Fintech: innovating financial management for SMEs

Small and medium-sized enterprises (SMEs) are looking for innovative solutions to optimise their financial management. Fintechs, at the intersection of finance and technology, are key players in meeting these needs. In 2023 and 2024, these disruptive companies will continue to redefine financial practices, offering SMEs tools that are both advanced and accessible.

Our selection of key fintech players for modern businesses

A number of fintechs have distinguished themselves by their ability to specifically address the financial challenges of SMEs. These include :

• Spendesk: Spendesk is an all-in-one expense management solution that enables finance teams to control and track expenses in real time.
• Stripe: Stripe is a payment platform that simplifies online transactions for businesses of all sizes, including SMEs.
• QuickBooks: QuickBooks helps SMEs manage their finances more accurately and efficiently.
• Square: Square is a payment and point-of-sale solution that democratises access to payment technologies for small businesses.
• Revolut Business: Revolut Business is a banking offering for businesses that improves the management of international finances with functionalities tailored to SMEs.
• Oracle Netsuite: NetSuite stands out for its integrated approach to business management. NetSuite offers an ERP solution

To prepare for the acquisition and integration of an ERP system within your finance department, there are some fundamental questions to ask:

• Is your team capable of organising and following training on the new tool?
• How quickly can the ERP acquisition budget be amortised?
• Which features are most critical to meeting your objectives?
• Are the integrations offered by the various ERPs compatible with the other tools you currently use?

All these questions underline the importance of working with an integrator. Not only to guide you towards the tool best suited to your technological ecosystem, but also to train and transform your team into power users.

2023-2024 trends in fintech for SMEs

• Automating financial processes: fintechs continue to develop tools to automate accounting, invoicing and expense management, freeing up valuable time for SME managers.
• Artificial intelligence and data analysis: Using AI to provide financial insights and forecast trends is a major breakthrough. These technologies enable SMEs to make informed decisions based on data.
• Personalized financial services: fintech solutions are increasingly focused on personalization, offering SMEs services tailored to their specific needs.
• Enhanced security: With cyberthreats on the rise, fintechs are investing heavily in security to protect corporate financial data.
• Expanding digital banking services: Digital banks for businesses continue to grow, offering more agile and less expensive financial services than traditional banks.

The tools needed for modernized financial management

Tech stacks are now a central topic for CFO professionals - and building an ecosystem that is both integrated and efficient is an objective in its own right for companies wishing to regain flexibility in both their management and their processes.

To find out more, Spendesk's dedicated dossier features more than 30 tools approved by the CFOs of leading technology companies.

Fundamental platforms and interfaces can already be counted on to improve management processes and relations between finance and other segments of the organization:

• ERP tools, for centralizing all financial data and steering financial management,
• HR PLATFORMS, enabling financial data to be synchronized with human resources data,
• TOOLS FOR MONITORING EXPENSES incurred by employees,
• INTERFACES BETWEEN PAYMENT METHODS used by your customers and internal platforms.

Enabling finance to do better

Fintechs have become essential partners for SMEs seeking to optimize their financial management. By combining innovation and accessibility, they offer solutions that were once reserved for large companies.

As the sector continues to evolve, it will be fascinating to follow how these advances will continue to transform the SME financial landscape in 2023 and 2024.