Where and who do SMBs turn to for information and advice about financial management solutions? And what factors are most important to them in choosing vendors for these products and services?
SMB Group’s What’s Ahead for SMBs in Financial Management survey examines trends in SMB financial management in detail. In May 2022, we surveyed 751 SMB financial decision-makers and influencers in SMB (1-999 employees) and midmarket (1,000-2,500 employees) organizations.
In this new infographic, sponsored by Workday and Xero, we look at the SMB buying journey for financial management software and services, including how SMB financial management challenges, solutions, and buying preferences change as companies grow.
Some key findings include:
- Overall, SMBs rank difficult in hiring and retaining staff, securing sensitive data, and reskilling staff as their top financial management challenges. However, SMBs with fewer than 20 employees tend to be more concerned with the tactical chores of managing cash flow and reconciling financial information than larger companies.
- SMBs are most likely to rank accountants and bookkeepers as their top sources for advice about financial management software, followed by their financial management software vendor, with vendors’ application marketplace and technology advisors tied for the third spot.
- SMBs rate integration, affordable pricing, ease of use, and ease of deployment as the most important reasons to short-list financial management solutions.
- Most SMBs forecast that spending on financial management software and outsourced financial management services will remain flat in the fiscal year. However, SMBs are more likely to forecast spending increases for software than for services.
These are just a few of the findings and insights from this study. Click here to see the full infographic. Related information from the study is available in our companion ebook, SMB Financial Management Trends.
SMB Group provides technology vendors with complete research results, advisory, and content services to help drive successful strategies to engage with SMBs. If you’d like to learn more about these services, and how we can help support your path forward, please contact Lisa Lincoln, Director of Client Services at firstname.lastname@example.org.
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