Europe’s businesses lose £301 billion to outdated expense processes each year. Find out what you can do about it.
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.
Lost
The staggering sum lost annually to poor business spending controls
Pivoted
A large number of companies pivoted in response to the pandemic
Cut costs
The majority of businesses had to cut costs during the pandemic
Sacrificed
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.”
Carlo Gualandri
CEO and Founder of Soldo