KPMG has launched KPMG Enterprise, a £40 million investment to extend its services to mid-market firms. The new offering will provide SMEs across the country with integrated advisory and accounting services, which will according to the Big 4 firm better enable them to free up time to focus on growth.
The UK currently has 4.9 million privately-owned small and start-up businesses, making it one of the key segments of the economy. To better serve the customer base, KPMG has decided to extend its mid market services with the launch of 'KPMG Enterprise', a suite of accounting, tax and advisory services.
One of the key offerings of KPMG Enterprise includes the new ‘Small Business Accounting service’. This service provides online accounting and tax services, such as accounts preparation, bookkeeping, payroll, VAT and corporate tax returns, to SMEs via the cloud, and offers one-to-one advice from KPMG experts. “By harnessing cutting-edge technology and combining it with the talent and in-depth knowledge we have across the firm, we can give hundreds of thousands of small businesses access to KPMG’s audit and tax know-how at affordable rates, revolutionising the market for small business accounting across the UK,” explains Simon Collins, Chairman of KPMG in the UK.
The blueprint of KPMG Enterprise is based on a recent research executed by YouGov on behalf of the accounting and consulting firm among 1,122 senior decision-makers in small and medium-sized enterprises across the UK. The survey reveals that 70% of SMEs believe that the UK Government could do more to support small businesses. The research also shows that the current focus of the Government could be improved. At current state 71% of SMEs do not make use of Government-led initiatives, and would prefer other initiatives, such as red tape reductions (36%), cuts to business rates (31%) and greater tax relief (28%), to help their company grow in 2015. A growth that is, according to Iain Moffatt, Head of Enterprise for KPMG, essential to the UK economy. “With more than 1,500 start-ups being created in the UK each and every day, there is almost universal agreement that future economic growth in the UK will be driven by those businesses who can scale up successfully.”
Moffatt continues: “Innovations in technology are enabling more and more people to realise their dreams of starting their own business but the daily reality of regulation, red tape and form filling can turn that dream into a bit of a nightmare. We hope that our Enterprise offering will help to take some of that pain away, enabling entrepreneurs and owner managers to really focus on driving growth across their business. Anything that can ease the burden and make this journey easier will ultimately drive economic growth, spur job creation and increase the competitiveness of the UK.”