KPMG Vaults Into Small And Mid-Sized Business Market With New Service KPMG Spark

In collaboration with ICON Talent Partners and ABEEL Foundation, KPMG has provided over 30 Black high school students with a post-secondary scholarship each and a six-week summer internship in a service line aligned to their career interest when possible. Additionally, all students are guaranteed an interview for any future post-secondary internship they apply for at KPMG in Canada. KPMG has introduced KPMG Spark, a tax and accounting technology service aimed at small and midsized businesses. For more on how the KPMG Spark suite of services can work for growing businesses, click here. With an easy-to-use invoicing system that enables you to automate invoice creation and payment collection, KPMG Spark is an awesome platform for small businesses to consider using.

Automatic Tax Filing

“Our kpmg spark divestiture of certain Spark assets represents a move to double down on this strategy, while also providing Spark clients, talent and technology with a great home in Decimal, a company with a proven track record of excellent client service and bookkeeping quality.” Decimal, a fintech company offering bookkeeping and accounting operations for small and medium-sized businesses, has acquired the cloud-based bookkeeping service and certain other assets of KPMG Spark, owned by Big Four tax, accounting and advisory firm KPMG LLP. “At KPMG Tax, our strategy is laser-focused on meeting the evolving needs of our core client segment and delivering an innovative and differentiated experience,” said Rema Serafi, National Managing Partner – Tax at KPMG. Decimal, a leading fintech company offering bookkeeping and accounting operations for small and medium-sized businesses (“SMBs”), today announced it has acquired the cloud-based bookkeeping service and certain other assets of KPMG Spark (“Spark”). Decimal, a fintech company that handles bookkeeping and accounting operations for small and midsized businesses, has acquired the KPMG Spark cloud-based bookkeeping service and related assets from KPMG LLP.

• Certain details, including but not limited to prices and special offers, are provided to us directly from our partners and are dynamic and subject to change at any time without prior notice.
• The Spark deal gives Decimal a solution and integrated ledger for smaller businesses.
• The platform offers a combination of accounts payable and accounts receivable technology and also offers software partnerships for Certified Public Accounts (CPA) firms.
• In June 2022, Decimal raised $9 million to accelerate growth and platform development and continue its more than 200% year-over-year growth.
• AkuCalc is part of AkuSuite, a suite of tax software solutions created and serviced by indirect tax professionals.
• When it comes to collecting payments from customers, KPMG Spark has an exclusive agreement with WePay (a Chase Company) that lets customers pay invoices instantly.

Features and Add-ons

KPMG Spark is a software-enabled bookkeeping and accounting service for small and medium businesses. Its proprietary, cloud-based bookkeeping technology aggregates data from your connected accounts and displays it visually on your dashboard. It also assigns you a dedicated bookkeeper and CPA responsible for preparing monthly statements, processing payroll, and preparing end-of-year tax filings. The acquisition expands Decimal’s services and products for small businesses while adding key talent to its team. Through the acquisition, Decimal will be able to provide a more innovative bookkeeping platform to a broader set of small business owners. But Decimal raised $9 million in June to further accelerate its growth, which it says has been 200% year-over-year.

KPMG SPARK Event

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Decimal, a Leading Accounting Fintech Company, Acquires SaaS Bookkeeping Assets of KPMG Spark

However, given that the platform can perform many of the same invoicing, payroll, and accountancy duties you’d normally have to hire a professional to carry out, its prices are quite fair. If you encounter any problem with your service after signing up, KPMG might offer you a refund. Besides those invoicing fees, you’ll need to pay a monthly subscription to use KPMG Spark and prices vary based on the number of accounts you need bookkeeping for. This rises to $362 for 4 to 6 accounts, and $454 for up to 10 bookkeeping virtual accountant accounts.

• In June 2022, Decimal raised $9 million to accelerate growth and platform development and continue its more than 200% year-over-year growth.
• WePay accepts Visa, MasterCard, American Express, Discover, and ACH transfers.
• Top10.com is designed to help users make confident decisions online, this website contains information about a wide range of products and services.
• CPA Practice Advisor is the definitive technology and practice management resource for accounting and tax professionals.
• For KPMG, the transaction will allow the firm to sharpen its focus on its core business and suite of services.
• KPMG Spark, through its online solutions, provides small and mid-sized businesses with bookkeeping, tax preparation, and related services, supported by dedicated staff.

KPMG Spark can help you take your invoicing to the next level with a standard template to use across your business. Invoices can be generated in under a minute which, if you have to charge numerous clients regularly, could potentially save your company a huge amount of time and money. With KPMG Spark, you can access your account to view or export real-time data at any time. At month’s end you’ll receive a notification that your financial statements are ready to view or export. KPMG Spark manages everything to do with accounting, tax preparation, and payroll. Decimal, which originally did business as Somerset Cloud, was established in 2019 by local accounting firm Somerset CPAs and Advisors.

• Alternatively, your clients will have the option to submit payment directly through Spark using WePay, a California-based online payment provider owned by JPMorgan Chase.
• At KPMG in Canada, “do work that matters” means contributing meaningfully to our clients, people, and the communities we serve in ways both big and small.
• Global FinTech Series covers top Finance technology news, editorial insights and digital marketing trends from around the globe.
• “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.
• He declined to specify how many of those were acquired from KPMG Spark.

Top10.com is designed to help users make confident decisions online, this website contains information about a wide range of products and services. Certain details, including but not limited to prices and special offers, are provided to us directly from our partners and are dynamic and subject to change at any time without prior notice. Though based on meticulous research, the information we share does not constitute legal or professional advice or forecast, and should not be treated as such. Netherlands-based KPMG, one of the Big Four accounting firms, normal balance has more than 236,000 employees world-wide. KPMG acquired the cloud-based bookkeeping business then known as Bookly in 2018, later changing the business’ name to KPMG Spark.