KUWAIT CITY, Jan 26: KPMG Advisory Company launched on Jan 26, its new service SBA “Small Business Accounting”, which targets small and medium businesses and microenterprises. This platform provides tools for accounting records management, issuance of management accounts reports and performance assessment reports for these categories of enterprises and businesses.
The new service announced by KPMG relies on the advanced technologies provided by smart mobile phones and laptops through which the owners of such enterprises and concerned departments are kept updated about the performance of their businesses and enterprises at reasonable cost, which is suitable for the enterprise size.
On this occasion, KPMG Advisory held a big event, which was attended by many entrepreneurs and managers of business incubators in Kuwait as well as representatives of leading Kuwaiti banks and major companies. The event was also attended by representatives from Kuwait National Fund for SME Development and KPMG software and IT vendors.
KPMG Managing Partner Dr Rashid Al-Qenae inaugurated the event extending thanks and gratitude on behalf of KPMG to all attendees for accepting the invitation and their interest in exploring new services related to performance development in small businesses segment.
Dr Rashid Al-Qenae explained the important role that small businesses segment plays in developing national economy and creating opportunities for Kuwaiti youth to take initiatives towards building a strong national economy that is based on diverse economic alternatives.
In his speech, Dr Rashid Al-Qenae also praised the strong attention paid by the government to develop and support small and medium businesses segment, which is led by the youth who represent the promising future of Kuwait.
Essam Ahmed, Director, Accounting Advisory Department in KPMG Advisory, addressed the importance and role of financial accounting in businesses. Accounting information provides an enterprise manager with indicators based on which, they can make decisions to increase the enterprise profits through increasing revenues or reducing costs. Such information help a business avoid different risks that would adversely affect its ongoing concern and growth.
Essam Ahmed also explained the importance of keeping regular accounting books in light of the anticipated enforcement of tax regulations in Kuwait as well as effects of such accounting records when Kuwaiti businesses deal with foreign companies.
Abdul Aziz Al Mutawa, Assistant manager also spoke in detail about the new technology offered by KPMG and how the client in small and medium businesses shall benefit from such technology. Through his adequate explanation, he demonstrated how the offered application interface is user friendly and how to use smart phones to handle it. He further described the possibility of linking the new technology to any accounting system used by the client. He explained that such technology can integrate with a large number of systems available in the market and also the possibility of working with clients who do not use the Internet in sales or accounting systems and how to take advantage of this advanced technology.
Craig Hudson, representative of a company producing software used by KPMG, spoke about the extent of technological developments of the current period and the importance of exploiting such technology in business development and providing innovative solutions with reasonable costs that give information needed by the decision maker on timely basis and with the required accuracy. This all shall be through many of the performance indicators that will be available with touch of a finger through the application on mobile phones.
The event included a set of interactive presentations and open and fruitful discussions between the attendees.