Half of finance professionals say lack of automation is costing them money each month, according to poll
30th June 2022 15:34 - Financial Services
Half of finance professionals say lack of automation is costing them money each month: A survey of companies with between 50 - 3,000 employees has revealed that almost half of finance and accounting professionals believe that a lack of automation is costing them time and money every month.
The survey by Airbase polled 201 respondents who work in finance or accounting, and also revealed that the vast majority (97%) believe they waste time chasing invoice details every month, with 85% saying that they want better visibility, control and automation over employee spending.
Also revealed by the survey was that 54% of finance professionals are not privy to what employees are spending money on until after purchases have been made, with 17% saying they wait for credit card statements or wait for books to be closed until they see any purchases made. Nine out of 10 said that they would like to see better visibility of company expenditure in real time, while almost two-thirds believe that the current lack of control over spending with have a negative impact on their company's growth (65%).
When asked where they would like to see more visibility and control, the top answer give was corporate credit cards (58%), followed by employee expense reimbursements (51%), purchase orders (46%) and paying bills (46%). Other areas cited included software subscriptions (42%) and unbudgeted purchases (37%).
The research found that finance professionals believe that automation would lead to better business success, with more than three-quarters (78%) believing it will have a positive impact on growth.
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