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Real Time Accounting Provides Valuable Accounting Insights

Real-time bookkeeping uses live data to give you visibility into your current income and expenses, balances, and more. The visibility that real-time bookkeeping provides allows business owners to gain valuable insight into both their finances and businesses. Continue reading for 5 valuable insights you can gain from real-time bookkeeping.

A beginners’ guide to real-time bookkeeping, and what it can offer a growing business.

Real-time bookkeeping uses live data to give you visibility into your current income and expenses, balances, and more. This process is also called managed accounting. The visibility that real-time bookkeeping provides allows business owners to gain valuable insight into both their finances and businesses.

Here are 5 valuable insights you can gain from real-time bookkeeping:

Real-time bookkeeping helps get your taxes done properly and on-time

Managed accounting software uses machine learning to create accurate income statements and balance sheets at any moment. Since the financial statements are getting updated in real-time, you never have to worry about if they are up to date. At the end of the year, you simply send the information to your CPA and they can do the rest.

Helps show investors and banks your financial status

When applying for loans or looking for investors, it's crucial to know exactly how your business is doing. You need accurate financial statements to show the bank and investors how your business is doing, past performance, and how it's projected to grow. With real-time bookkeeping, you no longer have to wait till the end of the month to have access to that data.

Managed accounting helps you make smart business decisions

Deciding whether or not your business is ready to expand is a tough decision to make. When using real-time bookkeeping software, that decision becomes easier. You can simply find out if you have enough cash, need to expand your business, or what steps you have to reach your goal.

Real-time bookkeeping provides an extra set of eyes on your daily transactions

When using real-time bookkeeping software with KPMG Spark, you are assigned a dedicated bookkeeper. These bookkeepers learn your normal purchase patterns and can alert you if there are instances of fraud or any errors on your account. Additionally, a bookkeeper provides you with an extra set of eyes on all business transactions.

You have more time to focus on growing your business

It’s as simple as it sounds. Managed accounting allows you to have more time to focus on the other important aspects of your business. You no longer have to spend hours stressing over your bookkeeping. This time and money you save can be invested into other elements of your growing business.

Bookkeeping can be both time-consuming and confusing. Real-time bookkeeping takes away that confusion and frees up your schedule for your other business needs. Using KPMG Spark’s managed accounting software to help automate your bookkeeping can help grow your business. KPMG Spark uses innovative machine learning and artificial intelligence to automatically and instantaneously categorize and record transactions so that you get real-time reports and information on your business. Contact KPMG Spark for more information on their real-time bookkeeping services.

 

 

 

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 OjalvoAugust 24, 2021Posted In: Tax Tips

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