KPMG launches £40m enterprise offering for SMEs
KPMG to provide online accounting and tax services to small and start up enterprises via the cloud
KPMG has invested £40m to extend its mid-market services to small and start-up businesses via new technology platform
The launch of KPMG Enterprise, a new strategic investment, expands the Big Four firm’s service offerings to the growing network of 4.9 million privately-owned businesses across the UK, the accountants said.
Included within KPMG Enterprise is KPMG’s new small business accounting service, which uses a new digital technology platform to provide online accounting and tax services – including accounts preparation, bookkeeping, payroll, VAT and corporate tax returns – to small and start up enterprises via the cloud.
The service will also offer access to one-to-one advice from KPMG experts, with fees starting from as little as £150 per month.
Simon Collins, UK chairman of KPMG, said: “We want to be the clear choice for all privately-owned businesses – from formation through every stage of their development and growth.
“KPMG Enterprise makes our knowledge and expertise accessible to smaller businesses. The SME sector is the growth engine of the UK economy and we want to support early stage and smaller businesses that previously may have believed our services were out of their reach.
The launch of KPMG Enterprise comes as research undertaken on behalf of the firm by YouGov reveals that 70% of SMEs across Britain think the government could do more to support small businesses.
The KPMG/YouGov survey found that the current focus of government support could be improved. While awareness among SMEs of government-led initiatives such as the Funding for Lending scheme, Business Growth Fund and Seed Enterprise Investment Scheme (SEIS) is high, 71% of SMEs have not used any such resources. Instead, small businesses’ top three preferences would be to see reduced red tape, cuts to business rates and greater tax reliefs and incentives.
Iain Moffatt, head of enterprise for KPMG, said: “With 38% of SMEs telling us that they spend at least one day a week on basic administrative tasks, the message to government as we head into an election year is loud and clear: business owners need support to free up their time, and allow them to get on with running and growing their businesses.