Learn how automating finance processes, including expense reporting and reconciliation, can significantly enhance profitability and improve cost management.
Inefficient processes can have a detrimental impact on company finances, with some businesses losing up to $1.3 million annually. One-third of financial teams identify manual reconciliation as a significant challenge, leading to errors and delays. It is crucial for scaling businesses to recognize and address these inefficiencies to protect their profitability.
Is your team spending too much time on manual expense reporting? Challenges such as tracking receipts and reconciling reports can drain resources. Automating these tasks can save considerable time, with an average of 400 hours required to process 1,000 expense reports manually.
According to a 2024 Deloitte survey, 80% of CFOs are eager to implement finance process automation. By leveraging a commercial card with an integrated expense management system, organizations can:
With a solution from SVB, businesses can automate payments and reconciliation while also negotiating better rates with vendors, resulting in further savings.
Adopting finance process automation is an effective strategy for reducing costs and allowing teams to focus on more impactful business activities. SVB’s commercial card solutions are designed to support your organization as it grows.