BANKING
Complying with legal and regulatory obligations is a significant undertaking for any business – but particularly smaller businesses , who lack resources and often struggle to remain abreast of changes in the rules . Increasingly , financial software solutions aimed at SMEs combine convenient functionality with a finger-on-the-pulse approach to regulatory requirements .
It all begins with understanding what small business owners need , as Simon Kearsley , CEO of accounting software specialist bluQube , explains : “ With hybrid and remote working now the norm for many small businesses , multi-device access from anywhere is a key requirement , so much so that it ’ s a feature that ’ s often taken for granted in B2B software . Similarly , functionality is expected as standard ; the software needs to be intuitive and capable of carrying out the necessary functions and processes .
“ However , software developers need to ensure that functionality is accessible and intuitive , enabling time-poor businesses to be able to understand and use the software straight away without having to rely on lengthy instructions or manuals for guidance .”
“ We have to tread carefully in the way we support business owners . We cannot fulfil an advisory role for our clients and must be careful to only refer to government guidance ”
SIMON KEARSLEY CEO , BLUQUBE
What do small businesses want from financial software ? Nicolas Vrillaud , Head of Partnerships for Mettle , the digital business account from NatWest , adds : “ There are a few common challenges small businesses tell us they face , and it ’ s important to understand them to know what they are looking for in B2B software . Generally , they are time-poor , they worry about getting the financial admin – especially tax – and cash flow right .
“ So , when we look at how small businesses pick B2B software , there are a few things we need to take into consideration . For starters , we need to know if it will save them time on a day-to-day basis and if it will be difficult for them to set up or if the software is simply ready to go . Because a lot of small businesses might not have used this software before , having it recommended to them by someone they trust , like their