Why are the majority of businesses still not automating easy-to-manage processes such as payroll and expenses?
By Sunil Nigam, CEO of ExpenseOnDemand
At ExpenseOnDemand, we recently commissioned an extensive survey of business leaders* to understand how firms utilise tech, the demand for tailored solutions and the biggest challenges businesses face. Our survey highlighted which processes businesses are automating when it comes to adopting tech solutions, and the results were surprising.
Unsurprisingly Accountancy and IT topped the list of processes being automated, with over a third (34%) of businesses using technology solutions to do this. These were followed by HR, Customer Services and Cyber Security as the top five most popular functions that firms are currently automating. However, the survey showed that Payroll (16%) and Expenses (19%) are still two of the least automated processes within firms, with PR and Sales fairing the lowest.
The above is extremely surprising to me given the sheer diversity in tech solutions readily available to automate payroll and expenses – not to mention how time-consuming it is to manually manage these processes. Moreover, the actual cost of the time spent far outweighs the cost of these tech automation services. It is especially true for businesses that are already automating their accounting processes and would benefit from a solution like our offering at ExpenseOnDemand that synchronises seamlessly with leading accountancy systems such as Sage, QuickBooks, Xero and more.
At ExpenseOnDemand, we allow our clients to hand-pick the services they need so they can benefit from a completely tailored solution that mirrors their current business processes. This means it is easy to integrate with ExpenseOnDemand, whilst being extremely cost-effective.
It is surprising and concerning to see so few firms automating processes such as expenses and spending so much valuable time trying to manage these manually whilst running their businesses.
ExpenseOnDemand will allow you to automate all your staff expenses and we pride ourselves on ensuring our tech is market-leading and our costs are not only completely transparent but also extremely competitive.
*Research commissioned by Research without Barriers – 2022