May 18, 2022 - FreshBooks, a cloud-based accounting software provider, surveyed small business owners in Ontario to gauge their readiness to compete in an increasingly digital economy. The study uncovered that while a small number of small businesses have adopted a broad range of digital solutions, the large majority are lagging. Further, over 80 per cent of small business owners have an interest in some form of government aid to support digital transformation. 

“As a proud Canadian company, it’s important to us to ensure the future success of Ontario small businesses who serve as an engine of our economy,” said Levi Cooperman, Co-Founder and Government Relations Lead at FreshBooks.“Their success is vital to Ontario’s prosperity, so we’ve written to each of the party leaders with our study to consider policies that can help small businesses and their owners thrive and grow digitally.”

FreshBooks’ analysis shows that: 

• Owners in Ontario are thinking ahead about becoming more digital. Most (~60 per cent) will adopt at least one new digital solution in the next 12 months;
• Owners are equally interested in specific digital solutions such as mobile applications, search engine marketing, e-mail marketing, digital storefronts and/or online billing/accounting (~20 per cent interest per solution); and,
• Significant barriers include lack of resources (financial and/or time), lack of knowledge or skills, and/or a lack of confidence that digital initiatives will result in positive ROI.

The study also revealed that small businesses owners would most likely take advantage of the following policies:

• Free training for owners to transition to and leading a digital small business (35 per cent);
• Grants to offset the cost of implementing a specific digital solution such as selling online, search engine optimization and digital supply chain/inventory management (36 per cent); and,
• Tax incentives to offset ongoing costs of digital solutions like software subscription fees and high speed business interest (39 per cent).

This isn’t the first program FreshBooks has launched to reduce barriers to success for small business owners in Ontario. Last year it announced that it had entered into a Memorandum of Understanding (MOU) with the Ontario government to share data and insights regarding small business recovery trends related to the COVID-19 pandemic.

About FreshBooks

FreshBooks is changing the way business owners manage their books. Its owner-first accounting platform, loved by businesses in over 160 countries, takes an easy-to-use approach to managing finances, billing, payments, and client engagement. FreshBooks, known for its 10x Stevie award winning customer support, serves customers of all sizes from offices in Canada, Croatia, Mexico, Netherlands, Germany, and the US.

Contact:

Sajni Khera

647-985-0486

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