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Reduce Costs and Risks with Managed Accounting

How guidance from user-friendly software, state-of-the-art AI technology, and accounting specialists can be a gamechanger for small to medium business owners.

As a business owner, your hands-on, wear-all-the-hats approach might seem necessary for accomplishing most tasks. You’d like to shift your lens to growing your client base and you’ve got some powerful ideas for new branding, but your bookkeeping comes first and deserves most of your attention. After all, the bottom line dictates success, right? But, you don’t have to do it alone. Here’s how you can delegate financial responsibilities with the support of managed accounting.

What is managed accounting?

KPMG Spark offers an incredible three-pronged approach to managed accounting: software, technology, and people.

The software component includes cloud-based information software which serves as a portal for all of your managed accounting business needs. From coordinating communications to visualizing a dashboard of current stats, this software will fill streamline accounting services while giving you the information you need to make data-driven financial decisions.

The technology component utilizes innovative machine learning and artificial intelligence to make the most of your financial data. It implements automated accounting for monthly time-consuming tasks and gives you back valuable hours to do what you do best- run a successful company! How did we ever get along without technology that instantly records and categorizes every transaction?

The final component involves professional support from financial specialists. KPMG Spark provides a network of US-based accountants who are dedicated to serving your business. They will perform bookkeeping and accounting tasks to keep your business on track and to free up your valuable time.

How do I know if I could benefit from managed accounting?

In the middle of all those balance sheets and financial statements, you’re dreaming big, but your company has failed to make it to the next level. You’re setting goals, but you keep missing the mark each accounting period.  What’s holding you back? What’s the difference between you and the business next door that seems to be constantly growing and setting bigger and better goals each quarter?

Look no further than the person holding the pen over your financial accounts. Your decision to be the manager of liabilities, equity, and assets could be the underlying reason for the frustrating standstill.

Small errors, missing receipts, and any number of mistakes resulting from juggling too much too often can be prevented with managed accounting. It might also prevent critical tasks from falling through the cracks, provide a more accurate picture of revenue performance, and stop small errors before they become larger issues.

How can managed accounting support my business?

Managed accounting not only reduces your risk, but it saves you money by getting it right the first time.  The only thing more frustrating than spending too much time on your financial accounts is making errors that require you to start over. Now you’ve lost momentum, other pursuits worthy of your time and effort go unaccomplished, and the vision you so painstakingly constructed begins to blur.

You can avoid these potential pitfalls by enlisting the support of managed accounting services.

The KPMG Spark managed accounting services are not only innovative and known for precision, but come with a dedicated bookkeeper for your accounting needs. You’ll have access to a devoted accounting manager committed to the success of your business. What will you do with all that free time on your hands? Grow your client base? Rebrand? Meet your quarterly goals and long-term projections? Why not all of the above?

What are my next steps to learning more about managed accounting?

If gaining back time, reducing errors, and feeling supported by accounting professionals sounds like an idea worth exploring, we encourage you to contact KPMG Spark today. This free consultation will allow you to share your current financial concerns, learn more about how these services could benefit your business, and allow you to start imagining a world in which you don’t approach your finances alone. Let’s get you back on track for accounting success!

 

 

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.

KPMG SparkMay 3, 2022Posted In: Business Tips

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