Managed Accounting

At KPMG Spark we offer businesses a powerful software platform, automated accounting and dedicated human accountants. We call this Managed Accounting.

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.

At KPMG Spark, we built a managed accounting solution that actually helps you do less while completing more. Spark’s managed accounting leverages three important pillars: software, technology, and people. We utilize Cloud-Based, Information Software as the first pillar which provides a portal for all your managed accounting needs, a dashboard of current information, and coordinates all your communications. The second technology pillar uses Automated Accounting to save time on tedious monthly tasks – like eliminating the need to book debits and credits, and leverages innovative machine learning and artificial intelligence to automatically and instantaneously categorize and record transactions. The third powerful pillar is People - our network of accountants any time you need them and a US-based team dedicated to your business to perform the day-to-day bookkeeping and accounting for you.

Is Managed Accounting right for your company?

The first pillar of managed accounting

Cloud-based, information software

KPMG Spark has developed cloud-based information software that acts as your portal to all your managed accounting information services.

Business Dashboard

A customizable dashboard with a quick and easy view of all your accounting information.

Communication Platform

The information software provides easy access to your human accountant (the third pillar) allowing you to text or instant message your dedicated bookkeeper, or find their phone or email contact information.

Reporting and Data Visualization

Review accounting reports and graphic visualizations online for a quick snapshot of your business, or they can be downloaded or printed to share with other stakeholders.

Data and account management

Allows you to change how your managed accounting services are being handled. Setup customized alerts or emails and also view, input or edit all the individual data entries and transactions of your business.

The second pillar of managed accounting

Automated Accounting

A screenshot of KPMG Spark's Managed Accounting

KPMG Spark’s cloud-based accounting software is a powerful time-saver for you and your business. We offer:

Automated bookkeeping

Our innovative machine learning technology analyzes your transactions and accounts in real-time, and categorizes activity. 

Payroll

Running payroll through KPMG Spark with our partner ADP makes payroll easy. We take care of local, state and federal payroll taxes.

Documentation

All your transaction documentation is stored in the platform so it can be viewed at any time and all receipts, invoices, and other substantiation documentation are immediately available.

Tax Return Preparation

You can also use KPMG and KPMG Spark for tax return preparation to save time and empower you to focus on running your business. Your real-time financial statements available in the Spark platform provide seamless transfer of data so tax return preparation can begin immediately after year end.

The third pillar of managed accounting

Accounting specialization with KPMG

When your business signs up for KPMG Spark, you get a dedicated KPMG professional assigned to your account.

For the third pillar of managed accounting, accounting specialization is critical. To free up your time so you can focus on other important tasks, your business shouldn’t rely solely upon technology and automation; rather, it’s critical that a 'human-in-the-loop' exists.

When you sign up for KPMG Spark, you get a dedicated account team who is available for you, whether you have questions about KPMG Spark’s automated bookkeeping, perhaps you need tax planning advice, or would like input on your business expansion plans. With more than 30,000 KPMG professionals, we have the specialization to address all your business questions.

The point is, we make it our business to be there for your business all along the way. 

Featured Video

KPMG Spark Video Overview

Learn how KPMG Spark’s managed accounting services support your growing business in this overview video.

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Screenshot of a demo video

See how KPMG Spark can help your growing business survive and thrive.

Frequently Asked Questions

What is the value of managed accounting?

Managed accounting puts resources and information at your fingertips – at no extra cost. If you have a question about your business’s financial performance or need tax advice, it’s available to you as part of your monthly subscription. And the best part? Your dedicated Spark team manages your accounting, freeing up your time to focus on the health and growth of your business.

Read the full article: What is Managed Accounting?

Do I still need to do monthly reconciliations?

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

What are the benefits of managed accounting?

With KPMG Spark and managed accounting, you get specialized service and knowledge. You receive a dedicated team who are available every day, all year.  They have the knowledge to deliver your financial statements in real time, for any accounting period. And when unique questions arise, your team combined with the resources of KPMG provide the information and answers you need.

Read the full article: The Top Six Benefits of Managed Accounting

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 automatically, 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.