Big 4 accounting and business consulting firm KPMG LLP, is making a play for the small business tax and accounting services market with the launch of a new online system called KPMG Spark. The service is the result of the acquisition by KPMG of the cloud bookkeeping system then known as Bookly.
The company says the service “blends innovative technology, intelligent automation, and “human in the loop” personalized service to meet the unique accounting and tax needs of small and mid-sized businesses.” The Bookly service provided simple cash-basis accounting functions, while KPMG has added options for live consulting, monthly bookkeeping, tax preparation, tax planning, audit support and payroll through integration with SurePayroll. According to GetApp, pricing starts at approximately $195 per month for the accounting-only services.
With a target of offering accounting and tax assistance to business clients and exempt organizations from the pre-revenue stage to upward of $50 million annually, KPMG is setting its sights on a large swath of the market, which is traditionally served by accounting firms or who rely on do-it-yourself accounting programs such as Xero and QuickBooks.
“Robotic process automation, intelligent automation and other emerging technologies are just beginning to disrupt the accounting and tax services industries,” said Jeffrey C. LeSage, Americas Vice Chairman – Tax at KPMG. “KPMG Spark reflects KPMG’s commitment to bringing innovative solutions to an expanding range of clients so we can help them drive growth, gain efficiencies and create greater value.”
“I’m so optimistic about the opportunities ahead to work with this exciting group of clients, not only with our current solutions but also with what we are working on for the future,” said Zach Olson, who joined KPMG as a managing director as part of the Bookly acquisition. “The KPMG Spark solutions are designed to give business owners the tools they need to gain back the time they are spending on finance management, so they can pursue their passions and grow their businesses.”
“KPMG and our team share a vision for leveraging technology to disrupt the old way of doing things and bring greater value to businesses and their owners,” Olson added. KPMG Spark staff are headquartered in Salt Lake City.
At the time of this writing, the extent of tax services offered through the system, and more detailed pricing information, were not available.
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Tags: Accounting, Auditing, Technology
