Home Business News Less than one in five businesses automate payroll and expenses, wasting millions of employee working hours

Less than one in five businesses automate payroll and expenses, wasting millions of employee working hours

by LLB Finance Reporter
23rd May 23 9:25 am

Global Expenses app, ExpenseOnDemand, commissioned an extensive survey of business leaders* to understand how firms utilise tech, the demand for tailored solutions and the biggest challenges businesses face.

The survey has highlighted which processes businesses are automating when it comes to adopting tech solutions, and the results are 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 surprising given the sheer diversity in tech solutions readily available to automate payroll and expenses – not to mention how time-consuming it is to manage these processes manually.

Moreover, the actual cost of the time spent far outweighs the cost of availing 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 ExpenseOnDemand that synchronises seamlessly with leading accountancy systems such as Sage, QuickBooks, Xero and more.

At ExpenseOnDemand, businesses can hand-pick the services they need and benefit from a completely tailored solution that can mirror current business processes. This means it is easy to integrate with ExpenseOnDemand, whilst being extremely cost-effective.

Sunil Nigam, Founder at ExpenseOnDemand, commented, “We commissioned our report to help us understand what businesses want from their tech provider and how business leaders are utilising tech solutions. 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.”

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