// PREDICTIVE INTELLIGENCE //

ACCURATE FINANCIAL REPORTING IS WHAT UNDERPINS THE SUCCESS OF SMALL BUSINESSES OPERATING ON A GLOBAL SCALE .

adversely affects their operations . Without any solid controls on spend , there is a real risk that a business overextends its spending and encounters budgetary issues which damage the overall health of companies .

Archaic tools and processes may seem familiar and reassuring , but 97 % of businesses note a lack of real-time visibility into their spending patterns , as the often disjointed tools obscure a clear view of their finances . The reality is that traditional methods of spend management cannot keep up with the complexities of currency fluctuations , regulations and cross-border payments .

At the same time , embracing a new , modern system can feel daunting – we know that 32 % of businesses feel overwhelmed by the sheer volume of software tools available . However , creating a unified spend management system is key for finance leaders looking to regain control .

Embracing automation

Automation plays a crucial role in streamlining these operations , reducing manual tasks and minimising the potential for human error . While many small business leaders recognise the value of automation to stay competitive , UK businesses still heavily rely on manual processes which hinder them . Ninety-six percent report feeling the impact of insufficient automation , with 33 % saying it impacts their business due to wasted time on repetitive tasks like manual data entry and reconciliation .

Manual options may tempt smaller businesses looking to cut costs , but in the long-term , they can lead to inefficiencies that hamper the bottom line . For this reason , finance leaders should seriously consider pivoting to automating spend management processes .

The key to freeing up time for finance teams lies in automating the entire spend lifecycle , from invoicing and bill payments to expense submissions and accounting system integration . This can be achieved by

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