Accountancy group KPMG says it has invested £40 million as part of a drive to attract more privately owned small and medium businesses.

The business today announced the launch of KPMG Enterprise, which targets the 5 million SMEs operating across the UK.

It includes a new small business accounting service, combining technology with KPMG’s significant experience and expertise in the sector.

Fees start at £150 per month and includes accounts preparation, bookkeeping, payroll, VAT and corporate tax returns.

Simon Collins, UK chairman of KPMG, said: “We want to be the clear choice for all privately-owned businesses – from formation through every stage of their development and growth.

“By using new technology in combination with our deep experience, we can give hundreds of thousands of small businesses access to KPMG know-how at affordable rates, revolutionising the market for accounting across the UK.”

The service was launched alongside research suggesting 70% of SMEs think the government could do more to support entrepreneurs, with reductions to red tape and business rates, as well as more tax incentives top of the list of wants.

Iain Moffatt, head of Enterprise for KPMG, said: “Innovations in technology are enabling more and more people to realise their dreams of starting their own business but the daily reality of regulation, red tape and form filling can turn that dream into a bit of a nightmare.”