Working with Coleman Parkes Research, we answered a key question for finance teams: what’s hampering their efforts to improve efficiency and cut costs? Focusing on the burden of admin – particularly when managing spending – we identified real challenges. But we also saw that businesses could hasten their recovery to pre-pandemic performance with a few easy-to-deploy tools.
The staggering sum lost annually to poor business spending controls
A large number of companies pivoted in response to the pandemic
The majority of businesses had to cut costs during the pandemic
The annual cost of receipt processing errors to the average UK business
Of VAT lost
The amount of unclaimed VAT left on the table after processing issues
“In 2021, getting a grip on business spending moves beyond simply controlling expenses to managing company spending holistically. Throughout, the data underlines that now is the time to digitise the way finance manages spending to unlock more cash to fund growth.”
CEO and Founder of Soldo
From administrative bottlenecks to a lack of real-time visibility, the main consequence of poor spending controls is – unsurprisingly – a significant loss of revenue.
But, at a time when leaders face twin pressures to both reduce the cost of operations and invest in new technology and new business models, digitalisation is proving to be an ally.
Find out how businesses across Britain and Europe have benefitted from deploying agile business spending platforms, and see how you can, too.