Over a quarter of finance teams spend more than a week managing employee expenses and supplier invoices per month
– Three out of 10 businesses still rely entirely on spreadsheets to manage their finance and AP processes
– Nearly half of all finance professionals are worried about paper-based invoices being mislaid or emails getting lost in inboxes
– 39% of finance leaders said becoming a strategic partner to the business is their biggest focus for the next two years
As finance leaders are increasingly relied upon to drive the strategic direction of the business, the need to create efficiencies and free up time is more important than ever.
Automating processes like expenses and invoice management, with cloud based applications, will become the norm in less than a decade, but worryingly, our findings show that most businesses are still far behind in the journey to a fully electronic, automated system.
This is despite the fact that more than half (59%) of all respondents cited controlling costs as a top priority for their business over the coming year, with 48% saying they want to improve business processes.
Find out more about finance teams’ top three business priorities, main concerns over employee expenses and supplier invoices, and how they are managing their time in the full report here.