Research shows that over 90% of accounting and finance professionals still waste time chasing down invoice details every month.
SAN FRANCISCO — June 30, 2022 — Airbase, the fast-growing and top-ranked spend management platform for mid-market and enterprise companies, has today announced the results of an independent survey of over 200 finance and accounting professionals in the U.S. to better understand their day-to-day reality when managing company spend in 2022.
The findings among the respondents — all from companies of 50-3,000 employees — indicate that over 85% want better visibility, control, and automation over employee spending. Inefficiencies in accounts payable and general purchasing processes were evident as 97% stated they waste precious time chasing invoice details every month, and 47% declared that a lack of automation is costing them time and money. Finance teams are searching for simplified processes, access to better data, the eradication of low-value work, and an assurance around visibility and control.
The survey also revealed that finance professionals don’t see what employees are spending until it’s too late. And it showed that a lack of automation keeps them trapped in low-value tasks preventing them from contributing to their company’s strategic initiatives.
Key findings include:
1. Finance professionals don’t see what employees are spending until it’s too late.
- Finance professionals lack real-time visibility on spend.
- 54% have no visibility into company spending until after it has occurred.
- 17% wait for credit card statements to be received or for the books to be closed to see this expenditure.
- 88% want greater visibility of all company spend in real time.
2. Company spend — increased demand for tools to provide true visibility and control.
- 65% believe that current lack of control over spend will negatively impact their growth.
- Over 90% wish for more visibility, control, and automation around how their company spends money.
- 39% say they are controlling less than 50% of their risks.
3. Automation is seen as the path to success.
- 47% say a lack of automation is costing them time and money.
- 78% say automation will directly have a positive impact on growth.
- 97% waste time chasing down invoice details every month.
Thejo Kote, CEO at Airbase, commented “At Airbase, we’re always listening to our customers and other professional contacts — it helps us stay attuned to the key issues being tackled by the finance community. Every few months, we also like to cast the net wider, and ask a broader cohort via independent surveys what challenges they’re facing.
“While the results in this most recent survey are not directionally surprising, it’s disappointing to see how many finance professionals still struggle to get to a level of efficiency that can be easily achieved with systems that are readily available today.”
Airbase also hosts Off the Ledger, a Slack community of around 4,000 finance professionals that’s a private space for networking, advice, and members-only events. Finance professionals can apply for membership at: https://www.airbase.com/off-the-ledger