The vast majority of UK finance leaders (95%) struggle to manage their global spending due to disconnected management tools and manual processes. That is according to a new report released by Airwallex.
The Airwallex Spend Management Reportsurveyed 500 senior finance leaders at companies headquartered in the United Kingdom between July and August 2024, outlining the most pressing challenges and issues in business spend and expense management.
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As the confidence of UK business owners in the current economic climate wanes, firms that are instead focusing on fuelling growth beyond their domestic markets are facing challenges when managing their global spend and expenses.
This comes as no surprise, with 90% of companies saying their current systems are inefficient and unreliable, which creates bottlenecks and more risk of error.
While managing spend remains a top priority for UK finance teams, 68% of respondents reported using different tools and processes to manage spend across regions
Furthermore, up to 45% admit to relying on manual tools, such as spreadsheets, to manage corporate expenses, while 57% still use paper forms.
The patchwork of disconnected tools and manual processes slows down the global growth of UK businesses. It also impacts relationships with suppliers and employees. In the context of suppliers, 41% of companies reported delays in invoice and bill payments, and another 25% claim these late payments have strained supplier relationships, hindering negotiations for better terms.
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By GlobalDataImmy Spence, Head of Sales, SME & Growth, EMEA at Airwallex, said: “At a time when UK businesses are seeking global growth opportunities more than ever, they simply cannot afford to be hamstrung by entirely avoidable inefficiencies. Archaic tools and processes may seem familiar and reassuring, but spreadsheets and siloed tools can quickly limit them, especially for those already operating across borders.
“Finance leaders looking to set their business up for success must look at unifying spend management into one platform, removing the friction, errors and a lack of financial visibility that comes from multiple systems.”
