CIBC SmartBanking for Business is a Watershed Moment in SME Innovation

Special report from Christopher Misener, Senior Director, Strategic Partnerships, CIBC. A few months back I joined Knowledge Bureau with Evelyn Jacks on a countrywide CE Summit tour where I was able to meet with tax professionals and discuss the future of accounting technology and showcase the latest digital banking platform technology for small and medium-sized businesses. Here's an accountant’s story on why it matters:

CIBC collaborated with industry-leading cloud accounting software companies Intuit Canada and Xero, as well as payroll software company Ceridian, to integrate accounting and payroll with CIBC’s powerful banking tools, called CIBC SmartBanking for Business.

I wanted to share some insights of the platform from a tax professional perspective as I felt that would have some relatability to this audience.

Brad Celmainis, CPA, provides financial consulting for a wide variety of industries. Brad is a long-time business executive, now “solopreneur” and CFO to Calgary SMEs.

The Intuit Quickbooks ProAdvisor primarily deals with privately held, owner-managed corporations from startups to established entities. This true “tell it like it is” advisor constantly looks for ways to improve the financial picture of his clients and empower their long-term growth.

To do this, Brad stays on top of emerging technologies, especially when it helps him focus less on number crunching and more on advising.

The problem is, without Brad’s clients being able to see all their finances at once, it becomes difficult for them to develop a comprehensive understanding of their cash flow situation or how to optimize it. This can severely limit long-term growth prospects. Brad knew that to properly address this ever-present challenge, he needed to provide his clients with tools to help ease the process.

Brad turned to CIBC’s SmartBanking for Business for two big reasons. First, it uses two-way data integration between banking and cloud accounting in one platform, making it a “game changer” in his mind in terms of leading innovation. Second, this integration connects SMEs to CIBC’s cash management tools that enable his clients to manage day-to-day deposits, payments, reporting and client administration.

Cash flow is always a top challenge for small and medium-sized business owners according to Brad. “If a business doesn’t have proper cash management, they don’t have a business at all,” Brad says. “Cash is king for small business.”

SmartBanking allows a real-time consolidated view of banking accounts, payroll, payables and receivables, but also highlights payables and receivables requiring immediate attention. In a world where cash reigns supreme, this helps business owners simplify the complexity of their financial picture.

Stay tuned as CIBC will be sharing insights from our upcoming SmartBanking for Business poll on tax professionals, small business and the economy.

Knowledge Bureau would like to thank Chris for providing these insights and for joining us at CE Summits. Learn more about the upcoming Fall CE Summits and register at early bird rates by October 15. The next tour takes place this November in Winnipeg, Toronto, Calgary, and Vancouver.