantt Chart View: A chronological timeline of time-dependent tasks.
- Mind Map View: A graphical tool for visualizing relationships between cards and organizing thoughts.
Key Considerations:
- Permissions: User access to spaces and platform functionalities is contingent upon roles and permissions.
- Customization: Options available for tailoring fields, views, and templates.
- Integration: Capability to connect with external document libraries like SharePoint.
This glossary highlights critical components and functions of KanBo, serving as a foundational tool for users seeking to maximize their productivity through understanding and utilizing the platform's offerings.
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Additional Resources
Work Coordination Platform
The KanBo Platform boosts efficiency and optimizes work management. Whether you need remote, onsite, or hybrid work capabilities, KanBo offers flexible installation options that give you control over your work environment.
Getting Started with KanBo
Explore KanBo Learn, your go-to destination for tutorials and educational guides, offering expert insights and step-by-step instructions to optimize.
DevOps Help
Explore Kanbo's DevOps guide to discover essential strategies for optimizing collaboration, automating processes, and improving team efficiency.
Work Coordination Platform
The KanBo Platform boosts efficiency and optimizes work management. Whether you need remote, onsite, or hybrid work capabilities, KanBo offers flexible installation options that give you control over your work environment.
Getting Started with KanBo
Explore KanBo Learn, your go-to destination for tutorials and educational guides, offering expert insights and step-by-step instructions to optimize.
DevOps Help
Explore Kanbo's DevOps guide to discover essential strategies for optimizing collaboration, automating processes, and improving team efficiency.