Expect more from the Canadian financial system

AS ACCOUNTANTS, you understand better than anyone the financial juggling challenge many businesses face. From waiting for funds to clear to deciding which invoices to prioritize, the challenge of managing cash flow is constant. If this sounds familiar, you’re not alone. These are not isolated problems: they are symptoms of a larger problem within the Canadian financial system.

The numbers paint a clear picture: 98% of the 1.22 million employee businesses in Canada are small and medium-sized enterprises (SMEs). Despite their crucial role in the economy, these businesses – many of which you manage or consult for – do not receive the support they deserve. For what? Canada’s financial system, dominated by just five major banks, has become stagnant, slow and often unresponsive to the real needs of the businesses and accountants who drive the economy.

You’re responsible for ensuring the financial health of your clients, but you’re often working within a system that seems outdated, expensive, and needlessly complex. You deserve better, and so do the businesses you support.

Speed: the slowness of the financial system is holding you back

In today’s fast-paced business world, why does money continue to move at a snail’s pace? Every accountant knows the frustration of delayed transactions. Whether it’s payments stuck in limbo or waiting for transfers, these delays disrupt cash flow, make reconciliations more difficult, and create headaches for the finance department.

How many times have you had to explain to a customer that their money is stuck in “processing” or that a payment won’t clear for days? This system is not only slow, it is holding back businesses. Imagine being able to close accounts faster because funds clear instantly, allowing your clients to take advantage of opportunities without delay.

Access: Barriers to capital stifle growth

How many of your clients have missed opportunities due to lack of access to capital? From rigid lending criteria to lengthy approval processes, traditional banks often fail to help SMEs. These obstacles don’t just affect businesses: they impact you as an accountant, adding more work when capital is hard to come by and complicating your role in managing cash flow forecasting and planning. growth.

With financial decisions often delayed due to slow approval processes, your customers wait and miss out on growth opportunities. You shouldn’t have to spend time overcoming these obstacles when there are more accessible options.

Prices: high costs of basic services drain margins

Canadian businesses pay some of the highest banking fees in the world, and as accountants, you know only too well how quickly these fees add up. Whether it’s transaction fees, monthly account fees or bank transfer fees, these costs eat into already thin margins, making it harder for SMEs to remain profitable.

You spend countless hours trying to optimize your cash flow and reduce your expenses, only to find that the fees continue to eat into your clients’ bottom lines. It shouldn’t be that difficult. The financial system should work for you, not against you.

Complexity: Outdated systems increase your workload and reduce your growth

How much time do you spend manually reconciling your accounts, searching for invoices, or dealing with outdated banking interfaces? Too probably. Outdated systems used by Canada’s major banks create more work for accountants, whether it’s dealing with delayed transactions, manually entering data from multiple platforms, or navigating labyrinthine processes to access information. simple financial information.

This complexity is a hidden tax on your time, energy and resources – time that could be better spent fostering your personal and professional growth through strategic financial planning, client advisory services or business improvement. the efficiency of your business.

The way forward: expect more from your financial system

Accountants are often the unsung heroes of the business world, working behind the scenes to ensure financial health, compliance and profitability. But for too long, you’ve been forced to operate in a financial system that isn’t designed for you.

It’s time to wait more.

Innovation has transformed many industries, and it’s time for it to reach your finance department. You deserve a system that works as hard as you do, grows with your business, reduces unnecessary costs and simplifies your daily operations. Canada’s financial system may be slow to evolve, but many fintech companies are leading the way toward a better future. Offering tools that evolve with the pace of business, allowing money to flow quickly and easily, real-time business data to make decisions, and lower-cost alternatives to traditional banking services: this is the support that Float believes businesses deserve.

By adopting these innovations, you can transform the way you manage your finances and unlock new opportunities for your customers.

The time for change has come. The tools are there. It’s time for innovation to hit the Department of Finance.

Join the movement with Float

At Float, we don’t wait for government reforms, open banking policies, or traditional banks to evolve – and neither should you. Don’t settle for the status quo: demand more from your banks, expect better tools, and harness the power of fintech to make your job easier and more efficient.

Float is a modern business finance platform designed to simplify and streamline your financial operations. By automating manual month-end processes and reducing tedious tasks, Float helps you free up time for higher value-added activities: www.floatfinancial.com.

This partner publication is an advertising feature produced by Float.