Every small business owner knows the importance of tackling the numbers but, for most, doing so is a chore rather than a pleasure. With over a third of small businesses dedicating more than a day a week to financial admin, there’s a lot to be gained from a more streamlined approach.
James Roy Poulter knows this better than most. As a small business owner and chartered accountant, James was determined to make his startup’s financial services work for him. With his fresh meal delivery service Pronto keeping his hands full (sometimes literally, as a bow tie-bedecked delivery driver), James needed to keep spreadsheet tinkering to a minimum.
Enter Metro Bank and KPMG. Building on their existing relationships with Xero, Metro Bank and KPMG Small Business Accounting have now joined forces to give small businesses a complete, seamless and specialised solution to financial management. They’re exactly the kind of complementary flavours James was seeking to plate up.
“I’m actually a chartered accountant so I genuinely know how important accountancy is and, coupled with KPMG’s brand, it was a very, very obvious choice for me to work with them. And when it came to Metro Bank, I think there was no-one else who was capable of moving as fast as we needed to and was accommodating as we needed for our situation.”
And Xero was the cherry on top. Already integrated with KPMG and Metro Bank to allow for easy collaboration with advisors as well as automatic bank statement imports, Xero was the natural choice. James comments: “Another great benefit is Xero… It’s incredibly simple, it saves, again, a load of time and it’s actually the best accounting package that my FD has ever used.”
To many small businesses, that time saved is the part to savour. And it’s a generous portion. A survey conducted by KPMG found that small businesses lose nine hours per week to financial management.
Bivek Sharma, Head of Small Business Accounting at KPMG, says this new partnership will give those businesses more time to focus on thriving: “Our new alliance minimises the time businesses have to spend confronting bureaucratic hurdles. Saving eight and a half hours a week; 34 hours a month; 45 days a year, we’re giving business owners time back to focus on growing their business and achieving their goals.”