KPMG Spark Blog
Entrepreneurs often start out trying to do their own bookkeeping but quickly realize they need a bookkeeping solution that not only makes it easy, but also one that addresses their evolving business needs — such as managing cash flow as their business grows. Let's take a closer look at how KPMG Spark can help your business.
Entrepreneurs often start out trying to do their own bookkeeping. But as their company grows and gets more complex, they realize they need a bookkeeping solution that not only makes it easy, but also one that addresses their evolving business needs — such as managing cash flow as their business grows — while being able to spend time on higher-value tasks.
KPMG Spark—a real-time bookkeeping software coupled with a dedicated (read: human) bookkeeper—is a compelling option for companies that don’t want to waste time navigating complex accounting software, but do want to always have updated books along with the financial data they need to make smarter decisions.
Here are four key benefits of choosing KPMG Spark for your bookkeeping:
At KPMG Spark, we provide what we call managed accounting. That means you benefit from three key pillars of our service:
● A cloud-based software platform that provides a portal for all your accounting needs
● Automated and instantaneous recording and categorization of your transactions (debits and credits) using machine learning and artificial intelligence that’s built in to the KPMG Spark platform
● A dedicated KPMG Spark bookkeeper and account team who oversee your books, so you can focus on other important tasks.
It’s the best of both worlds—real-time, automated bookkeeping technology coupled with a dedicated team that oversees your bookkeeping needs.
For example, with KPMG Spark, your transactions are automatically recorded and categorized using machine learning. However, your bookkeeper reviews those transactions for accuracy. If there’s uncertainty around a transaction, your bookkeeper will reach out with any questions via text, email or phone—whichever you prefer—and you simply send back a response.
You can also turn to your bookkeeper for help with a number of related tasks, whether running financial reports or attaching receipts to specific transactions.
Having a bookkeeper manage your company’s books frees you and your team to spend time on higher-value tasks. Consider the real value of each hour you spend on bookkeeping. If your time is worth, say, $200 an hour, and you spend five hours a month doing your own bookkeeping, then you’re basically spending $1,000 a month on bookkeeping. Of course, you could be spending that time on activities that actually generate revenue.
As we say at KPMG Spark, we can grow with your company from idea to IPO. What that means: We offer several service levels and can also customize the KPMG Spark service to your company’s specific needs. We serve everyone from pre-startups to clients with 10s of millions of dollars. As your company expands or evolves, you can simply upgrade your service, so you’ll never “outgrow” KPMG Spark.
Most business owners have heard of KPMG LLP, though they may have never interacted with the firm. One benefit of being a KPMG Spark client is your team can easily connect you to specialists within the greater KPMG LLP universe to assist you with a wide range of more sophisticated business needs.
For example, we’ve connected ecommerce clients with KPMG LLP sales tax professionals to conduct a nexus study that allows them more fully understand their sales-tax filing obligations. We’ve helped KPMG Spark clients navigate Internal Revenue Code equity compensation rules. We’ve also helped companies from around the world research and access government R&D and tax incentives. And, should the tax authorities come calling, KPMG LLP can support you.
Unlike typical accounting software, KPMG Spark goes beyond “debits and credits.” We’re in the business of helping our clients take advantage of opportunities and better manage their company’s finances.
Our clients tell us that having a full-service bookkeeping solution—including that dedicated bookkeeper—has helped them save time, focus on growing their business and ultimately make better decisions.
Want to learn more and determine if KPMG Spark is the right fit for your company’s needs? Schedule a consultation here.
The views and opinions expressed herein are those of the author and do not necessarily represent the views and opinions of KPMG LLP.
This blog article is not intended to address or provide advice concerning the specific circumstances of any particular individual or entity and does not constitute an endorsement of any entity or its products or services.
Some or all of the services described herein may not be permissible for KPMG audit clients and their affiliates or related entities.
The following information is not intended to be “written advice concerning one or more Federal tax matters” subject to the requirements of section 10.37(a)(2) of Treasury Department Circular 230. The information contained herein is of a general nature and based on authorities that are subject to change. Applicability of the information to specific situations should be determined through consultation with your tax adviser.
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