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Spend Management >
February 03, 2023
4 minute read


THE COST OF INACTION: AN URGENT CALL TO UPGRADE ACCOUNTING PROCESSES.

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Written by Aneal Vallurupalli
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If you’re like most mid-market to early-enterprise companies, you’ve probably
built up — or inherited — a number of systems in your financial tech stack to
manage spending. The legacy ones include Expensify, bill.com, and Concur. You’ll
have a card program like AMEX or SVB, or maybe a software-enabled one like Ramp
or Brex. But, in this new era of cost savings and efficiency, the limitations
and expense of these point solutions are increasingly clear. Not only do
multiple systems cost more, but the modern approach to spend management does a
better job. It’s designed to control spending and streamline the interrelated,
and continuous workflows associated with the process from intake to the final
booking. 

Ultimately, a consolidated platform designed to handle end-to-end processes is
going to be more cost-effective and efficient. Consolidation will lead to higher
productivity and better risk management. 


THE PUSH AND PULL OF TAKING ACTION.

There are two reasons to get on board and take advantage of these benefits
sooner rather than later:

 1. The costs of your messy tech stack will accumulate as you delay investing in
    a modern, optimized solution.
 2. There is measurable value to a consolidated solution for company spend.

I’m sympathetic to the resistance of a rip-and-replace exercise — it demands
time, attention, and investment from teams who have been stretched with
re-forecasting, runway management, new fundraising challenges, closing the
books, and adapting to a whole new business environment. 

But it’s more critical than ever that we not rely on “good enough” processes
that cost more, expose us to risk, and place an increased burden on our teams to
spend extra hours on manual tasks. The benefits of a better process accrue to
both Finance and the total employee population.  


SET UP NOW FOR FUTURE SUCCESS.

Improving the productivity of our teams needs to take center stage, not only
because the cost savings will help us through this era of belt-tightening but
because the improved efficiency will leave us better situated to accelerate out
of the turn. Recent analysis  by both Bain and McKinsey has confirmed a Harvard
Business Review seminal study showing companies that lower their cost structure
by investing in operational efficiencies perform significantly better after a
recession.

While taking action is a good idea, taking the right action is an even better
one. Experience shows that companies waste over one-third of their software
spend because employees don’t use the purchased software. Upgrading to solutions
that people love to use ultimately improves ROI and should be an important
criterion for judging solutions. That’s why Airbase’s modern spend management
was designed to create a first-rate user experience for all stakeholders. 


BUILD FOR SCALE TO AVOID THE NEED FOR FUTURE ACTION. 

Not only is operational efficiency important in the current environment, but
it’s also important in times of growth as companies scale. Since finance teams
don’t — and shouldn’t — add headcount at the same rate as other parts of the
organization, we must do more with less. This is why scalable software is
essential. And, with growth comes an increase in the number and complexities of
the challenges faced. 

Approval chains become more complex, the number and needs of stakeholders
increase, transaction types and volume multiply, and compliance and audit
readiness become more important. A scalable system lets you add these
requirements without having to go through yet another replacement exercise in
the future. 


SURPRISING LESSONS FROM A CRISIS. 

It’s true that finding the bandwidth to tackle an upgrade is a serious
challenge. The B2B software purchasing life cycle has become increasingly drawn
out and characterized by longer buying cycles and indecision. A Gartner study
found that 77% of respondents described their software purchasing processes as
complex or difficult. 

But when businesses were forced to pivot quickly in the spring of 2020 in
response to the onset of the COVID-19 pandemic, some unexpected developments
occurred.

 1. Transitions happened much, much faster than expected. In a McKinsey study,
    executives reported that prior to 2020, they would have predicted that
    implementing new business operations technology would take about 672 days.
    But when their hand was forced, they were able to implement the necessary
    changes 25 times faster than they predicted — in just 26.5 days. 
 2. Those who were able to pivot quickly ultimately emerged stronger. A majority
    of top-performing companies said they were the first in their sector to
    implement new technology. 

With the serious challenges of today’s business environment, I would argue that
the urgency to make changes today is every bit as important as in 2020. 


OPPORTUNITY COST WHEN WEIGHING THE COST OF INACTION.

The cost of inaction can be measured as the future streams of ROI that you miss
out on by delaying action. ROI also factors in time savings for your team, which
is more critical in the current environment. It’s simply not feasible to spend
money throwing more bodies at a problem. The cost savings of a consolidated
spend management platform, plus the marginal revenue that can be earned with a
more efficient card program, create a positive ROI. 

Consider just one of the types of savings companies experience — the hours of
manual work bringing AP data together. A recent PYMNTS study found that AP teams
spend an average of 18% of their time doing manual work. This one factor can be
assigned a monetary value and projected out for as long as you put off taking
advantage of an upgrade. Add to this savings not having to pay for multiple
platforms and eliminating wasted or fraudulent spending, plus the additional
revenue earned with optimized payment methods, and an ROI worth your team’s
valuable time emerges. 


NOW IS THE TIME TO ACT.

In an uncertain environment, the impulse to stick with the processes you know
(however inefficient) can be strong. But things won’t get easier if those
processes aren’t supporting your team today. There’s a saying that I think is
apt right now: Diamonds are forged under pressure. Finance teams that allocate
scarce bandwidth to implementing better systems will find they are rewarded with
a clear and bright future.   

Take the first step — schedule a demo with us!

 



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OTHER POSTS


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HOW APPROVALS FOR PHYSICAL CARD TRANSACTIONS IMPROVE COMPLIANCE AND CONTROL.

Spend Management
Find out how approvals for physical card transactions improve compliance and
control, while saving time for finance team members and employees.


DOES YOUR EXPENSE MANAGEMENT PROCESS COST TOO MUCH?

Spend Management
Discover a new approach to expense management that saves time and money.
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