What Deloitte’s new accounting platform says about SMB tech

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, Womply can help you run a better business with less time and effort. Learn more, plus get free reputation monitoring and customer insights when you sign up for Womply Free!

Blog

Can landscapers and lawn service professionals get PPP loans?

In this 5-minute read: Are landscapers and other lawn professionals eligible for the PPP loan? How to calculate your maximum […]

Read More

The 90-day PPP extension is ACTUALLY a 60-day extension: APPLY NOW!

In this 2-minute read: The Paycheck Protection Program Extension Act of 2021 extends the PPP to the end of June, […]

Read More

PPP loans for developers, coders, IT professionals (apply before May 31, 2021!)

In this 7-minute read: Can developers, programmers, coders and other IT professionals apply for the PPP loan? Maximum PPP loan […]

Read More

PPP guide for food truck and snack cart owners (apply by May 31, 2021!)

In this 7-minute read: Are food truck and snack cart owners eligible for PPP loans? How much can food truck […]

Read More

If I work on a cruise ship, can I get a PPP loan? (plus 2021 rules updates)

In this 7-minute read: What types of cruise ship workers are eligible for the PPP loan? If I get the […]

Read More

PPP guide for personal trainers, fitness instructors, and health counselors (plus 2021 rules updates!)

In this 8-minute read: Who qualifies for the PPP loan? What can personal trainers, fitness instructors, dietitians, weight loss counselors, […]

Read More

See why Womply is the #1 marketing and CRM solution used by 500,000+ businesses.

Please start typing, and then choose your business from the dropdown.

By submitting this form you agree to Womply’s Terms of Service and Privacy Policy.