KPMG Spark Blog

Why Not all Managed Accounting Solutions are Created Equal

When doing your finances and accounting, you want to make sure you have the best services available for your business and have what fits your business needs.

When doing your finances and accounting, you want to make sure you have the best services available for your business and have what fits your business needs.

What is Managed Accounting?

Managed accounting is a new way of looking at the accounting function in your business. It’s a revolutionary and scalable way for businesses to simplify the never-ending and complex task of accounting and bookkeeping in order to save money and time. The key that allows you to actually do less and complete more (including reaching more of your goals) is to leverage the three elements of managed accounting. At the most basic level, the elements of managed accounting are technology, software, and people. For more information on Managed Accounting check out our blog.

Finding the best fit for your business

There are so many different accounting and bookkeeping options available that it can be hard for business owners to find what best fits the needs of their business. Whether it’s a do-it-yourself (DIY) online service, an in-house bookkeeper, a dedicated CPA, a managed accounting service, or a combination of multiple services, there are many things to consider when deciding how to handle the accounting needs of your business. Continue reading to learn more about the features you should look for when making this decision.

1.   Accounting Specialization

You don’t want just anyone with accounting software at their disposal to be doing all your accounting. It’s important to consider the accounting background and skills of the people involved in whatever managed accounting solution you choose. There are so many other tasks that businesses need to give their attention to besides their accounting, so it’s important to make sure your bookkeepers and accountants are qualified to manage your finances. . In order to free up your time so you can focus on other important tasks, your business also shouldn’t rely solely upon technology and automation; rather, it’s important that a 'human-in-the-loop’ exists. This human should be able to answer any questions or concerns about their service and also be there for your business when you need support.

2.   Machine Learning Technology

Another feature to look for in a managed accounting solution is machine learning technology. Machine learning technology is a branch of artificial intelligence that can save you time on your books by gradually improving its accuracy. Artificial Intelligence and Machine Learning technology help to automatically sort and categorize your transactions, saving you a lot of time and money. Machine learning can also be implemented in automated features such as payroll, documentation, as well as tax preparation. These technologies can help your business have all your financial information ready to go at your fingertips. In addition, real-time financial statements that are made possible by the AI and machine learning technology in managed accounting solutions provide a seamless transfer of data so you can begin tax return preparations immediately after year-end.

3.   An online accounting platform

One important consideration for an accounting solution in today’s world is the ability to access your records online. Having cloud-based information software allows you to stay informed about all the details of your business’ finances anytime and anywhere. Some platforms are customizable and have certain reports that you can prioritize over others while others are standard for all users. Ultimately, the online aspect of your accounting solution should be easy to understand and should operate for your benefit. This will allow you to access your finances on your own time so you can be up to date when you need to be.

Why KPMG Spark?

When you sign up for KPMG Spark, you get full access to our managed accounting platform. Our accounting platform has all three pillars of managed accounting with an efficient online accounting platform, capable machine learning technology, and a trusted specialized bookkeeper who works with your team. At KPMG Spark, we built a managed accounting solution that actually helps you do less while completing more. To learn more about KPMG Spark’s 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.

Ben AsplundNovember 16, 2021Posted In: Accounting Info

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