Viewpost Study Discovers Two SMB Accounting Vulnerabilities
Viewpost is a secure B2B network for which e-invoicing, payments and cash management has a home. Recently it announced the results form its “Success Through Accounting Study” for SMBs.
The survey, included over 5,000 U.S. decision makers, and it revealed that 18 percent of SMBs don’t even use accounting software whatsoever, and only 21 percent have integrated their accounting software with an invoicing and payments product.
Meanwhile, one in four businesses plan to integrate their accounting with invoicing and payments by years end in 2017, meaning over a quarter have zero idea about their solution for end to end payments processing for the future, coming sooner than they’d like.
“Having spent my career in credit and payments across positions at Bank of America, LSQ Funding and Viewpost, it wasn’t a surprise to me that small businesses continue to struggle to truly understand their bottom line,” said Max Eliscu, CEO of Viewpost. “That said, the survey brought clarity to the point—the numbers are simply staggering. Small businesses continue to be highly dependent on spreadsheets, manual data entry and the postal service. They lack both connectivity to their trading partners as well as automation to help reconcile and understand their cash flow. Starting and running a small business is hard enough. Knowing when and if you are going to be paid shouldn’t make the journey more difficult.”
Of the SMBs that admit to not using an accounting software product, the QuickBooks software product group is by far the most popular accounting for 43 percent of decision makers claim to use the desktop version and an additional 28 percent use QuickBooks online.
“Our takeaway from the Success Through Accounting Study is that small- to medium-sized businesses continue to need simpler solutions for the administration of their business. A baseline understanding of cash flow is first on the list. Viewpost’s open and secure B2B network for invoicing and payments is a key driver to that end. Small businesses simply don’t have the time to track down invoices and payments, let alone reconcile and post cash. Viewpost hits these burdens squarely between the eyes to the benefit of small businesses everywhere.”