Historically underfunded and underserved, small businesses not only struggle with access to capital but also face an even greater challenge: a lack of understanding of their financial health. 

And while technology has transformed nearly every other aspect of running a business, accounting and finance have remained largely stuck in the past. This has meant that founders are often left to operate in the dark, making critical decisions without the real-time data to back them up.

This lack of live cashflow insight is not only inconvenient, it’s a major risk to survival.

To keep a lid on cash flow problems, stay up to date with payments and prevent expenses from spiralling out of control, SMEs need to gain visibility over their finances, and fast. 

By embracing automation, providing real-time insights and stepping into a more strategic role, accountants can become the solution to one of the biggest problems facing small businesses today.

Give the people what they want

In a recent Mimo survey, SMB founders in our customer base told us what they wished their accountants would do more:

• 83% said they want more automation of financial admin like invoicing and reconciliation.

• 67% want advice on growing their business financially or more up-to-date insights on cash flow.

Luke Irving, Assistant Manager at PM+M Solutions for Business LLP, has also found his clients want to gain a deeper understanding of their business’s finances, explaining:

"Changes to the cost of employing staff have been a cause of concern for a lot of our clients. We've had more inquiries about cash flow forecasting with clients wanting to get on top of their financial concerns in advance rather than just trying to keep the business running. Our clients want to be looking further ahead to try to foresee any difficulties with cash flow." 

What does this tell us?

Accountants who automate win

SME founders know that knowledge is power. But they, and their accountants, don’t have the processes in place to manage their business’s finances efficiently enough to maintain a live cash flow or forecast into the future. 

This is where working with a forward-thinking accountant becomes invaluable. 

While many accountants remain bogged down by time-consuming tasks like chasing invoices, manually reconciling transactions and preparing outdated reports, those who are automating these tasks are the ones keeping existing clients and winning new ones. 

Accounting firms that thrive in this new landscape will be those that see themselves not just as number crunchers, but as strategic advisors. For firms willing to embrace change, the rewards will be substantial: higher-value client relationships, increased profitability and long-term sustainability in an industry that’s rapidly evolving. Accountants who fail to adapt will find themselves left behind.

How Mimo can help

With smart accounts payable and accounts receivable solutions, Mimo automates your bookkeeping so you can stay in total control of money in and money out at all times.

As a Mimo customer, Luke explains what pulled him towards Mimo, and why he felt it was the right solution for his clients – “What really caught our eye about Mimo was that it's money in and money out–it’s a product that does both sides, which seemed like a no-brainer...that’s a big part of why I’ve been keen to push clients over to Mimo instead [of the other platform we use].”

Get in touch with our team if you’d like to learn more about how Mimo can help your firm upgrade services and strengthen client relationships. We can’t wait to chat!