Most UK companies spend over 500 hours a year on finance admin which prevents finance team from “helping their businesses to make crucial decisions in times of uncertainty,” according to Tim Baker, co-founder at Kloo
As recession fears grow, companies must adapt to mounting pressures. This is forcing finance departments to increasingly focus on maximising productivity and find cost-saving opportunities to build business resilience.
Inefficient spend management practices have created unnecessary and costly burdens for finance teams, affecting their ability to react quickly and become better strategic partners to the business, says Tim Baker, co-founder at Kloo, an all-in-one spend management platform.
In fact, recent industry research shows 51% of companies agree that time spent reporting expenses negatively impacts their ability to accomplish work.
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