Deloitte launches cloud-based accounting service for SMEs

Deloitte has launched a cloud-based accounting and analytics service for start-ups and SMEs. The Big Four company has invested £2.5 million into the project, which is called Propel.

Propel will provide a wide range of services, which will be available to the UK’s 5.4 million small business owners.

Growth

The service, which is funded by Deloitte’s investment scheme, will enable business owners to keep track of their company’s performance, providing them with a dashboard that they can feed data into to monitor business growth, profit and sales.

Businesses will also be able to monitor web traffic and keep track of which products are selling the most by using apps that analyse data.

Deloitte Innovation Partner for Audit Katie Houldsworth stated that the service has been created to help start-ups and SMEs to grow, and is designed to “deliver insight and address some of the longstanding headaches entrepreneurs and their management teams can face.”

Support

Deloitte is not the only Big Four company to provide support for small businesses. KPMG moved into the small business market a few years ago, investing £40 million to extend its service to small and start-up businesses in 2014.

KPMG continued to expand its services in September 2015 when it teamed up with Metro Bank to combine its accountancy and banking services.

In the same month, another Big Four company, PwC, announced its alliance with accounting company Sage, which saw both companies combining their services to help SMEs across the UK and globally.