The lendinero business research team conducted surveys in quarter 4 of 2020. Fifty percent of the businesses surveyed were Latino-Owned Businesses and the rest from different ethnic groups.
In the study, Lendinero outreached to 295 businesses. Out of the 295 businesses, seventy seven percent of the businesses were not familiar with online or cloud-based accounting.
This is a big issue when the payroll protection program and the economic injury disaster loan requests many financial reports. Cloud-base accounting can help businesses have financial reports at hand. Now more than ever, these business tools can become helpful. They can make the difference between getting approved or denied for a stimulus program.