Royal Bank of Canada (RBC) has collaborated with Toronto-based financial software and services provider Wave (waveapps.com) to help small business clients manage their financial needs at one place.

Under the collaboration, RBC will integrate invoicing, accounting and business financial insights with its online banking platform.

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Integration of Wave’s financial management suite with RBC’s online business banking platform creates a user-friendly interface, which provides tailored financial insights to clients by combining their banking and accounting information.

Clients can also avail services like invoicing in virtually any currency, automated billing, and the ability to digitally manage receipts and track expenses.

RBC small business vice-president Jason Storsley said: “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.

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“This means a small business owner can spend more time being the CEO of their business and less time being the CFO.”

Wave CEO and co-founder Kirk Simpson said: “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.”

Wave serves around three million small businesses across the globe.