5 myths of fintech adoption

We surveyed 500+ accountants about their clients’ use of financial technology (fintech). Despite the tangible ROI technology drives, some businesses still hesitate to take the plunge.

Here’s the reality behind 5 myths accountants often hear.

Myth 1: Manual processes are just as effective as automated ones

Accountants cited a myriad of benefits when clients use fintech to manage their businesses — plus real downsides when they don’t.

Reality

Myth 2: Fintech adoption costs too much

More than half of accountants (59%) said their clients hesitate because of cost.

Reality

Accountants also report that 44% of SMBs waste money on manual processes without fintech. On the other hand, implementing fintech like Plooto’s payments platform saves real money — to the tune of $50,000 a year for beverage company Greenhouse.

Myth 3: Learning new technology is time-consuming and disruptive

For 43% of accountants, being onboarding-shy keeps their clients from simplifying their processes.

Reality

Not all fintech is created equal. There are many fintech solutions that are intuitive, easy to onboard, and start saving you time right away.

Daphne Barron
Serotina Media

“I like aesthetically pleasing software. I like it when an interface feels right to me and feels as modern as the other products in our tech stack. Plooto checked all those boxes — and at a comfortable price point.”

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Myth 4: Fintech solutions are not secure

Reality

Fintech helps you mitigate the risk that comes with manual processes. When you adopt a cloud-based fintech solution, your data is stored in secure, remote servers that maintain built-in firewalls. Plus, fintech helps you comply with data regulations.

Myth 5: Your accountant can pick up the slack if you don’t use fintech

A lot of clients rely on their accountants to make whatever processes they employ work. But that means missing out on meaningful support their accountants could be providing.

Reality

Accountants waste their time — and clients waste their money — when they don't use fintech. Plus, when clients adopt fintech, 50% of accountants have more time to provide strategic advice.