UK Finance Leaders Highlight Friction in Global Spend Management Challenges

18 Oct, 2024

New findings from Airwallex reveal that 95% of British finance leaders face significant challenges in managing their global spending due to a lack of robust spend control. The latest Airwallex Spend Management Report highlights that the vast majority of finance leaders are hindered by disconnected management tools and cumbersome manual processes. This report, based on a survey of 500 senior finance leaders from UK-based companies conducted between July and August 2024, sheds light on the pressing issues surrounding business spend and expense management.

As confidence in the UK economy declines, many firms are turning their attention to expanding beyond domestic markets. However, they encounter numerous obstacles when it comes to managing global spend and expenses effectively. Alarmingly, 90% of companies reported that their current systems are inefficient and unreliable, leading to bottlenecks and an increased risk of errors. Despite the critical importance of managing spend, 68% of respondents use disparate tools and processes across various regions.

The reliance on outdated methods is particularly concerning, with 45% of finance leaders admitting to using manual tools like spreadsheets for managing corporate expenses. Additionally, 57% continue to utilize paper forms, which further complicates the management process. This disjointed approach not only hampers the global growth potential of UK businesses but also adversely affects supplier and employee relationships. A staggering 41% of companies reported delays in invoice and bill payments, with 25% indicating that such delays have strained relationships with suppliers, impeding negotiations for better terms.

Immy Spence, Head of Sales, SME & Growth, EMEA at Airwallex, emphasizes the urgency for finance leaders to address these inefficiencies. He notes that as UK businesses seek global growth opportunities, they must overcome avoidable challenges posed by outdated tools and processes. To set their organizations up for success, finance leaders should consider unifying spend management onto a single platform, thereby eliminating friction, reducing errors, and enhancing financial visibility.

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