KPMG targets SMEs with new £40m service offering
KPMG has launched a new £40m expansion initiative, KPMG Enterprise, targeted at the UK’s SME sector.
The move will see the business advisory firm tailor its service offerings at the growing network of 4.9m privately-owned businesses across the UK.
Mike Steventon, Midlands Regional Chairman at KPMG, said: “At its heart, KPMG Enterprise sees us extend our longstanding heritage and the deep knowledge gained from working with medium and large businesses across the UK to the small business sector. From start-ups in their infancy to more established middle market companies, our ambition is to work with privately-owned businesses from inception, through every stage of their lifecycle.
“Make no mistake, we see this as an area of enormous opportunity for KPMG. There are more than 4.9m privately-owned businesses in the UK, of which 99.9% are SMEs – many of which are early stage and small businesses who previously may have believed that the services and expertise of a ‘Big 4’ firm were out of their reach.”
One aspect of KPMG Enterprise is a new Small Business Accounting service, which is intended to combine cutting-edge digital technology with KPMG’s expertise to provide select online accounting and tax services – including accounts, bookkeeping, payroll, VAT and corporate tax returns – to small and start up enterprises via the cloud. The service will also offer access to 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 at affordable rates, revolutionising the market for small business accounting across the UK,” added Steventon.
The launch of KPMG Enterprise comes as research undertaken on behalf of the firm by YouGov reveals that 67% of SMEs in the West Midlands think the Government could do more to support small businesses.
Additionally, the KPMG/YouGov survey suggests the current focus of Government support could be improved. While awareness amongst SMEs of the plethora of Government-led initiatives such as the Funding for Lending scheme, Business Growth Fund and Seed Enterprise Investment Scheme (SEIS) is high, a surprising 58% of SMEs in the region have not utilised any such resources.
Instead, small businesses in the West Midlands would prefer to see reduced red tape (41%), cuts to business rates (33%) and greater tax reliefs and incentives (32%) form the backbone of any Government plans to help spur business growth in 2015.
Stephen Craik, Enterprise lead in the Midlands for KPMG, said: “With 47% of SMEs in the West Midlands telling us that they spend at least one day a week on basic administrative tasks, the message to Government as we head into an election year is loud and clear: business owners need support to free up their time, and allow them to get on with running and growing their businesses.
“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 small business accounting offering will help to take some of that pain away, enabling entrepreneurs and owner managers to really focus on driving growth across their business.”
