And while cash flow forecasting is crucial, only 34% of respondents in banking and financial planning offered such services as outlined in the report.
US firms had one advantage over their Canadian counterparts, according to the whitepaper. While more Canadian companies provide funding advisory, fewer provide cash flow services or utilize cloud-based accounting software compared to the US across all industries, the study found. The US has a significantly higher cloud-based accounting software utilization rate of 55% compared to Canada’s 44%, analysts found.
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“Offering cash flow forecasting, funding advisory services and promoting cloud-accounting software not only enhances a small business’s financial health and accounting efficiency but opens the door for companies to offer their clients personalized solutions to make their businesses more competitive while meeting customer demands,” Nick Chandi, CEO and co-founder of ForwardAI noted.
In the survey, ForwardAI looked at firms interested in providing funding advisories or cash-flow forecasting services for their clients – both considered crucial elements for business success. Analysts found that more than half (52.3% of respondents) were providing these services. Moreover, only about one in five firms (18.8%) provide both funding advisory and cash flow forecasting services.
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