Small and medium-sized businesses (SMBs) face a unique set of challenges when it comes to managing their finances. With limited resources and staffing, SMBs need their accounting teams to provide expert guidance and support. So what do SMBs want from their accounting teams, and how can accounting teams better serve SMBs?
Timeliness
One of the most important things SMBs expect from their accounting teams is timeliness. SMBs need their financial statements and reports to be accurate and delivered on time. This helps them make informed decisions about their business. A delay in financial reporting can cause problems for SMBs, such as missed tax deadlines or difficulty securing financing.
To meet SMBs’ expectations for timeliness, accounting teams need to have efficient processes in place for financial reporting. This includes using accounting software that automates tasks such as bookkeeping, invoicing, and expense tracking tasks. Automation can help accounting teams save time and reduce errors, allowing them to deliver financial reports to SMBs more quickly.
Expertise
SMBs also expect their accounting teams to have expertise in their specific industry. This helps ensure that their financial strategies align with their business goals. For example, a retail business may have different financial needs than a manufacturing business. Accounting teams that understand the unique challenges of different industries can provide more tailored advice and support to SMBs.
Accounting teams can offer specialized services for different industries to demonstrate their expertise. For example, an accounting team working with e-commerce businesses can offer services such as inventory management, sales tax compliance, and financial analysis for online marketplaces. By providing specialized services, accounting teams can attract SMBs that need expertise in a particular area.
Communication
Open and transparent communication is critical to building trust between accounting teams and SMBs. SMBs need to clearly understand their financial situation and how it impacts their business. Accounting teams that regularly communicate with SMBs can help build trust and foster a strong working relationship.
To improve communication with SMBs, accounting teams should provide regular updates on financial reporting and offer opportunities for SMBs to ask questions and provide feedback. Accounting teams can also use cloud-based accounting software to allow SMBs to access their financial information in real-time. This can help SMBs feel more involved in their financial management and increase their confidence in their accounting team.
Technology
SMBs need accounting teams that are up-to-date on the latest technology and tools. This helps streamline processes and provides SMBs with real-time financial information. Accounting teams that use outdated technology may struggle to keep up with the demands of SMBs and may not be able to provide the level of service that SMBs expect.
To stay up-to-date on technology, accounting teams should invest in software that automates tasks where possible and provides real-time financial reporting. Cloud-based accounting software is particularly useful for SMBs because it allows them to access their financial information anywhere with an internet connection. Teams that offer software training and support can help SMBs make the most of these tools.
Customization
SMBs need accounting teams that can customize their services to meet their specific needs. This helps ensure that SMBs are not paying for services they don’t need. For example, a startup will have different financial needs than an established business. Accounting teams that can offer customized services to SMBs can help them save money and get the support they need to succeed.
To offer customized services, accounting teams should take the time to understand the unique needs of each SMB they work with. This can include conducting financial analysis to identify areas where the SMB can improve its financial management. Accounting teams willing to go the extra mile to provide customized services can differentiate themselves from competitors and build long-term relationships with SMBs.
Proactivity
SMBs need accounting teams that are proactive in identifying financial opportunities and risks. This helps SMBs avoid potential issues and make informed decisions about their business. For example, an accounting team that notices a trend of increasing expenses can help SMBs identify areas where they can cut costs.
To be proactive, accounting teams should regularly review financial statements and reports for SMBs. This can help identify areas where SMBs can improve their financial management and make better decisions for their business. Teams that provide proactive advice and support can help SMBs feel more confident in their financial management and increase their loyalty to their accounting team.
SMBs expect their account teams to provide timely and accurate financial reporting, have expertise in their specific industry, ensure open and transparent communication, utilize up-to-date technology and tools, provide customized services, and be proactive with their advice and support. Accounting teams that meet these expectations can differentiate themselves from the competition to ensure long-term relationships with SMBs, helping both groups succeed.