Danish SMEs: Easy to get started with digital tools

The vast majority of small and medium-sized enterprises (SMEs) in Denmark are using digital platforms and services for payroll, finance, and invoicing. Most find it easy to get started with digital tools, yet many are still overwhelmed by administration in other areas, such as legal matters, climate initiatives, project management, GDPR, and compliance, according to a new survey.

An increasing number of Danish SMEs are turning to digital services to significantly ease their daily operations. This is a positive trend, as managing all the tasks associated with running a business can be both time-consuming and a hindrance to growth and development. However, it can be challenging to find the right partners to assist with everything from administration, finance, and sustainability to sales and marketing.

A hidden world of new digital tools

Digital tools are both accessible and valuable, according to a majority of Danish SMEs, as revealed in a new survey conducted by Norstat for kompasbank. Of the 252 decision-makers surveyed, 56% believe it is easy or very easy for their company to start using digital tools, and 60% find it easy to gain insights using these tools.

However, most decision-makers in small and medium-sized businesses are only familiar with the more established digital players like Dataløn, Dinero, and e-conomic, and are often unaware that there is a whole array of lesser-known digital tools available to help SMEs with everything from A to Z.

“Danish businesses are quite advanced when it comes to digitalisation—even the smaller ones—and they see great value in digitising and streamlining parts of their operations and administration with external help. But it can also be an overwhelming task to find the right partners once payroll and invoicing are digitised. This is where we can step in to assist SMEs because missing the mark can be both costly and troublesome,” says Michael Hurup Andersen, founder and co-CEO of kompasbank.

The vast majority of the surveyed businesses use digital solutions for payroll (91%), finance (80%), and invoicing (77%), while fewer use digital solutions for compliance/GDPR (44%) and sales (44%).

If the companies were to choose one new digital solution, most would opt for a system for sales, followed by finance and compliance/GDPR.

New marketplace to support growth and simplify daily operations

kompasbank is launching a marketplace specifically designed for small and medium-sized businesses. The platform provides an overview of and access to a wide range of digital solutions from companies specialising in areas such as sales and marketing, payroll, time tracking, legal matters, or secure data handling.

“You can think of our new marketplace as a supermarket where you can find what you need and at the same time be introduced to various suppliers who can digitalise and streamline your company’s operations and administration. At kompasbank, we want to help SMEs realise their full potential. We do this by offering tailored financing solutions and banking products, but to support them throughout their growth journey, we also want to give them access to services and solutions that can guide them to the next phase of their development,” says Michael Hurup Andersen from kompasbank.

Many Danish SMEs still spend substantial resources on administration and operations rather than focusing on their core tasks. More than four out of ten (42%) of the decision-makers surveyed report that their company faces challenges with administrative tasks and the time spent on them, and more than a quarter (26%) struggle with project management and time tracking. Additionally, over a third (34%) say they face challenges with data handling and new legislation in this area.

More time and zero errors

MuteBox, which produces soundproof phone booths and meeting rooms for open office spaces, is one company that has successfully digitalised and automated parts of its administration.

This includes contracts with new customers. Previously, MuteBox employees had to create, fill out, and send lease contracts every time they received an inquiry, and the customer then had to print, sign, and return the document. Now, a digital solution from Contractbook has automated the entire process, allowing MuteBox to focus on further developing its business.

“Contracts are neither my expertise nor my cup of tea, so I really appreciate having an automatic setup. Now we miss 0% of our agreements, save 80% of our time, and our contracts are 100% correct,” says Christian Toft Bach, CMO and partner at MuteBox.

Contractbook is one of the many digital services that kompasbank customers will have access to through the new digital marketplace.

Sign Up to the Waiting List

Through the new marketplace, named kompasbank navigator, small and medium-sized businesses can find digital solutions for everything from administration, reporting, and legal matters to sales and marketing.

About the Survey

Norstat conducted the survey between 13th and 26th April 2022, questioning 252 decision-makers in Danish companies with between 5 and 250 employees.