Time and time again we hear that technology helps SMBs. But many businesses remain skeptical — even when the accountants who serve them see the benefits.
So just how are SMBs using fintech, and to what extent?
We wanted to know the real impact of fintech on SMBs and their accountants, so we asked 500+ accountants how fintech impacts the way businesses and their accounting firms manage their finances.
Here are some of the key benefits we heard:
When clients use manual payment processes like checks and e-transfers, payments can be missed, delayed, or slowed down, and manual reconciliation becomes a time-sucking slog.
On the other hand, when payments are automated, accountants reported that 65% of their clients reconcile their books faster, and 56% make and receive payments faster.
This translates to benefits for accountants too. With the extra time they save, 49% of them found that they could serve more clients in the same amount of time, and 48% of them could perform day-to-day tasks faster.
Imagine what you could do with hours back every month. As accountants automate processes like sending physical checks and reconciling books manually, more than half (58%) save six or more hours a month per client. Plus, nearly a quarter (22%) save 11+ hours a month per client.
As firms start to save time, they can put that time back into growth efforts like onboarding and servicing more clients in the same amount of time.
According to our survey, 76% of clients are open to fintech recommendations that their accountants provide. They’re hungry for advice from those in the know!
Firms can monetize their advice around fintech through things like fintech audits and implementation support. Not only does this counsel position you as a trusted advisor, but it ultimately allows you to get out of the business of manual number-crunching and into the realm of strategic financial advice.
According to their accountants, 36% of clients who don’t use fintech have difficulty understanding their cash flow. When clients use fintech to automate things like AP and AR, they reduce errors, improve reconciliation, and ultimately have a clearer, more up-to-date picture of cash flow to make better business decisions.
Not only do clients and their accountants benefit from fintech, but their other business relationships are also strengthened. Accountants reported that 32% of clients see improved reputation and relationships with their vendors.
Why? Because when businesses and their accounting firms set up automated payment workflows, they ensure that client payments are made and received on time, every time.
Technology has an obvious impact on businesses, and our survey shows accountants’ perspectives on just how the efficiencies reverberate throughout financial operations.
If you’re wondering where to start your fintech journey, survey respondents ranked AP and AR automation tools as two of the top three solutions in their clients’ tech stacks for the quick wins they enable. Check out Plooto for free for 30 days to save time and sanity for everyone.