Big 4 Firm’s New Proprietary Technology Provides Online Accounting and Tax Services Tailored to Growing Businesses
KPMG LLP, the global audit, tax and financial firm, has launched a new technology-enabled solution, called KPMG Spark, for tax accounting. The new solution is designed to help small and mid-sized businesses comply with last year’s domestic tax reform legislation.
KPMG Spark blends automated technology with the “human in the loop” element to meet the unique accounting and tax needs of small and mid-sized businesses.
The solution will offer accounting assistance to clients from the pre-revenue stage to upward of $50 million annually. The tool makes use of a technology platform KPMG acquired last summer a business then known as Bookly. The solution responds to new regulations required under 2017’s Tax Cuts and Jobs Act (TCJA) and expands Bookly’s previous offering, which solely provided cash-basis accounting assistance to small companies.
“Robotic process automation, intelligent automation and other emerging technologies are just beginning to disrupt the accounting and tax services industries,” said Jeffrey C. LeSage, Americas Vice Chairman – Tax at KPMG. “KPMG Spark reflects KPMG’s commitment to bringing innovative solutions to an expanding range of clients so we can help them drive growth, gain efficiencies and create greater value.”
KPMG Spark, through its online solutions, provides small and mid-sized businesses with bookkeeping, tax preparation, and related services, supported by dedicated staff. The service’s solutions are appropriate for a range of enterprises, from small and closely held businesses and private companies to family offices, venture-backed startups and exempt organisations.
“I’m so optimistic about the opportunities ahead to work with this exciting group of clients, not only with our current solutions but also with what we are working on for the future,” said Zach Olson, who joined KPMG as a managing director as part of the Bookly acquisition. “The KPMG Spark solutions are designed to give business owners the tools they need to gain back the time they are spending on finance management, so they can pursue their passions and grow their businesses.”
“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,” Olson added.