Accounting Features Overview

KPMG Spark Features

KPMG Spark’s online accounting offers growing businesses a robust set of features. Spark is known for its powerful, automated bookkeeping; however, we also offer many other features, depending on the plan you choose for your business.

basic Plan Features

Cash basis accounting

KPMG Spark records revenues and expenses as they happen. Spark makes cash-basis accounting simple and in real-time—recording transactions as they clear your financial accounts.

Daily revenue, and expense categorization

Incoming revenue and expenses in your accounts tracked through KPMG Spark are categorized daily using machine learning and verified by your bookkeeper. This means you always have very timely financial information, allowing you to make better financial decisions.

Real time bank reconciliation, and credit card reconciliation

Your financial account activity is reconciled within hours after it occurs. This real-time reconciliation means you don't have to wait days or weeks to ensure that your financial information is up-to-date and can make better, timelier business decisions.

Multiple users

You can create KPMG Spark accounts for as many employees or independent advisors as you need. And you can set the access permissions for each user's level —providing you with greater flexibility, security and peace of mind.

Receipt storage, and document storage

You can securely and easily store your receipts and other relevant financial documents on the KPMG Spark platform for easy retrieval when you need them (including audit support). Receipts also can be linked to individual transactions for easy identification.

Financial reports on demand

The KPMG Spark user interface makes it quick and easy to pull financial reports for any reporting period for your business—from income statements to balance sheets, and more. You don't need to spend time digging through a complicated software program to get the financial information you need.

Communication by video, text, email, phone

Your KPMG Spark bookkeeper can answer questions through the communication method of your choice—whether text messaging, video conferencing, email or phone. You decide the most convenient way to communicate.

essential Plan Features

Everything in Basic, plus:

Accounting services from a dedicated team

Your KPMG Spark team includes a dedicated bookkeeper, account lead, quality assurance rep and CPA (for tax clients). This allows you to build direct and ongoing relationships with your Spark team and gives you a central point of contact for any questions or needs you have. Link

Project accounting

KPMG Spark allows you to individually track revenue and expenses for multiple projects, separate legal entities or business divisions. This allows for greater visibility into the financial results of each one, so you don't have to spend time pulling numbers from your company's financial information. How many projects you can track separately depends on the plan you have: Essential (up to 2); Professional (up to 4); Premium (up to 6); Elite (more than 6).

Customer invoicing, and invoicing scheduling

The KPMG Spark platform allows you to create and send out invoices—meaning they are automatically integrated with your bookkeeping. Moreover, your KPMG Spark bookkeeper can also handle invoicing on your company's behalf—saving you and your employees time. All you have to do is log into the KPMG Spark platform and review them.

Schedule payments

The KPMG Spark platform integrates with many popular electronic payments tools—such as Bill.com—allowing you to schedule payments through the platform and feed that information in your bookkeeping records. Moreover, your KPMG Spark bookkeeper can schedule payments on your behalf—which you approve for payment.

Customize access by role

Each individual user of KPMG Spark can have their own account as an owner, manager, or member and you can set access permissions to Viewer, Editor, or Owner. This provides greater security and control, because you're only giving people the level of access and control they need for their role.

Customize chart of accounts

You can create customized revenue, expense and balance sheet tracking based on your company's needs and goals—providing greater visibility into your financial information and allowing you to make more informed decisions. For example, you can track marketing spend by product line.

professional Plan Features

Everything in Essential, plus:

Accrual basis accounting

For those companies that record revenue and appropriate costs when they are earned, KPMG Spark will prepare adjusting entries so your financials are prepared on the accrual basis of accounting.

Cash flow statement

Your KPMG Spark bookkeeper can prepare you a cash-flow statement for your business on a monthly basis, or as needed. This allows you to stay up-to-date on your company's cash position and make better decisions. (And thanks to the real-time bookkeeping that KPMG Spark provides, your cash-flow statement will always be up-to-date.)

Budgeting and budget-to-actual reconciliation

The powerful Budget tool in Spark allows you to ‘roll forward’ prior year financial information and create a current year budget – you can choose to modify the budget by month, quarter, or year. Also, you can review and print budget-to-actual results in real time for the month, quarter, or year!

premium Plan Features

Everything in Professional, plus:

Financial analysis reporting

Your KPMG Spark bookkeeper prepares a quarterly financial report for your business. This offers you a more in-depth look at your company's financial position and provides more insight into your business operations and expenses.

Quarterly consultation

Every quarter, your KPMG Spark bookkeeper provides a phone or video consultation to review your quartrly financial analysis report. This gives you a chance to identify potential opportunities to improve your company's financial and tax management and address any questions or concerns you may have.

elite Plan Features

Everything in Premium, plus:

Inventory tracking

Your KPMG Spark bookkeeper uses the Spark platform to help you manage your inventory tracking. This saves you time from having to input data yourself and allows you to connect your inventory management to your financial reporting—so you get a detailed picture of your company's inventory and its effect on cash flow.

Custom reporting

Your KPMG Spark bookkeeper can create customized financial reports (whether forecasts or budget statements) based on your company's specific needs. This saves you the time of having to figure out how to create them yourself and gives you the ability to get whatever financial insights you need at a particular time or for a particular purpose.

Consolidated reporting

You can get consolidated reporting for multiple projects, separate legal entities or business divisions—so you can get a more holistic view of their performance together. This provides you with the flexibility to use KPMG Spark to view financial information of multiple projects in one set of financial reports.

Quarterly reconciliation with investment manager

Your KPMG Spark team meets with your investment manager to review transactions among your business, personal and investment accounts to ensure all transactions have been captured and classified appropriately between activities. This helps you ensure that your business information is reflected, as appropriate, with your personal financial information.

Investment tracking for partnerships

If your company has outside investments in partnerships or other entities, KPMG Spark can track the activity of those investments using our platform's project accounting feature. This provides timely and accurate information on your company's investments.

Trust tracking

If your company holds investments in trusts, KPMG Spark can track the activity of those investments using our platform's project accounting feature. This provides an even more holistic picture of your, your family's or your company's true financial picture.

Private foundation required distribution

If your charitable foundation is required to distribute a minimum amount in grants each year, KPMG Spark can provide you with an up-to-date calculation of the annual required distribution—minus any amounts already distributed.

Charity support schedule

If your charitable organization is required to show it receives a significant amount of support from the general public (such as individuals, businesses or government), KPMG Spark can help you track those donations specifically and complete the IRS' required public charity support schedule.

Annual business planning review

Every year, your KPMG Spark team and senior Spark personnel meet with your team to review your business plan and discuss any potential changes to your operations and other opportunities that can help position your company for success.

Get the Spark eBook on Managed Accounting

The rise of technology has changed the way we do business forever. As your firm looks to increase profitability and maintain growth, Outsourced Bookkeeping is the answer.

The rise of technology has changed the way we do business forever. As your firm looks to increase profitability and maintain growth, Outsourced Bookkeeping is the answer.

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Frequently Asked Questions

Do I still need to do monthly reconciliation?

No. Because Spark monitors your accounts and spending in real-time, there is no need to do monthly reconciliation. More time for you run your business or kick up your feet and drink a delicious beverage!

What is online accounting?

Online accounting, also known as “cloud accounting” is a new way of doing your books. You connect your bank accounts, spending accounts (credit card, Paypal, etc.), and we automagically, in real-time, do your books. This saves you time that you can use to focus on running your business, or perhaps even kicking your feet up every once in a while.

How are real humans involved? Is it easy to talk with someone.

Yes! When you sign up with Spark, you get a dedicated account manager who is your point person, on your team. You can communicate with them via email, text, phone, online chat. Whatever works best for you.

Does Spark replace my current bookkeeper or accountant?

Spark is meant to save you, your bookkeeper, and your accountant time and money. So the simple answer is “no.” Using Spark will free you up to spend time thinking more strategically about your finances, instead of being in the weeds of the books.

How long does it take to get my accounts connected and running?

Online accounting, also known as “cloud accounting” is a new way of doing your books. You connect your bank accounts, spending accounts (credit card, Paypal, etc.), and we automagically, in real-time, do your books. This saves you time that you can use to focus on running your business, or perhaps even kicking your feet up every once in a while.

How are real humans involved? Is it easy to talk with someone.

Yes! Just because we have this nifty cloud thing going on doesn’t mean you don’t get to work with real humans. You get a dedicated account manager who is your point person, on your team. Email. Text messages. Phone. Online chat. Whatever works best for you.