Those with their finger on the pulse of Canada’s business performance know something others don’t.
While headlines recycle forecasts of economic uncertainty, the nation’s finance professionals are gearing up for growth. Plooto's latest survey reveals that an overwhelming 81% of Canadian businesses expect the economy to remain stable or even improve in 2025.
There’s more: A remarkable 61% of accounting firms and 60% of CFOs — those who live and breathe financial data — expect their businesses to grow. They’re not just optimistic; they're betting big on expansion. Already, 60% are planning to increase their use of fintech to eliminate manual tasks and free up resources for growth initiatives.
Opportunity's knocking. Your peers and competitors are answering. And our comprehensive survey reveals how you should shape your 2025 strategy and what you need to know to keep pace.
They’re confident in the economy (and their business)
More than half of small business owners and finance professionals aren’t just hoping for growth — they’re expecting it. That reflects their confidence in both Canada’s economy and their own performance: most predict stability or improvement.
They know what they need to succeed
With their sights set on a brighter future, businesses are ready to dig in and get to work. Fortunately, they know precisely where to focus their efforts to make the most of the opportunities ahead. When asked what their businesses need to fuel growth, the top responses clearly point to plans to grow: more capital, more staff, and tools to make it all run smoothly.
Working capitalIn early 2023, fewer than half of U.S. small business owners said they had good access to capital, down from 76% in 2017. When you sense growth on the horizon, an infusion of capital is often the first thing you need. Accelerating accounts receivable, tightening up accounts payable, and improving visibility can help. Automating payments is the easiest way to achieve all three.
Control of cash flowKnowing where your business stands is key to knowing the right time to grow. Understanding and tracking cash flow is the first step toward controlling it. Accounts payable and receivable software makes unlocking real-time views into incoming and outgoing payment data easy. It helps prevent costly manual errors, too.
Supplementing staffSoftware can’t replace human expertise and experience but can boost and enhance it, allowing businesses to do more with less. By offloading routine tasks, your team gains more time to strategize and innovate.
Tools for efficiencyWhen business is stable, improving efficiency always makes your time and resources go further. But when you’re planning for growth, you have to use tools to clear the decks for investment and innovation by automating the manual and the mundane so you can spend more time on the investments and innovations required for expansion.
They have high hopes for open banking Open banking — a secure system allowing financial institutions to share data with authorized third parties — is gaining momentum in Canada. With 48% of respondents calling it essential to growth, financial professionals champion the change.
Full implementation planned for 2025 promises to save accountants and bookkeepers time, streamline processes, and enable more personalized client advice. Open banking will also make collaborating with clients and partners much more effortless, automatically sharing financial information when and where it’s needed.
What does open banking mean for Canadian SMBs?
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They anticipate a break from burnout
Even in a sector still grappling with an unprecedented exodus of talent — over 300,000 accountants and auditors left their jobs in recent years — 46% of professionals expect to restore at least some work/life balance in 2025.
With 79% of accounting firms considering, planning, or already relying on technology to perform basic accounting tasks, you can thank software for some of the much-needed free time employees count on reclaiming.
Match your peers’ top four investment priorities
Asked about their 2025 plans, Canadian business leaders say they aren’t cutting back; they’re opening their wallets. Their top four investment priorities reveal a clear growth strategy.
Here's where they're placing their bets (and where you should, too).
Companies plan to spend more on digital marketing, doubling down on tools, channels, and platforms that attract new customers and strengthen relationships with existing ones. And because client transactions can signal future needs, businesses are also exploring the revenue-driving potential of integrated marketing and financial data.
Expanding teams to meet projected demandCanadian businesses are hiring staff so they can confidently say "yes" to more customers, expand service offerings, and extend operating hours. They’re also upskilling current employees to deliver enhanced advisory services, specialized expertise, and premium offerings.
Banking on new equipment as a growth leverFrom new kitchen equipment and warehouse space to vehicles and technology, additional equipment investments help organizations scale their production and seize new opportunities. Modern infrastructure enables businesses to serve more customers and operate more efficiently, driving both revenue and profitability.
Going all in on growth-driving technologyWhy is technology the single largest investment pick? Not only does it improve day-to-day operations, but it gives businesses time to focus on their other leading priorities.
Increased technology investment also creates significant, sustainable operational efficiency. Businesses looking to improve and grow are seeking solutions that deliver immediate ROI, and 60% reported being likely to implement platforms that consolidate multiple features and functions.
In a survey of accountants, respondents ranked tools for making and accepting payments as two of the top three most valuable solutions in their clients’ tech stacks. These are top picks because they eliminate time-intensive manual tasks, allowing leaders to dedicate more time and attention to business-building strategies. Plus, implementing them isn’t time-intensive or disruptive.
Carolyn’s Model & Talent Agency President Carolyn Nikkanen confirms, “New technology platforms can sometimes have a large learning curve and be difficult to integrate into the business. With Plooto, I found the platform was very easy to use and saw the benefits of automating our payments immediately.”
Finding the right fintech stack for your business
Canadian businesses have more fintech options than ever.
Check out our map from Canadian fintech expert Tal Schwartz of the
best fintech on the market for:
Complete overview of Canadian fintech solutions — from
payments to tax filing
Detailed outline of AP/AR tools, expense management, and
treasury solutions
Clear breakdown to help finance teams build their ideal tech stack
Businesses are already using tools like AI to automate the most tedious tasks — things like managing expenses, creating reports, processing payments, and reconciling transactions.
Why? Automation removes manual work to free up employees and eliminate time-consuming, error-prone tasks. If you’re not already managing these processes with technology, you’re leaving hours on the table.
So what’s the most effective place to begin? Accounts payable and receivable. One of the reasons AP/AR solutions stand out is because of their immediate impact. They quickly transform financial operations by eliminating manual (but necessary) processes, eliminating data entry errors, improving cash flow management, and supporting stronger vendor and customer relationships.
Just ask Sean Freedman, President and Founder of Freightzy. His team switched to automated AP and AR and isn’t looking back. “Making manual payments made it hard for us to track and reconcile our payments… I now have clarity on cash flow, which has allowed us to make more informed decisions for the business.”
The biggest payment pain points
Not only are payment challenges a giant hassle, but they also erode efficiency, profitability, cash flow visibility, and customer relationships. That’s why they’re inspiring our respondents to accelerate digital transformation.
More than half of businesses in Canada (60%) will increase their use of fintech in 2025. And while there are many areas they could invest in, over three-fourths (77%) say they’ll prioritize making real-time payments, and more than half (53%) are likely to switch from traditional payment methods to digital ones.
Clearly businesses know that digitizing this simple (but pervasive) process is an important part of making the most of 2025 and of being poised to attain the success they predict. Why is it such a great place to start your digital transformation?
The shift from traditional payment methods like checks signals a strategic evolution. Organizations recognize that digital payments deliver multiple advantages: enhanced security, simplified tracking, and streamlined reconciliation.
The real-world impact of payment automation
"Time is everything in our business, and anything that saves time and makes things more efficient is helpful. Before Plooto, we sent checks, and our suppliers would have to wait a month to get paid. Plooto automates those supplier payments and automatically reconciles them with our accounting software. This saves me and our team a lot of time, prevents errors, and helps us focus on higher-value tasks."
Jonathan Tebeka, Founder & CEO of Shelving Mate
Fast payments
Seek technology that features real-time processing and fund transfers. Quick payment turnaround improves cash flow and vendor relationships.
Easy implementation
Choose user-friendly platforms that your team can adopt quickly. The best solutions require minimal training and integrate seamlessly with your existing systems.
Low fees
Dig below the bottom line. Are there hidden fees? Charges for each transaction? Make sure you understand all costs upfront.
Transparent pricing
Clear pricing structures help you budget accurately and maximize value. Look for transparent pricing models with minimal transaction costs and no hidden charges.
Canadian financial professionals are optimistic about what's ahead and are backing that optimism with action toward growth. They're investing in their businesses, expanding their teams, and upgrading their capabilities to seize new opportunities.
Don’t get left behind; follow their lead. Start by implementing technology that will give you hours and energy back to invest in business growth.
For many businesses, automating payment processing and reconciliation is the first step to:
As MBF's Allen discovered, "It's like magic." Manual processes become automated, data entry disappears, and reconciliation happens seamlessly.
Four reasons Canadian businesses are optimistic about 2025
Why you should be optimistic about 2025
Match your peers’ top four investment priorities
Beyond the basics: What to automate in 2025
Your 2025 digital priority: Automate payment operations
Top considerations when shopping for payment technology
Accelerating your growth in 2025
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