Of all the tasks that SMBs must attend to, accounting and financial management are critical to success. Accurate, up-to-date accounting and financial software can help businesses stay on top of finances, save time, increase efficiencies, be more prepared at tax time, and provide the intelligence needed to make better financial decisions.
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 infographic, sponsored by Workday and Xero, we provide insights on SMBs’ use of and plans for accounting and financial management software. (For the sake of brevity, we refer to the entire sample as “SMBs” in this infographic).
Some key findings include:
- There are clear breakpoints for solutions to manage financials. For instance, 42% of solopreneurs manage this function without any software. But once SMBs have 2-4 employees, the use of accounting software jumps to 48%, and almost all businesses with 20 or more employees use a dedicated accounting or financial management software solution.
- 70% of SMBs express a preference for cloud solutions the next time they need a new financial application. Larger SMBs are generally more likely to choose a cloud solution than smaller ones.
- SMBs are very likely to have at least partially integrated the different financial applications that they use. In general, the bigger the SMB, the further along they are in integrating these applications. However, the majority still depend on
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, and in this infographic, The SMB Buying Journey for Financial Management Solutions.
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 email@example.com.
© SMB Group 2022