The New Banking Equation
Automation, Trust and the Accountant’s Role
The rise of automated financial management platforms are accelerating the evolution of the traditional banking model. Clients see the advancements in this technology and they want it — while preserving the nostalgia of the trusted banker relationship.
They want the automation, the convenience, the ease of data review. Along with robust functionality and tools, they also seek greater control, insight and agility in their financial operations. These forward-thinking leaders want to be where technology is, and firms play an important role in making that happen.
Accountants are still the trusted advisors for their business clients. They serve as a bridge between financial institutions and the complexity of business operations. The relationship may no longer involve frequent trips to a local bank branch, but it’s just as important in a time when financial decisions can happen in seconds.
Bridging the Gap Requires Connection
For accounting professionals, maintaining that connection to banks requires adapting to new tools. It means staying ahead of the digital shift and understanding the platform options that are the best fit for their clients. In other words, accountants not only need to help clients understand and navigate financial statements and reports but also new banking platforms that make easy work of identifying the best lending rates, loan options, and other financial services.
Accountants often act as consultants or interpreters between their clients and these modern banking tools. It’s the modern way of building banker relationships.
Accountants no longer just relay numbers. Rather, with the combination of accounting expertise and advanced banking platforms, they can empower businesses to make smarter, more agile decisions using the real-time data digital banking offers. So even though accountants may be using digital dashboards and cloud-based solutions, they’re still cultivating those much-needed relationships with banks.
Integrated Solutions Make It Easier on Clients
Modern-thinking businesses want to take the hassle out of managing disparate systems. They want the ability to view real-time financials and make informed decisions quickly and with assurance. And all this is possible when they have the right platform — one that supports the age of modern banking.
Consider what clients are looking for:
An all-in-one solution
Clients are gravitating toward platforms that offer a unified approach to financial management. They want a platform that integrates banking services, expense tracking and AP automation. These platforms simplify complex financial processes and ease the burden of managing multiple systems. It’s all-in-one or nothing if you want to ensure client satisfaction.
Integration with existing systems
One of the most compelling aspects of advanced financial management platforms is the ability to integrate with existing systems. These platforms connect seamlessly with popular accounting software like QuickBooks and Sage, saving time and elevating the digital experience. This level of integration allows for efficient categorization of business expenses, improved cash flow understanding, and faster monthly book close. Businesses don’t want to just drop another solution into the mix. They want a platform that meets them where they are, technology-wise.
It's important to note that direct integration can mean more upfront investment and a commitment to ongoing system management — the cost of having more control, stability and elevated standards. However, in an industry where trust is at the core of the client-firm relationship, the whole of these benefits should be viewed as a competitive advantage, not a burden.
By partnering directly with a leading bank, advanced solutions offer a seamless connection between the platform and the banking infrastructure, providing multiple layers of protection. Consider the added benefits:
Transactions flow directly through the bank’s systems; tested and proven at an institutional scale
Funds are held directly at a nationally chartered bank backed by FDIC insurance and federal regulatory oversight
Security infrastructure is continuously monitored and updated to address emerging threats
Heightened security and compliance
With ever-increasing cyber threats, security is paramount. Advanced platforms partner with networks of FDIC-insured banks, offering up to $75 million in FDIC insurance for business accounts. This level of protection gives clients peace of mind and ensures compliance with regulatory requirements. It also helps build stronger, trusted relationships because customers are confident that their capital is secure and accessible when they need it.
However, building a business banking platform isn't just about creating innovative features or helping companies achieve more with less. At its core, banking is about trust – that customers are confident that their capital is secure and accessible when needed.
AI-powered functionality
To further enhance efficiency and drive sound decisions, businesses are using AI more and more. That said, clients are demanding financial management platforms that provide real-time insights into spend and expense data.
Consider having access to historical data and predictive analysis functionality to forecast future trends — helping businesses anticipate cash flow issues or identify investment opportunities. Leading platforms also help assess and manage financial risks more effectively by analyzing vast amounts of data and identifying patterns that manual, human-driven processes might miss.
Control, Visibility and Scalability
While these value propositions were already identified, they are worth restating. As technology advances and processes get more automated, clients don’t want to lose touch with their financial information. They still want control over cash flow and full visibility into their data.
They also want to work in systems that are scalable and can grow as they do. Because firms are going to grow … having technology behind them that can scale in tandem is imperative. Firms should consider all of these factors as they vet and identify financial management platforms for clients.
