Now, more than ever, finance leaders are required to play a more strategic role in business. They’re relied on for insights, trends and forecasts that only they can provide. But as our latest research shows, finance teams are spending 18% of their time just on time-consuming admin tasks – that’s nearly a whole day a week! What if you got that time back? What would that allow you to focus on instead?
We partnered with market researcher Vanson Bourne to survey the perceptions of 500 finance leaders in the UK. We wanted to identify the challenges they face and where they could save time – and we discovered some surprising results.
Besides spending a large portion of time on admin, finance teams are also overly focused on processes. They feel this is taking up a disproportionate amount of their time that could be better spent on planning for the future and providing a more proactive and strategic function to the business.
Expenses and supplier invoice (AP) processes specifically are slowing down finance departments the most. They are the least automated and efficient within finance and the most susceptible to churn, errors and delays.
But finance leaders believe that if they were to fully automate all their processes, they could save an average of 26% of their time. That’s over a day a week.
In this report, we’ll reveal the key areas draining the finance team’s resources and offer insights to help you save time so you are freed up to perform a more strategic role in the boardroom.