A Tale of Two Finance Departments

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A Tale Of Two Finance Departments Concur surveyed members of the Institute of Chartered Accountants in England and Wales (ICAEW) about their use of financial technology. Based on the results, it seems that there are two kinds of finance departments in the UK: those who are leading the financial technology charge and others who are struggling to keep up. WHICH ONE ARE YOU? To the question of "Would you describe your company's current expenses process as being entirely on paper or entirely automated?" the results were split right down the middle. 42% 44% Our employee expenses process is handled entirely ON PAPER Our employee expenses process is entirely or mostly AUTOMATED * Statistics based on 77 respondents. WHAT DOES THIS MEAN? WHAT DOES THIS MEAN? Employees use a a spreadsheet or similar paper form for submission and approvals, with paper receipts attached. Employees submit and managers approve expenses electronically, receipts are captured and stored online, and exceptions are caught through automation. Struggling to keep up Of those companies who have not automated their employee expenses process Of the 48% who had considered expenses automation but didn’t end up taking a solution on board, what held them back? 48% While you might think cost was one of the top reasons, culture and change were even bigger issues. Here’s what these financial leaders said were the reasons they have so far not implemented an automated expenses management solution: have considered doing it. 45% haven’t been able to give it a thought. 20% Couldn’t get senior *Statistics based on 44 respondents. management buy-in 30% Not enough resources to make the change 15% Too expensive 10% 45% Solution was missing key functionality Not a top priority *Statistics based on 20 respondents. Multiple responses possible. Despite the various reasons companies can’t reach a solution on automation, finance departments are struggling with the status quo. 43% Doesn’t let employees manage expenses on a mobile THE CURRENT EXPENSES PROCESS... 43% 30% Doesn’t give us enough data into spend Is time consuming and complex 13% Not linked to our travel management system 13% Too expensive and not cost-effective *Statistics based on 23 respondents. Multiple responses possible. Leading the technology charge HOW CAN EXPENSES AUTOMATION HELP? For the companies who have automated, here are some of the features they say are the most common, and the ones you should be looking out for if you are considering expenses automation. 29% Reporting and business intelligence 32% Ability to book travel 41% Mobile apps and capabilities 47% Accounts Payable automation *Statistics based on 34 respondents. Multiple responses possible. Concur thank the finance professionals who shared their views in this survey, and were pleased to support the Chartered Accountants Benevolent Association (CABA) with a donation for each survey completed. 47% Automated controls for travel and/or expense policy compliance or auditing If you’re struggling to keep up, you’re not alone. Learn more about how Concur Travel & Expense has helped more than 30% of the FTSE100 companies lead the technology charge at: concur.co.uk

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