A report entitled Financial Institutions Can Win By Helping Businesses Manage Cash Flow, reveals a number of key findings on the lack of integration between accounting systems and banks, but also found opportunities for small and mid-sized business and banks.
The study, by Barlow Research Associates, found that, when assessing bookkeeping methods, 49 percent of small businesses and 82 percent of middle-market companies use accounting software to help them balance their books.
Despite high adoption of online banking and accounting software, the two tools often operate in isolation, causing dissatisfaction among online banking users.
In a 2012 Bill.com survey, 53 percent of respondents cites "a lack of integration between online banking and accounting software" as the reason for their dissatisfaction with their bank's online banking offering.
Another 45 percent of small businesses and 39 percent of middle-market customers indicates they would consider changing banks if offered a significantly better business Internet banking system.
Retention of business customers is vital to financial institutions. According to the...