What Deloitte’s new accounting platform says about SMB tech

By the end of 2017, 94% of small businesses will be using cloud-based software to get better information and save time on daily business tasks. 

By the end of 2017, 94% of small businesses will be using cloud-based software to get better information and save time on daily business tasks. 

As Womply’s president, Cory Capoccia, recently wrote in Forbes, “SaaS is here to stay, and small businesses are getting onboard.” In fact, Techaisle reports that 94% of small and medium sized businesses (SMBs) will use cloud-based software by the end of 2017.

In the past, big tech companies and software startups alike have largely underserved SMBs, but that’s changing fast. Most recently, the professional services giant Deloitte announced a new accounting, payroll, and analytics platform for SMBs (initial rollout is in Canada).  Here’s how PYMNTS describes the platform, which Deloitte calls ctrl:

"The tool integrates bookkeeping and management of financial statements, as well as both personal and corporate tax returns, the company added, and acts as a platform to facilitate collaboration between accountants, bookkeepers, business owners and other service providers. The ctrl solution also bridges small business owners with a Deloitte adviser to manage company performance."

What’s most interesting about this news is Deloitte’s rationale for getting deeper into the world of offering SaaS to small businesses. The company released a survey in connection with the new platform’s public launch. Here’s what they found:

  • 70% of SMB owners feel there is an information vacuum leading to a lack of insight into their companies
  • 56% said this information vacuum holds them back
  • 23% said business owners are forced to rely on gut instincts, not hard data, to make business decisions

In short, small businesses don’t have good information, so they’re still working on instinct. That’s a problem for SMBs that compete with larger companies that employ sophisticated teams that focus their whole attention on using data to get more efficient and effective.

In a statement, Deloitte’s private managing partner, Mike Runia, summed up the evolving challenges SMBs are confronting:

“Business owners today face pressures that are different from their predecessors. They need innovative technology and customized solutions that are based on reliable facts and figures. When businesses have up-to-date information in real-time, they’re at an advantage to make better business decisions.”

Small businesses need quick, easy access to better information so they can make smarter decisions, faster. Speed is a weapon. And small businesses can use it to provide a great customer experience and greater responsiveness than their larger, more cumbersome competitors.

SMBs need better information on their companies, customers, competitors, and local markets. Most importantly, they need simple, easy ways to take work off their plate and save time. We know what keeps business owners up at night, and we’re working hard to make small businesses stronger with simple, intuitive technology.

The SMB technology community, and its partners in the merchant services world, need to stay laser focused on the specific problems technology must solve for local businesses. If you’re a merchant acquirer or payment processor, learn how Womply can add value to your portfolio. If you’re a busy small business owner or operator, learn more about how Womply can help you run a better business with less time and effort.