KPMG Canada launches cloud accounting solution for SMEs

18 May 2021 2 min. read

KPMG Canada has launched “Finance Plus,” a new bookkeeping and financial reporting platform tailored to small- and medium-sized enterprises.

The platform is aimed at SME business owners who lack the time or in-house capabilities to manage bookkeeping and financial reporting, according to a release from the consulting firm.

The new product features a single sign-on, central online hub with selected software tools for accounting, bookkeeping, budgeting, daily transactions, and payroll and tax services, alongside access to personalized support from KPMG.

The curated software suite includes Quickbooks Online, Xero, Hubdoc, Dext, ADP, and Wagepoint.

KPMG Canada launches cloud accounting solution for SMEs

"We created Finance Plus for entrepreneurs who want to focus on running their growing business, and don't have the time or in-house expertise to manage their bookkeeping," said Mary Jo Fedy, national leader of KPMG Enterprise. "Finance Plus features all the advantages of managing your finances securely in the cloud, with the accuracy and reliability of a KPMG professional. Each Finance Plus customer is assigned a highly trained and experienced KPMG virtual accountant, backed by KPMG's professional network of trusted business advisors."

The Big Four firm says the offering is well-suited to SMEs that have considered outsourcing their accounting, would benefit from standard reporting and analytics, and would like to leverage stronger insights from their financial information.

The solution also helps streamline tax season, with Finance Plus teams able to link up with local KPMG tax teams to prepare year-end financial statements and tax returns. The centralized platform also eliminates the need to coordinate with multiple people or track financial information from multiple sources.

“When a business outsources its accounting function to KPMG, we put our people and technology-enabled services to work, freeing up business owners so they can stay laser focused on their business and make more informed financial decisions. That's critical in the current economic climate," said Peter Gribilas, national leader, Finance Plus, KPMG Canada.

The pandemic has been especially hard for small businesses in Canada, which comprise large portions of damaged sectors such as restaurants, hospitality, and retail. There aren’t as many mom-and-pop pharma, telco, or technology outfits – which have fared better in the last year.

“Whether a business is currently thriving, secure, or challenged, owners need an affordable technology solution that provides an accurate picture of the health of their business in real time. Finance Plus gives clients immediate access to data and insights which can drive efficiencies and potential cost savings," Fedy said.