Financial technology can make life easier for you and your accountant. But do you know how much of an impact NOT adopting fintech can have on your business?
Spoiler alert: It’s significant.
We surveyed 500+ accountants about the fintech they and their clients use and what happens when businesses don’t adopt fintech.
Here’s what accountants said about their client base.
44% say clients waste money on manual processes
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Managing finances manually adds up fast, in both time and money required. Workflows that would normally take days can be finished in minutes using automation. |
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36% see clients struggle to manage their cash flow effectively
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Manual payments and reconciliation can make your books inaccurate. Using fintech helps you avoid errors so you have confidence in your numbers and greater cash flow visibility. This lets you understand where your business stands today and helps you plan for the future. |
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34% believe clients aren’t prepared for audits
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Being audit-ready means knowing your numbers are right and being able to pull accurate financial data quickly. When you integrate fintech into your finances, you can streamline audit readiness and ensure compliance with greater efficiency and accuracy. |
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It’s not just SMBs who are held back when they don’t use fintech. Accountants also see significant demands on their time and resources when their clients don’t use these time-saving tools.
45% waste time on manual processes
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Manually managing client finances can be a time-sucking slog for accountants. Plus, manual data entry and reconciliation leave little bandwidth for accountants to provide strategic advice. |
27% work after hours and weekends
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Over a quarter of accountants work after hours or on weekends because their clients haven’t implemented fintech. That’s valuable time they could be investing back into their firms or personal interests. |
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22% spend too little time on client strategy
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A lot of clients rely on their accountants to make up for when they don’t use fintech. But that means they miss out on meaningful strategic advice their accountants could be providing. |
Whether you're an SMB or an accountant, the data shows that fintech adoption makes a big difference, giving you confidence in your financial operations and time back to focus on more impactful activities.
