KPMG in Canada introduces 'Finance Plus' cloud accounting solution

Bookkeeping and financial reporting platform now available to small- and mid-sized businesses, with the 'plus' of a KPMG professional

TORONTO, May 17, 2021 /CNW/ - KPMG in Canada is launching Finance Plus, a new cloud accounting solution designed for small- and medium-sized business owners who lack the time or in-house expertise to manage their bookkeeping and financial reporting. KPMG Finance Plus combines industry-leading financial tools with the personalized support of a dedicated KPMG accountant.

For entrepreneurs, franchisees and multi-site business owners, Finance Plus offers an efficient and affordable way to outsource bookkeeping and financial reporting, all overseen by a live KPMG professional. The new technology platform gives clients visibility and access to a suite of software tools that deliver end-to-end financial services including accounting, bookkeeping, budgeting, daily transactions and payroll and tax services.

As one integrated online hub, Finance Plus streamlines bookkeeping documents and financial data, with timely reporting that helps track and evaluate a company's financial performance. The easy, single sign-on platform provides access to selected software tools including QuickBooks Online, Xero, Hubdoc, Dext, ADP and Wagepoint.

"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," says Mary Jo Fedy, National Leader, 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."

A recent KPMG survey found that a majority of Canadians (88 per cent) say small- and medium-sized businesses in Canada have been the economic victims of the pandemic and many continue to struggle due to lockdowns. A further 91 per cent of respondents say the pandemic has shown a real need for Canadian businesses to strengthen their online presence and digital capabilities.

"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," says Ms. Fedy. 

Finance Plus features these services:

• Daily transactions
• Digitized bookkeeping
• Accounts payable/receivable
• Payroll management
• Budgeting
• Management reporting
• GST/HST and provincial sales tax
• Bank and credit card reconciliation

"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," says Peter Gribilas, National Leader, Finance Plus, KPMG in Canada. 

Finance Plus is for entrepreneurs and business owners who:

• Do not have a dedicated bookkeeper, controller or accountant on staff
• Would benefit from standard reporting and analytics
• Need help managing financial processes including bookkeeping or payroll
• Are currently managing paper-based financials
• Want a secure cloud-based solution backed by experienced KPMG professionals
• Want better insights and KPIs from their financials
• Are using existing bookkeeping software, but considering outsourcing

Affordable and tailored

Pricing is tailored to a client's budget and unique business needs, with the ability to scale up as a business grows. The Finance Plus platform can also seamlessly integrate with a client's existing cloud software for easy onboarding.

Taking the stress out of tax time

The Finance Plus team will coordinate directly with a client's local KPMG office to prepare year-end financial statements and complete tax returns. The platform organizes all year-end documentation and flows it seamlessly and securely to a KPMG tax professional. The centralized hub eliminates the need to coordinate with multiple people and locations and track financial information from difference sources.

About KPMG 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. For more information, see home.kpmg/ca.

To learn more about KPMG Finance Plus, email: [email protected].

SOURCE KPMG LLP