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Deloitte enters small firm market with £2.5mn accounting service

Deloitte is the latest of the Big Four firms to move into the SME and start-up space, thanks to its £2.5 million cloud-based analytics and accounting service.

Propel is a complete accounting and bookkeeping service offered via a subscription. It provides UK small businesses, of which there are more than 5 million, with real-time data in business performance, from web traffic to cash position.

Small businesses will be able to enter their data into their dashboard to provide a real-time glance of how they are performing financially, enabling them to keep a close eye on such metrics as gross and net profit, and business growth.

Further, the service evaluates non-financial data collated through apps, including web traffic and best-selling products, with a view to offering a complete business performance summary.

Deloitte’s Innovation Investments scheme financed the service. The scheme encourages its workforce to take their start-up ideas and turn them into businesses.

Deloitte’s Katie Houldsworth said:

“When developing Propel, we collaborated with our 20 pilot clients to understand what makes a difference to their businesses. As a result, we now offer additional business planning support to supplement the dashboard and core accounting service. For example, we can help with cash-flow forecasting, creating budgets and attracting investment.”

While advanced metrics can be important for businesses, the basic bookkeeping accounts will still require the most attention. These are the numbers that HMRC looks for and evaluates you on. An accountant in the Wirral will be able to stay on top of these numbers while also advising on such services as Propel.

Posted by Peter
July 4, 2016
Small Business

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