Decimal, a Leading Accounting Fintech Company, Acquires SaaS Bookkeeping Assets of KPMG Spark

This process allows Spark to provide its clients with real-time cash basis reporting. KPMG can assist clients from the pre-revenue stage to upward of $25 million annually to manage bookkeeping, tax preparation, and related activities. The 2017 Tax Cuts and Jobs Act (TCJA) made it easier for these small businesses to use cash basis accounting both financial and tax reporting purposes, and Spark technology allows clients to take https://panindiaregistration.com/blog/flexible-budget-vs-master-budget-what-s-the/ advantage of the TCJA provisions.

Impact Solutions Consulting Inc.

If you work with a financial institution that doesn’t support Spark, you can upload data manually. © 2025 KPMG LLP, an Ontario limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. We have the tools and resources to support your learning and growth on your next journey. Our high school programs will help you explore career paths, develop your Oil And Gas Accounting skills for the future and build long-lasting relationships. You will have the opportunity to work alongside experienced leaders, participate in various programs, workshops, and events, and discover a community that celebrates the unique perspectives that you bring to the table.

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The move follows a June 2022 seed funding round in which Decimal raised $9.2 million. The company said at the time that it would use the funds to accelerate growth and platform development. Two alternative online bookkeeping companies worth checking out are Bench and Bean Ninjas. Bean Ninjas use Xero accounting software if you’re already familiar with this software. When you sign up for one of their plans, a member of their team will help you integrate your bank accounts into their software.

• The online service stems from KPMG’s acquisition last summer of Bookly, a company whose technology provided cash-basis accounting for small businesses.
• This partnership marks a significant step forward for AI-enabled accounting, demonstrating an implementation at scale.
• Bean Ninjas use Xero accounting software if you’re already familiar with this software.
• This study of the application of these technologies in the accounting environment can help illustrate the potential impact of technology on the way business processes can be streamlined.
• The accounting team will then work with the client to build the remainder of the balance sheet by gathering such items as loan balances, fixed assets, and owner’s equity.
• Through the acquisition, Decimal will be able to provide a more innovative bookkeeping platform to a broader set of small business owners.

Consumer Technology Overview

Decimal, a leading fintech company offering bookkeeping and accounting operations for small and medium-sized businesses (“SMBs”), today announced it has acquired the cloud-based bookkeeping service and certain other assets of KPMG Spark (“Spark”). KPMG Spark offers their services for a flat monthly fee based primarily upon the size of the business and the level of services required. In addition to their bookkeeping services, clients can use Spark for tax preparation and payroll accounting. A further option allows growing firms access to KPMG consulting services. “Designed to help businesses, from startup to spin-off, save time and offer them the financial tools they need, when they need them, KPMG Spark is a software enabled service providing cash and accrual-basis tax accounting. Combining the latest technology and kpmg spark a team of accountants, we bring all of your tax accounting into a single platform, without the hourly fees and long-term contracts traditionally charged by accountants.

Decimal, an Accounting Fintech Firm, Acquires SaaS Bookkeeping Assets of KPMG Spark

This solution is perfect for any business owner looking to outsource all their bookkeeping and payroll duties. To provide access to this information to managers and business owners, the data is maintained in the cloud and pushed to a variety of Internet-enabled devices. This service allows access not only from the business offices but also to a variety of mobile devices including tablets and phones. To provide security and protect confidentiality, Blockchain technology is applied to ensure that all users accessing the system are properly authorized and that the data is encrypted throughout its transfer to and from the cloud. The solution, which will provide accounting assistance to clients from the pre-revenue stage to upward of $50 million annually, leverages the technology platform KPMG acquired last summer when it purchased a business then known as Bookly. The solution responds to new regulations required under 2017’s Tax Cuts and Jobs Act (TCJA) and expands Bookly’s previous offering, which solely provided cash-basis accounting assistance to small companies.

• As PYMNTS reported at the time, KPMG Spark deployed technology from Bookly, a company acquired by KPMG earlier that year, and the new product was one of KPMG’s steps into the small business financial services world.
• KPMG Spark offers their services for a flat monthly fee based primarily upon the size of the business and the level of services required.
• Your dedicated bookkeeper and CPA gather all the information they need from your connected accounts—turning to you only when they need additional information to complete the process.
• We are equipping our colleagues with the knowledge and skills they need to adapt to the fast-changing business landscape, to support our clients’ evolving needs, and enhance our ways of working.
• The move will broaden Decimal’s suite of automated accounting operations solutions for small- and medium-sized businesses (SMBs).
• Frey and Osbourne (2017) analyzed 702 detailed occupations to determine the probability of computerization.