Small- to medium-sized businesses (SMBs) have historically faced outsized challenges relative to their own footprint.
From managing ever-growing tech stacks to optimizing cash flow amidst economic volatility, SMBs already have their work cut out for them when it comes to driving competitive differentiation versus their similarly-resourced peers, much less when held up against larger enterprise competitors.
But the situation isn’t hopeless. PYMNTS sat down with Sarah Acton, chief customer officer at BILL, and Becky Munson, CPA, CITP, partner and CAS practice leader at EisnerAmper, to unpack how digital innovations are helping SMBs unlock their own unique advantages while streamlining financial operations and fortifying their resilience.
The answer? According to the experts, it is “automation, automation, automation.”
After all, for years SMBs have relied on manual, paper-based processes, a habit that Acton and Munson argued is increasingly untenable. “Automation is here to stay,” Acton said, noting that “for more and more businesses who are not adopting technology … my worry is they get left behind.”
Munson emphasized that automation has gone from being a luxury for large enterprises to a necessity for SMBs. “Our clients are looking for efficiency and productivity, but they’re also battling ‘app fatigue’ … They’re paying for more than they can manage, and they need solutions that deliver real impact,” she said.
Automating financial workflows, like payables, receivables and expense management, can give better control over cash flow — the “lifeblood” of their operations.
Acton and Munson agreed that digital transformation is integral to SMBs’ ability to adapt and survive in the modern marketplace.
“The pace of change can feel like a runaway train,” Munson said, noting that SMBs, focused on core business tasks, struggle to keep up with new tech. Acton echoed this sentiment, saying automation offers a lifeline for SMBs to regain control and reallocate time toward growth initiatives.
While the surge of digital tools promises increased productivity, SMB owners often find themselves overwhelmed by the sheer volume of available options. Munson and Acton both pointed to “app fatigue” as a common concern, with Munson adding: “Our business owners are logging into too many things, managing multiple subscriptions, and finding that not all these tools talk to each other.”
This technology overload can hinder rather than help efficiency, leaving SMBs in search of tools that integrate seamlessly and perform multiple functions.
Consolidated platforms are key to allowing SMBs to access various financial workflows under one roof, eliminating the need for numerous separate applications. A single interface not only simplifies financial management but also provides the level of transparency SMBs need to maintain control over cash flow — a key focus noted by both Acton and Munson.
A significant barrier to adopting digital solutions, however, is the fear of change. Many SMBs are hesitant to abandon tried-and-true manual processes, feeling daunted by the learning curve and potential disruption. Yet, as Munson pointed out, accounting firms can act as trusted advisors, helping SMBs select, implement and optimize technology to ensure it aligns with their unique needs. “You don’t have to do it alone,” Munson said, underscoring the importance of finding a technology partner who can provide expertise and guidance.
Artificial intelligence (AI) is a major focus for both Acton and Munson, with their two firms believing it holds transformative potential for SMBs. “AI smooths out the friction in someone’s day,” Munson said, and helps clients “move quickly and innovate faster.”
Acton shared how AI powers BILL’s platform, enabling it to process payments for 1% of U.S. GDP through efficient, scalable workflows. This AI-driven automation has tangible effects: she cited the example of a client, Repurpose, a compostable plant-based products company who saved two days a week by automating their financial processes.
AI’s integration into SMB financial management also enhances cash flow optimization, a critical challenge. Acton pointed out that by automating processes like spend and expense management, SMBs gain real-time visibility into their cash flow, allowing for informed decisions on expenses and investments.
Additionally, AI tools give SMBs “choice” — the ability to decide when and how bills are paid. This flexibility not only supports financial stability but also aids in forecasting, which Munson described as an essential tool for SMBs looking to turn cash flow from a vulnerability into a strategic asset.
To SMB owners hesitant about digital transformation, Acton’s message is clear: “Automate, automate, automate.” She emphasized that the long-term benefits, including time savings and risk reduction, far outweigh the investment. As SMBs navigate an increasingly complex landscape, automation, AI and trusted partnerships are indispensable.
After all, in a world where every dollar counts, efficiency has become the new competitive advantage. SMBs that streamline their financial operations and embrace automation are not just enhancing productivity — they are setting the foundation for sustainable growth in a digital-first economy.
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