Why KPMG launched an accounting service just for small businesses

Here, we interview Bivek Sharma, head of KPMG Small Business Accounting, on why the firm introduced an offering tailored to the small business market.

KPMG Small Business Accounting is sponsor of the Innovation of the Year category at the British Small Business Awards. Here, Bivek Sharma, head of KPMG Small Business Accounting, discusses how the service emerged to address the needs of the small business market.

1. Talk about KPMG Small Business Accounting and how it came to be. What are its goals?

Our goal is to provide an innovative, cost-effective accounting service to ambitious small businesses, to help save them time and improve their efficiency.

We understand that the more hours small business owners put into growing their companies, the better their chances of success. Yet what many small business founders don’t realise is just how much precious time can be absorbed by accounting and financial admin, particularly those tasks – like bookkeeping, payroll administration and cash-flow analysis – that could be managed by their accountant, but either aren’t on offer or cost an arm and a leg.

The result? They settle for a service that’s just good enough: one that covers the basics; the tax, VAT and annual returns, but little more.

At KPMG Small Business Accounting, we don’t believe in ‘good enough’; we don’t think small businesses should receive a basic service, just because of their size, or have to pay through the nose when they want more.

2. What market opportunity was identified that the service addresses?

We launched KPMG Small Business Accounting to give those SMEs that comprise 99.9 per cent of the private sector – and are responsible for 60 per cent of all private sector jobs – the complete accounting service they need to help their businesses thrive, and make UK plc a success.

We believe our use of technology and the wrap-around services, all at a highly competitive price point, is what sets us apart and provides us with a significant opportunity to grow.

3. What does the service offer that sets it apart from competitors? Why will the smallest businesses be choosing KPMG over a high street accountant?

KPMG Small Business Accounting has been built around an innovative online platform, which gives clients access to key financial information.

But to ensure clients get the most from the technology (which can include accounting software, receipt scanning software and analytics software) from day one, they get their own dedicated, UK-based KPMG accountant, who really understands the technology and the nuances of the small business world.

The accountant also has regular check-ins with their clients to keep them updated on compliance requirements. For many clients, we handle their bookkeeping as a fully outsourced service too.

And our own innovative online portal enables our clients to access all the information that they need about their business, on any device. Clients can get real-time information on cash flow and business performance, and the portal is available 24/7, so clients can keep control of their finances, day or night.

4. Why is KPMG Small Business Accounting such a good fit with the Innovation of the Year category at the British Small Business Awards?

We want to support dynamic, innovative start-ups and scale ups on their growth path, and help them get to where they want to be as quickly as possible. Alongside that, we believe we’re offering an innovative accounting service and are acting as a disruptive force for good in our own accounting sector.

The British Small Business Awards, taking place on October 20th at the Grand Connaught Rooms, London, is the leading celebration of the UK’s small business sector, recognising the nation’s best sole traders, micro businesses and small companies – as well as the service providers, financiers and advisers that support them. For more information, please visit the British Small Business Awards website here.

For further information about this event please contact Jenna Read on jenna.read@bonhillplc.com

The British Small Business Awards event is sponsored by:

Sponsors

Ben Lobel

Ben Lobel

Ben Lobel was the editor of SmallBusiness.co.uk from 2010 to 2018. He specialises in writing for start-up and scale-up companies in the areas of finance, marketing and HR.

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