“As company size increases, so too does strategic work until you reach a business of 1000+ employees. At this point, administration tasks take over.”
Sometimes, the bigger your business the bigger your problems. You could be grappling with some of the challenges small businesses face but on a larger scale as you have more employees, more suppliers and more money flowing through your company. To make things a little easier, you need to identify areas where you can make minor improvements that over time will have a major impact.
So, let’s take a look at Finance. Of course, the finance team is a crucial part of any business. But as CEOs increasingly turn to them for strategic insight, there’s just not enough hours in the day. Worse still, new independent research with UK finance leaders revealed that finance teams spend nearly a day each week just on admin.
The graph below shows how Finance currently divide their time each week:
In this example, it really is a case of the bigger your business the bigger the problem. The granular data revealed that as company size increases, so too does strategic work until you reach a business of 1000+ employees. At this point, strategic work drops and administration tasks take over – there’s simply too much to process.
To identify the cause of these troublesome admin tasks, think about the number of employees your business has. Then think about how many travel bookings, expense claims and invoices they generate. This is a huge amount of data that brings with it a huge amount of admin. Worse still, the research revealed that expense management is the least automated financial process. If you are relying on paper-based processes or outdated technology, it’s no wonder Finance is overwhelmed.
Isn’t it time for change?
Automation won’t just save you time, it can save you money too. Reporting is simplified when you have all your travel, expense and invoice data in one system. It’s easier to identify trends, areas for improvement and potential cost savings. Ultimately, you can discover a wealth of information that can support the strategic business decisions the CEO is making.
But don’t just take my word for it. Download the Finance Leader Report to see other problems finance leaders face and how to tackle them. If you have any questions, call us on 01628 645100.