KPMG In Canada Launches Book Keeping And Financial Reporting Platform ‘Finance Plus’
KPMG | May 18, 2021
KPMG Canada is introducing Finance Plus, a modern cloud accounting system for small to medium-sized business owners who lack the expertise or in-house experience to handle their bookkeeping and financial statements. KPMG Finance Plus blends industry-leading financial resources with the tailored assistance of a KPMG accountant.
Finance Plus is an accessible and cost-effective way for entrepreneurs, franchisees, and multi-site company owners to outsource bookkeeping and financial management, all while being supervised by a live KPMG specialist. Clients can provide visibility and access to a range of digital applications that provide end-to-end financial resources such as accounting, bookkeeping, budgeting, everyday transactions, payroll, and tax services through the modern technology portal.
Finance Plus, as one centralised web hub, streamlines bookkeeping records and financial statistics, with timely monitoring that assists in tracking and evaluating a company's financial results. QuickBooks Online, Xero, Hubdoc, Dext, ADP, and Wagepoint are among the tech resources accessible through the easy, single sign-on portal.
"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," explains Mary Jo Fedy, National Leader, KPMG Enterprise. He also adds, "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."
According to a new KPMG poll, the majority of Canadians (88%) believe small and medium-sized companies in Canada have become economic casualties of the pandemic, and many are now struggling as a result of lockdowns. A further 91% of respondents believe the pandemic has shown a real need for Canadian companies to improve their web visibility and technical skills.
"Over the past year, few business owners have been able to escape the economic stresses of the pandemic, and those who have accelerated the shift to digital are better positioned to succeed. 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," concludes Ms. Fedy.
Finance Plus has the following services:
• Transactions on a regular basis
• Bookkeeping that has been digitised
• Accounts payable/receivable (AP/AR)
• Payroll administration
• Planning a budget
• Reporting to management
• GST/HST as well as federal income tax
• Reconciliation of bank accounts and credit cards
"Finance Plus provides a customized digital bookkeeping service with all the benefits of the cloud. 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," According to Peter Gribilas, National Leader, Finance Plus, KPMG Canada.
Finance Plus is designed for founders and small business owners who:
• Lack a dedicated bookkeeper, controller, or accountant on-board.
• Will benefit from routine reporting and analytics
• Need assistance in financial systems such as bookkeeping or payroll.
• Still working on paper-based financials.
• Want a safe cloud-based system backed by KPMG experts with years of experience.
• Want to get more insights and KPIs from their financials.
• Are now using existing bookkeeping tools, but are thinking about outsourcing
Fairly priced and personalised
Pricing is customised to a client's budget and specific business demands, with the option to scale up as the business expands. For fast on-boarding, the Finance Plus app can also easily integrate with a client's current cloud applications.
Taking the stress out of tax calculation
To review year-end financial statements and full tax returns, the Finance Plus team will work closely with a client's local KPMG office. The app organises all year-end documents and safely sends it to a KPMG tax specialist. The consolidated centre removes the need to communicate with different individuals and places while still tracking financial data from various sources.
In Canada KPMG LLP, a limited liability partnership, is a full-service Audit, Tax and Advisory firm owned and operated by Canadians. For over 150 years, our professionals have provided consulting, accounting, auditing, and tax services to Canadians, inspiring confidence, empowering change, and driving innovation. Guided by our core values of Integrity, Excellence, Courage, Together, For Better, KPMG employs nearly 8,000 people in over 40 locations across Canada, serving private- and public-sector clients. KPMG is consistently ranked one of Canada's top employers and one of the best places to work in the country. The firm is established under the laws of Ontario and is a member of KPMG's global organization of independent member firms affiliated with KPMG International, a private English company limited by guarantee. Each KPMG firm is a legally distinct and separate entity and describes itself as such.