Australian finance leaders sound alarm on managing global spend and expense in new Airwallex report
Almost all Australian finance leaders (97 percent) struggle with a lack of robust spend controls, according to a new report released today by Airwallex, the Australia-founded leading financial platform for modern businesses.
The Airwallex Spend Management Report surveyed 500 senior finance leaders, including Chief Financial Officers, at Australian headquartered companies between July and August 2024, outlining the most pressing challenges and issues in spend management.
Amid a challenging economic backdrop and increased complexity in the global financial ecosystem, 88 percent of respondents said that they’re facing challenges managing their global spend and expenses, which is unsurprising given 63 percent acknowledged that they are still managing expenses manually, often relying on archaic applications like spreadsheets.
Notably, the reliance on outdated and fragmented systems results in stunted growth as well as strains on relationships with suppliers and employees for 74 percent of respondents, who said their company’s current systems are inefficient and unreliable.
Shannon Scott, SVP, Global Head of Product at Airwallex said legacy systems and an increasingly global workforce is making it more difficult for finance leaders to manage spend and expenses.
“Adopting more sophisticated financial solutions can be a game-changer for Australian businesses as they look to accelerate their growth beyond orders. A spend management platform that can handle cross-border transactions, multi-currency management and integrated vendor spend and employee expense processes can save businesses time, money and effort and be the lever that boosts growth and efficiency.”
Airwallex Spend, a product suite which includes Corporate Cards, Expense Management and Bill Pay applications, is designed to reduce the time and number of tools businesses need to manage their finances with its all-in-one global platform, AI-powered automations and fast and efficient infrastructure to pay suppliers built-in.
Other key findings from the Spend Management Report include:
- 60 percent have either different tools or different processes for managing spend outside of their home market, evidencing a lack of a unified approach to finance and spend across borders
- 51 percent don’t believe their current systems provide adequate visibility into cash flow across regions
- 44 percent of respondents are not satisfied with their current spend management solution
- The top challenges in spend management are lack of spend controls, lack of automation and manual reconciliation
- Many companies’ financial software and banking systems are disconnected, which forces finance teams to manually bridge the gap. Over half (51 percent) of companies report spending more than half their time on manual operations related to spend management—a time drain.
The report also contains first-person accounts from leading finance professionals and Chief Financial Officers about how Airwallex has helped their businesses identify efficiencies in their spend management processes to realise growth.
Download the Airwallex Spend Management Report here. To find out more about Airwallex Spend, visit here.
