New Report Exposes Corporate Spend Challenges: Companies Lose An Average of $85,000 a Year on Misaligned Spend Policies
NEW YORK, July 21, 2021 (GLOBE NEWSWIRE) -- Teampay, the leading distributed spend management platform, today announced a new research report in conjunction with Kelton Global, a Material Company. The report, “Beyond the Balance Sheet: The Top Challenges Facing Finance Teams,” comes at a crucial time as employees return to work in hybrid, distributed environments that pose new challenges for finance teams.
Teampay and Kelton Global teamed up to survey 500 corporate finance professionals in order to better understand how changes to business purchasing have impacted finance processes, reporting, and the team members themselves. The results shed a light on longstanding challenges in the field which were exacerbated by the pandemic, including a lack of clarity around crucial month-end close metrics and consistent losses from misaligned spend policies.
Several challenges also extended into the day-to-day work of finance professionals, highlighting the need for more digital, automated tools. Importantly, the report identified a host of possible solutions to major pain points. These insights will give leadership teams a path forward as they navigate the return to work and make improvements to the employee experience.
Some key findings from the report are included below:
Spending Outside of Company Policy Has a Significant Impact
COVID-19 Has Presented Additional Challenges for Finance Teams to Manage
Finance Pros Seek New Solutions
“Customers have approached Teampay for years to help them run their businesses more efficiently. This report has revealed just how dramatic the challenges are,” said Andrew Hoag, CEO of Teampay. “By automating processes and workflows, organizations can better support employees, reduce the busywork that finance teams face, and save a lot of money.”
The full report with additional insights presented by Teampay and Kelton Global is available for download at https://www.teampay.co/beyond-the-balance-sheet/