Digital transformation: Small businesses face obstacles, opportunities in using digital accounting software

The COVID-19 pandemic completely altered consumer behavior and how entrepreneurs operate their businesses in order to successfully reach customers. In our latest survey on small business digital transformation in the wake of the pandemic, we explored various opportunities, challenges and concerns surrounding how they use digital accounting software and digital point of sale systems to manage their business’ finances. 

Underpinning this analysis are economic conditions that are weighing on small businesses in a challenging climate. Although 71% of small businesses are optimistic about their business prospects over the next quarter, 56% report that expenses have increased over the previous three months and small businesses report only a slight increase in revenues as headcount remains largely flat.