Overcoming Challenges in Adopting Finance Technology for Small Businesses

By Greg Grzesiak Greg Grzesiak has been verified by Muck Rack's editorial team
Published on September 7, 2023

To provide insights into the challenges of implementing finance technology in small businesses, we asked nine leaders, including CEOs and founders, to share their experiences. From overcoming team resistance to new systems to taming the spreadsheet rodeo with user-friendly platforms, these leaders provide invaluable advice on navigating this complex process.

  • Overcoming Team Resistance to a New System
  • Educating Clients to Adopt New Payments
  • Addressing Security Concerns in a Cloud-Based System
  • Managing Change with the “Whole-Person” Method
  • Navigating Paylocity with Comprehensive Training
  • Integrating Seamlessly with Existing Processes
  • Implementing Finance Tech in a Global Remote Team
  • Transitioning from Traditional to Digital Accounting
  • Taming the Spreadsheet Rodeo with a User-Friendly Platform

Overcoming Team Resistance to a New System

Implementing a finance technology in my company presented a significant challenge: convincing the team that the new system was superior and more productive than Excel. 

The system was beneficial for the company; however, there was resistance from the people supposed to use it, as it required them to unlearn the old system and learn the new one. 

Sessions were held with a group of them to explain and demonstrate how the new system would not only help the company but also their productivity and job performance. A part of these sessions was to listen to their questions and answer in a way that was not trying to convince but genuinely trying to help. This process led to a few changes in the system, but overall, the implementation was successful.

Manish Gupta, Chief Financial Officer, Aureum Palace Hotels and Resorts

Educating Clients to Adopt New Payments

One challenge we faced when implementing finance technology in our small business was resistance from clients to adopt new payment methods. 

To overcome this, we focused on educating our clients about the benefits of the new payment methods, such as increased convenience and security. We created informational materials and conducted training sessions to demonstrate how to use the new payment options effectively. 

Additionally, we offered incentives, such as discounts or rewards, for clients who switched to the new payment methods. By proactively addressing our clients’ concerns and showcasing the advantages, we successfully encouraged adoption and streamlined our finance operations.

Roy Lau, Co-Founder, 28 Mortgage

Addressing Security Concerns in a Cloud-Based System

When we switched to a cloud-based financial management system, our initial concerns were primarily around security—data breaches, unauthorized access, and compliance were all on our minds. 

To mitigate these issues, we didn’t just rely on the assurances from our software provider; we involved our internal IT team in rigorous vetting processes. We engaged in multi-stage testing for data encryption and secure logins. This proactive stance allowed us to identify and address potential vulnerabilities, offering us not just a solution but peace of mind. 

The process led to a much more robust security framework that adhered to stringent industry standards. This has been a game-changer, providing us with the confidence to focus more on strategic financial planning rather than getting bogged down by security concerns.

Curran Van Waarde, Founder, CallScaler

Managing Change with the “Whole-Person” Method

When I tried to use finance technology in our small business, I had to deal with team members who were used to doing things by hand and didn’t want to change. Based on what I knew, we used a whole-person method to manage change. I talked about the benefits of the new technology, like how it would make things faster and less likely to go wrong.

I addressed each person’s worries by giving them personalized training sessions and ongoing help. We could get ideas and buy-in from key players, including myself, by involving them early on. As workers saw how the changes helped them in their daily work, their doubts slowly went away. 

By using my skills in clear communication, focused training, and getting the team involved, we could make the change smoothly and integrate the new financial technology into our operations.

Salim Benadel, Director, Storm Internet

Navigating Paylocity with Comprehensive Training

When we initially started using Paylocity, we faced a lack of familiarity among our team with the software. It was a completely different system with its own rules and operations, and we needed help navigating it. We invested in comprehensive training sessions for our staff to overcome this challenge. 

This helped them understand the software better and effectively use it daily. Regular follow-ups and refresher training sessions ensured that the team was comfortable using Paylocity, and that we could streamline our finance operations successfully. 

Another key factor behind our success with finance technology was the support we received from Paylocity. They provided us with guidance, best practices, and solutions to any problems that cropped up, which immensely helped us in our journey. 

All in all, implementing finance technology requires careful planning and training, but it can lead to significant improvements for businesses of any size.

David Rubie-Todd, Co-Founder and Marketing Head, Sticker It

Integrating Seamlessly with Existing Processes

One challenge faced when implementing finance technology in our small business was integrating the new system with existing processes and software. 

To overcome this, we conducted thorough research and chose a solution that offered seamless compatibility with our current tools. Additionally, we provided comprehensive training to our team to ensure a smooth transition and maximize the benefits of the new technology.

Brian Clark, Founder and CEO, United Medical Education

Implementing Finance Tech in a Global Remote Team

Implementing finance technology in a small business with a global remote team and client base presents unique challenges. Different countries have varying regulations, banking systems, and payment preferences, making it difficult to find a one-size-fits-all solution. 

In our case, we addressed this challenge by implementing a multi-faceted approach. We adopted a global payment platform that supported multiple currencies and payment methods, ensuring flexibility for both our team and clients. 

Additionally, we made use of cloud-based accounting software that allowed for real-time updates and access from anywhere in the world.

Jaya Iyer, Marketing Assistant, Teranga Digital Marketing

Transitioning from Traditional to Digital Accounting

One significant challenge we encountered when implementing finance technology in our small business was the transition from traditional accounting methods to a digital platform. Our team was accustomed to manual processes, and there was initial resistance to adapting to the new system.

To overcome this challenge, we took a proactive approach to change management. We provided comprehensive training and resources to help our employees understand the benefits of the new finance technology and how it would streamline their tasks and enhance accuracy. We held workshops and one-on-one sessions to address their concerns and answer questions.

Additionally, we appointed internal champions who were already familiar with the technology to act as mentors and support for their colleagues during the transition. This not only eased the learning curve but also created a sense of peer-to-peer guidance that boosted confidence in using the new system.

Sai Blackbyrn, CEO, Coach Foundation

Taming the Spreadsheet Rodeo with a User-Friendly Platform

I’m all set to sprinkle that finance tech magic on my small biz, and bam! The challenge? Wrangling spreadsheets that thought they were in a rodeo. But fear not, data speaks: 67% of small biz owners hit the same rodeo! 

Cue the cavalry: I roped in a user-friendly platform (shoutout to XYZ FinTech), and voilà—no more spreadsheet stampedes. Real-life bonus? My buddy at Bob’s Burgers taught me the power of customization. Just like he crafts his secret sauce, I tailored the tech to my biz needs. In rodeo speak, I rode that challenge like a pro bull rider. 

So, fellow business wranglers, remember: tech hiccups are just broncos, and you’re the champion rider! Giddy up!

Himanshu Sharma, CEO and Founder, Academy of Digital Marketing

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By Greg Grzesiak Greg Grzesiak has been verified by Muck Rack's editorial team

Greg Grzesiak is an Entrepreneur-In-Residence and Columnist at Grit Daily. As CEO of Grzesiak Growth LLC, Greg dedicates his time to helping CEOs influencers and entrepreneurs make the appearances that will grow their following in their reach globally. Over the years he has built strong partnerships with high profile educators and influencers in Youtube and traditional finance space. Greg is a University of Florida graduate with years of experience in marketing and journalism.

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