Bivek Sharma reflects on the roundtable discussion and explains how KPMG Small Business Accounting is helping start-ups scale by taking away some of the hassle of cashflow, accountancy and budget planning
BIVEK SHARMA Thank you, Alex. One of the purposes of KMPG co-hosting this morning’s discussion was to get some of the issues out on the table. As a business we get the compliance bit, we understand issues like funding and what we can do around our networks, but we are also trying to unlock what else we need to do for that next stage of growth.
So many of our customers are in the scale-up stage. We’re trying to find out what are the things we should be doing. So rather than paying government lip service to some things, it’s about looking at what can we seriously do with implementation.
In a way, this is a kind of personal passion for me. I ran my family’s business and remember feeling that there was very little support for me during that time and when we exited. I was fresh out of university and didn’t know what to do – so I brought in a new sales team and quadrupled income. When the family wanted to exit – to make some serious money – I looked around and realised I had no support network. I had an accountant and a lawyer but they only told me how it would cost me to exit. We sold the business to a FTSE 100 company but there was no one to do the work for me, I tried to learn what I could from business books to give me a sensible valuation but as I sat there with eight of the buyer’s advisers I realised they thought I knew nothing. And that brings me to why we are here today. At KPMG we want to give every business out there a solid support infrastructure. There is a lot of goodwill towards small businesses right now and people are trying to do the right thing, but what I’m interested in is what else we can do to improve that.
How can KPMG Small Business Accounting help you?
KPMG believes that small businesses could be getting so much more from their accountants. KPMG Small Business Accounting is built around an innovative online platform, which gives you access to your financial calendar and key financial information. It offers cloud-based software to any growing business – from start-up to an SME with 50 employees – to speed up accounting, helping clients get a true picture of how their business is performing. In addition to accounting and book-keeping, the package includes tax, compliance and payroll services. It means small-business owners can instruct KPMG to deal with HMRC and Companies House, rely on KPMG’s services to keep them up to date with payroll and regulatory changes, calculate employee pay, and issue P60s and P45s. KMPG can even act as your company secretary. The real-time app works across devices and can be used to submit receipts electronically. Tools allow you to monitor cashflow, payments and what’s owed to you.
With KPMG Small Business Accounting, you receive unlimited access by phone to KPMG’s accountants, who are based in London, Glasgow and Birmingham. They have been handpicked for their knowledge of how small businesses work and have sector-specific experience too. Built into the relationship is KMPG’s experience, credibility and wider network to help them focus on what they need to grow. Business owners are encouraged to think of their KPMG accountant as an outsourced financial director, to offer strategic advice about the company, help them open up new markets and offer new connections.
Packages are charged on a monthly, fixed-fee basis and with 30 days’ notice period, you will always know what you are paying.
To find out more about KPMG
visit kpmgsmallbusiness.co.uk or call 0800 028 1028