The economy is softening. SMBs (Small and Medium Businesses) must manage several avenues at the same time. For more efficiency, they are opting for enterprise-level systems. These systems control the financial aspects, and FinTechs are providing it to them.
SMBs are striving to improve their profits and finances. They will do so by developing clearer methodologies. They aim to analyze their incomes and expenses. Managing the procedures of payment and profit is also vital.
The CFO of Plastiq, Amir Jafari, gave a press release. He said SMBs are searching for a system to organize their management processes. He also stated that small businesses aim to enhance their profits.
Jafari continued to state that manual management of business finances is archaic. He considers them equal to opening an envelope or reading an invoice. In his opinion, automated payment processing is the foundation of any company. It needs to be more widespread among small businesses.
SMBs also demand more options for B2B (Business-to-Business) payment methods. It will, in turn, offer more payment options to the customers. They look forward to automated payment. It will lead to a smoother business flow and greater customer satisfaction.
Plastiq, the FinTechs company, provides this advanced system to small businesses. It helps companies better manage their billing, income, and payment procedures.
This system will aid any business in growing its capital. The company can incorporate new products. Increasing the number of products will lead to a broader customer base. The company can then match steps with bigger competitors. It can, thus, establish itself in the market.
At the time of the press release, Jafari stated that the following 18 months would be critical. Small businesses will grow with the help of enterprise-level software. It will help them in the current economic environment of inflation.
Recently, mega-corporations have achieved a monopoly over the marketplace. They have left smaller industries in the dust. FinTechs hopes to restore the balance by introducing their automated AP/AR system.