We’re hardly the first to talk about how small businesses—often considered the backbone of the economy—are frequently treated as an afterthought.

Historically underfunded and underserved, these businesses not only struggle with access to capital but also face an even greater challenge: a lack of understanding of their financial health. The outdated, manual nature of managing business finances means founders are often operating in the dark, making critical decisions without supporting data.

This isn’t just an inconvenience, it’s a major risk to their survival. When cash flow problems arise, when payments are delayed and when expenses spiral out of control, small businesses are the ones who suffer. And while technology has transformed nearly every other aspect of running a business, accounting and finance have remained largely stuck in the past.

Accountants who consider themselves at the helm of the industry are now in a pivotal position. They not only have the power—but also the responsibility—to change this. By embracing automation, providing real-time insights and stepping into a more strategic role, accountants can become the solution to one of the biggest problems facing small businesses today.

The New Reality: Clients Expect Instant Financial Data

Small and mid-sized businesses (SMBs) need access to real-time financial information to make informed decisions. Yet, many accountants still operate in a world where data is weeks, or even months, out of date. This lag forces business owners to rely on gut instinct rather than data-driven strategies.

In a recent survey of SMB founders in our Mimo customer base, we asked what they wish their accountant would do more of:

• 83% said they want more automation of financial admin like invoicing and reconciliation.
• 67% want advice on growing their business financially or more up-to-date insights on cash flow.
  

So while we see many SMBs turning to Mimo to solve these pain points, what surprises us is how often they do so without their accountants.

This shift highlights a growing disconnect: many business owners recognise the importance of automation, but their accountants have been slow to adopt and offer the technology needed to provide it.

The Cost of Doing Nothing: Stuck in Low-Value Work

Without automation, accountants remain bogged down by time-consuming tasks like chasing invoices, manually reconciling transactions and preparing outdated reports. Many firms avoid offering bookkeeping due to its lower profitability, instead focusing on tax and year-end accounts. But with Making Tax Digital (MTD) driving the digitisation of compliance work, how sustainable is that approach in the long run?

A director at a large accounting firm recently noted that they have seen an influx of clients moving away from accountants who resist change. They emphasised that many firms hesitate to adopt bookkeeping as a service due to lower margins compared to year-end accounts or audits. But as regulatory changes push the industry forward, firms that fail to adapt may struggle to survive.

For too long, bookkeeping has been seen as a low-margin service and many firms have resisted investing in technology due to short-term profitability concerns. But the reality is clear—firms that fail to evolve will lose business to those that embrace automation.

The Future: Trusted Advisor or Reconciliation Robot?

Accounting firms that thrive in this new landscape will be those that see themselves not just as number crunchers, but as strategic advisors. Implementing system reviews to assess clients’ financial workflows and recommending tailored tech solutions will become a core part of the profession.

This transformation won’t happen overnight. It requires investment in new tools, training for teams and a mindset shift from focusing solely on compliance to driving business growth. But for firms willing to embrace change, the rewards will be substantial: higher-value client relationships, increased profitability and long-term sustainability in an industry that’s rapidly evolving.

Accountants who fail to adapt will find themselves left behind. Those who embrace automation and real-time financial insights will not only meet client expectations but exceed them—future-proofing their practice for years to come.