The auditing and accounting company KPMG, which provides services to nearly a quarter of the FTSE 100, has now set its sights firmly on SMEs.
KPMG has spent £40m on developing cloud-based accounting software that will allow the company to provide its services at a fraction of its usual corporate rate, according to the Financial Times. This system will allow businesses to look after their accounts preparation, bookkeeping, payrolls, and VAT and corporate tax returns online.
SMEs will be asked to pay a minimum of just £150 per month, while senior partners at KPMG charge larger companies anything from £600 per hour for auditing and advisory services.
The slashed rates are part of efforts by the firm to undergo “transformational change” and pick up contracts with the “Googles of tomorrow,” said Head of Enterprise, Ian Moffatt.
It will see KPMG actively fight it out with SME-focussed accounting giants like Sage and Intuit, as well as specialists such as BDO, Grant Thornton and Baker Tilly.