Many small and medium enterprises in Hong Kong face significant difficulties when managing financial transactions across their operations. Recent findings from a study by Adyen, a global fintech platform, reveal that an overwhelming majority of SMEs consider payment reconciliation a major obstacle. Specifically, 74% of these businesses struggle with this issue, with certain industries bearing the brunt more than others. The financial services sector reports the highest difficulty levels at 83%, followed closely by retail at 70%, while hospitality and tourism as well as beauty, health, and wellness sectors also encounter considerable challenges.

Interestingly, medium-sized enterprises experience greater pressure compared to smaller ones. A notable 21% of medium-sized firms strongly believe that resolving payment discrepancies presents a crucial challenge, contrasting sharply with just 9% of smaller businesses sharing similar sentiments. On average, companies dedicate six hours weekly to address accounting and reconciliation duties. Medium-sized entities often invest more time in these tasks, and those not utilizing SaaS technologies frequently spend over 15 hours per week on such activities. To combat inefficiencies, numerous SMEs are embracing SaaS platforms aimed at simplifying operational processes.

Despite adopting SaaS solutions, many organizations still manage multiple platforms, which can add new layers of complexity. Desired features within these platforms include comprehensive reporting, expanding payment options, risk assessment tools, and access to business loans. Moving forward, the enthusiasm for investing in SaaS technology remains robust. Over 80% of SMEs intend to further commit resources to SaaS advancements in the upcoming year, particularly led by the retail industry, followed by financial services and tourism sectors. This trend highlights the importance of innovative technology in enhancing efficiency and driving business growth.