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Managed accounting is a revolutionary and scalable way for businesses to simplify the complex task of accounting and bookkeeping in order to save their business both time and money. Here are five reasons that show your business is ready to switch to managed accounting.

You don’t have enough time

There is not enough time in the day to figure out your business’s accounting, as well as the other tasks necessary to run your growing business. Having enough time to do everything yourself may have been a possibility in the beginning stages of your business, but as it grows you’ll find that you’ll have less and less time to focus on areas that need attention if you are still doing everything yourself. Managed accounting can help free up some of that time to allow you to focus on the other important areas of your growing business.

You want your business to grow

In order for your business to grow, your books should be up to date. Proper bookkeeping allows you to make data-driven decisions about your business, and where you would like your business to go. Managed accounting brings your business the flexibility of online bookkeeping software, and the benefits of a full-service accounting firm. It’s important to find a managed accounting software that can grow alongside your business.

Accuracy

Having accurate financial information is very important when it comes to applying for loans for your business or attracting new investors. Accounting can get difficult at times when you are dealing with many complex business transactions. If you don’t have a background in accounting, it can be a challenging task to accomplish for your business. Managed accounting combines technology, software, and people to help simplify your business's accounting needs. 

Real-time access

In this day and age, you can get access to pretty much everything at the click of a button. The same should be applicable to your business's financial information. With managed accounting software, you gain real-time access to your finances whenever you need them. Being able to view the live data of your business allows you to gain a new perspective on your income and expenses. Besides gaining access to real-time data through managed accounting software, at KPMG Spark, you also get access to a combination of artificial intelligence, machine learning technology, and a dedicated bookkeeper to ensure accuracy and allow its users access to instant insights and real-time reporting.

Savings

Most accounting services are charged at an hourly rate for their work. As they rack up hours working on your financial information, your accounting expense gets larger and larger. Hourly expenses are hard to budget for if the costs are unknown. Paying for a managed accounting service gives you all the benefits of a normal accountant plus more, at a yearly or monthly price you agree to.

If your business is ready for a positive change, you should try managed accounting. Besides the 5 benefits discussed above, there is so much more managed accounting can offer your business. KPMG Spark managed accounting is a scalable way to serve your growing business’ accounting needs through a combination of software and human assistance. To learn more about the KPMG Spark managed accounting solution give us a call at 1-855-777-7696.

 

 

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.

Alexandra OjalvoJanuary 25, 2022Posted In: Business Tips

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What is Managed Accounting?

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