Royal Bank of Canada (RBC) and Wave have collaborated to integrate invoicing, accounting and business financial insights into RBC’s online business banking platform. This first-of-its-kind offering from a bank in North America will enable RBC’s small business clients to seamlessly manage their full business financial services’ needs — from banking and bookkeeping to invoicing — in a single place with a single sign-on.
Wave is the producer of financial software and services — including free invoicing, accounting, payment processing, receipt scanning, reporting and more — for nearly 3 million registered businesses around the world.
Accessible through a small business owner’s online banking site, Wave’s financial management suite, coupled with the power of RBC, will revolutionize how small business owners manage their finances. The simple, easy-to-use interface will give owners insights into their business by combining their banking and accounting information under one view, which will help them make more informed decisions. In addition, business owners can leverage Wave’s suite of state-of-the art services, like invoicing in virtually any currency, automated billing, and the ability to digitally manage receipts and track expenses.
“We’re always exploring how we can use emerging technologies to simplify the complex issues our small business clients face and help them achieve their goals,” says Jason Storsley, Vice-President of Small Business, RBC. “Small businesses generally don’t have dedicated accounting and billing staff; it’s typically the owner of the business who is managing the finances, and completing these tasks takes up valuable time. Working with Wave, we’ve created a unique platform where the business owner’s financial life is contained under one roof, making it easier for them to manage their business. This means a small business owner can spend more time being the CEO of their business and less time being the CFO.”
Launched to coincide with Small Business Month, the inclusion of Wave’s financial management suite is just one of the many offerings for RBC’s small business clients that goes beyond traditional banking services. As the leader in commercial and small business banking, serving the most clients with the broadest range of advice and best-in-class products in Canada, this complements the specialized service and tailored advice provided by RBC business banking advisors.
“Entrepreneurs and small business owners have a range of financial activities and tasks they need to accomplish. On a daily basis, they’re sending invoices, processing payments and doing their bookkeeping,” says Kirk Simpson, CEO and Co-founder of Wave. “By embedding Wave’s complete small business tools into RBC’s online business banking platform, small business owners now have one single destination to manage their financial life.”