KPMG is taking further steps into the small business financial services world with a new tax and accounting solution for SMBs, the company announced Thursday (Dec. 6).
In preparation for tax season, KPMG is rolling out its KPMG Spark tool designed to automate and digitize small business tax services, including tax preparation and compliance, for businesses with annual revenues below $50 million. In its announcement, KPMG noted the tool is a mix of automated technology and human service and support to personalize services for SMB users, as well as a mix of accounting and bookkeeping capabilities with tax services.
KPMG Spark will deploy technology from Bookly, acquired by KPMG earlier this year, which offers small business accounting solutions. The Spark solution will integrate tax and compliance capabilities to the fold, enabling small businesses to remain compliant with ever-changing tax rules, including changes resulting from the 2017 Tax Cuts and Jobs Act.
“Robotics process automation, intelligent automation and other emerging technologies are just beginning to disrupt the accounting and tax services industries,” said KPMG Americas Vice Chairman, Tax Services Jeffrey C. LeSage, in a statement. “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.”
The product is a big step for KPMG in the small business financial services space. In 2015 the firm announced a partnership with InvestDen, a small business debt crowdfunding site, and a collaboration with supply chain payments firm Taulia. In 2016 KPMG targeted small businesses again through a deal with alternative small business lending firm Funding Xchange.
KPMG’s latest launch is timely, considering the upcoming tax season as well as the latest tax law overhauls in the U.S. Earlier this year the American Institute of Certified Public Accountants urged lawmakers to clarify tax reforms as they apply to small businesses, encouraging the Internal Revenue Service to provide guidance on how SMBs can remain compliant.