The Big 4 accounting and business advisory firm, KPMG LLP, is entering the market for tax and accounting services for small businesses with the launch of a new online system called KPMG Spark. The service is the result of KPMG’s acquisition of the cloud accounting system then known as Bookly.
The company says the service “combines innovative technology, intelligent automation, and personalized ‘human-in-the-loop’ service to meet the unique accounting and tax needs of small and medium-sized businesses.” The Bookly service provided simple cash accounting functions, while KPMG added options for live viewing, monthly accounting, tax preparation, tax planning, audit support and payroll through integration with SurePayroll. According to GetApp, pricing starts at around $195 per month for accounting services only.
With a goal of offering accounting and tax assistance to corporate clients and exempt organizations from the pre-income stage up to more than $50 million per year, KPMG is targeting a large market share, which is traditionally served by accounting firms or who rely on do-it-yourself accounting programs such as Xero and QuickBooks.
“Robotic process automation, intelligent automation and other emerging technologies are just beginning to disrupt the accounting and tax services industries,” said Jeffrey C. LeSage, Vice President Americas – Tax at KPMG. “KPMG Spark reflects KPMG’s commitment to bringing innovative solutions to a growing range of clients so that we can help them drive growth, gain efficiencies and create more value.”
“I am so optimistic about the upcoming opportunities to work with this exciting group of customers, not only with our current solutions, but also with what we are working on for the future,” said Zach Olson, who joined KPMG as managing director as part of the acquisition of Bookly. “KPMG Spark solutions are designed to give business owners the tools they need to save the time they spend on financial management, so they can pursue their passions and grow their business.”
“KPMG and our team share a vision for leveraging technology to disrupt the old way of doing things and bring greater value to businesses and their owners,” added Olson. KPMG Spark staff are based in Salt Lake City.
At the time of this writing, the scope of tax services offered by the system and more detailed pricing information were not available.