Viewpost Study Discovers Two SMB Accounting Vulnerabilities

One in five U.S. SMBs admit to not using accounting software, while over 25 percent have no plans to link accounting with invoicing and payments solutions

ORLANDO, Fla.--()--Viewpost, the secure B2B network for electronic invoicing, payments and real-time cash management, today announced results from its “SMB Emerging Trends in Accounting” Report 2017. The survey, fielded among 5,000 U.S. small-to mid-sized business decision makers, revealed that 18 percent of SMBs do not use accounting software, while only one in five (21 percent) have integrated their accounting software with an invoicing and payments product. While one in four businesses plan to integrate their accounting with invoicing and payments by the end of 2017, over a quarter (27 percent) have no plan in the near future for a streamlined, end-to-end payments process.

“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 those SMBs that do use an accounting software product, the QuickBooks software product group is by far the most popular—43 percent of decision makers report using a desktop version of the software, and another 28 percent use QuickBooks online. The next most popular product was Microsoft Dynamics GP Desktop (five percent), followed by Sage Desktop Products (three percent). Other products cited by about two percent of respondents were NetSuite, FreshBooks and Xero.

An overwhelming majority (68 percent) of companies revealed that they had concerns about integrating their accounting software with an invoicing and payments product. The biggest concern was security (38 percent), followed by the cost (35 percent) and the amount of time required to learn the software (18 percent). Other reasons included the difficulties in learning new software and even trusting technology itself.

These results were surprising considering that more than half (53 percent) of CEOs and CFOs believe it is important to integrate accounting software with an invoicing and payments product. In fact, finance professionals say the top five benefits of integrating accounting software with an invoice and payment product are that it:

  • Improves real-time reporting and tracking of invoices and payments – 65 percent
  • Makes them better and more efficient at their job, freeing up time – 50 percent
  • Helps avoid costly manual errors – 44 percent
  • Centralizes and tracks all historical invoices and remittance data – 38 percent
  • Improves cash flow management decisions – 31 percent

Nearly half (49 percent) of respondents say ease of use and number of features are equally important when considering an integrated solution; however, 35 percent say ease of use is more important.

“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.”

For a full report of the survey results, download your copy now.

About Viewpost

Viewpost North America is revolutionizing the way businesses transact with each other. Viewpost built the most trusted open business network to empower businesses of all sizes with real-time cash management for anytime operating decisions. On the secure Viewpost network, companies connect and exchange electronic invoices and payments with unprecedented ease and visibility, accessing working capital on demand. Enterprise clients are using Viewpost to cut costs, increase efficiency and improve cash management, including Accenture, Florida Hospital, Georgetown University, the Orlando Magic and Whole Foods Market. With enterprise-grade security, including ISO 27001 and SSAE16 audited certifications and the TRUSTe Privacy Seal and Skyhigh CloudTrust Enterprise-Ready Rating, Viewpost is partnering with financial institutions to bring cash management tools to business customers at U.S. Bank, Bank of America and Fifth Third Bank. Viewpost innovation has been awarded Best in Show by Barlow Research, Best CISO/CSO by FireEye Cyber Defense Summit, CSO50 Award (four-time honoree) by IDG’s CSO, and Best B2B Payments Platform by Tradestreaming. Since Viewpost was opened to the public in early 2015, the total invoices presented and payments processed have reached $71.4 billion across the network. Founded in 2011, Viewpost is headquartered in the Orlando area, with additional teams in Boston, Minneapolis and San Francisco.

Learn more at www.Viewpost.com, Viewpost.com/blog and @Viewpost.

Contacts

Viewpost
Russ Stark, 612-325-3969
rstark@viewpost.com

Contacts

Viewpost
Russ Stark, 612-325-3969
rstark@viewpost.com