Updated: September 5, 2022
The acceptance of uncertainty and an unwillingness to let it stand in the way of growth was evident in the survey results.
Some 96% of the businesses surveyed say they are planning to grow and uncertainty is not seen as one of the barriers to that growth.
In fact, for the business as a whole, the top five barriers according to finance leaders are:
For the finance team specifically, the top five barriers according to finance leaders are:
It is evident in these results that it is not uncertainty but a technology gap that is perceived to inhibit business growth.
The technology gap
Our research found that a lack of efficiency in finance systems is resulting in problems for 92% of finance leaders.
When we look at the problems faced by finance teams, we start to see why IT and finance infrastructure is holding businesses back. Problems cited include:
The reasons behind the difficulties finance leaders face in planning and forecasting, managing cash flow and budgeting effectively are revealed when we look at how spend is managed.
For many businesses, manual processes still underpin travel, expense and invoice systems. In fact:
On average, enterprise businesses host 52% of their business systems in the cloud and for SMBs it’s 42%.
Given these figures then, it’s hardly surprising that 67% of finance leaders aren’t confident their expense, travel and invoice systems will scale with them as they grow. In fact, there’s already an awareness that scalability is a problem:
The benefits of closing the technology gap
It is clear that finance leaders understand the problem and see the benefit of automation in solving it. The vast majority (98%) of the finance leaders surveyed say automation would benefit their organisation. The principal advantages are seen as:
What’s more, 93% of respondents agree that connecting expense, travel and invoice processes is important to achieving their growth objectives.
Don’t let the technology gap hold your business back
Get in touch today to find out more.