A study by Soldo Highlights the challenges finance teams must overcome in order to survive and thrive in a new era of financial optimism
Frankfurt, Germany, December 7, 2021 / PRNewswire / – A new report released today by Soldo, Europe’s leading platform for wage and cost automation, shows that almost three-quarters (70%) of German SMEs prioritize growth over the next 12 years. Months. 44% say their strategy is to raise new capital, while a third (33%) want to take over other companies through mergers and acquisitions.
However, in order for organizations to truly benefit from this era of new optimism, the finance teams leading this development must lead change and promote dynamism and innovation throughout the organization.
Josh Bell, Said Don Capital’s general partner: For companies that focus on re-growth after an epidemic through capital accumulation or acquisitions by other companies, it is primarily important to address all financial woes, be they budgets, credit cards or expense reports. This is the only way they can focus on the important things elsewhere in the company. [Soldo ist die Antwort auf dieses Problem.] Another major challenge is the question of how to spend money wisely for growth. Companies accumulate large sums of money, but then the biggest challenge is that they do not spend properly on key factors such as capacity and are unable to achieve growth.
77% of long-term changes made by Pandemic show that finance executives plan more often, while 73% say those plans are now more forward-looking, indicating the need for a holistic view of business spending. In all businesses.
Claire Wayne, CFO From the monsoon Make accessories Recognizes the importance of continuous planning and analysis: We need to find more consistent solutions in measuring our performance to understand how performance is coming. We need to make more regular predictions to monitor performance regularly and determine where we are getting good results.
The report also highlights that 72% of respondents believe that greater visibility, control and cost-effectiveness will have a positive impact on revenue growth. To prepare for this, finance teams are investing in technology, especially automation tools. Two thirds (66%) cited investments in IT technologies and automation as the main drivers of profit, while about three-quarters (74%) invested in automation to control employee costs. 71% did this to control marketing and advertising costs.
But they also know that the challenges to growth cannot be solved by technology alone. Sixty percent of finance executives point to a lack of effective communication within the organization as a major obstacle to success, while 64 percent say they need to improve communication and cooperation with their company’s executive team.
Mariano Dima, The chairman of Soldo said:As so many German SMBs focus on growth, finance teams are under pressure to provide a comprehensive overview of costs, control costs, and implement systems that provide the quality of data visibility essential to fuel business growth. . But without the right tools, financial teams can certainly waste valuable time, which can be well spent on ventures that lead to strategic growth.
However, the study also found that only 30% of German companies plan to offer more flexibility to their employees when it comes to costs, which is unfortunate, but it should come as no surprise when you consider that many still operate on manual systems. Time can be tracked.
About the study
Soldo conducted a study from Coleman Parkhouse Research, an independent consultancy. In September 2021, the company surveyed 900 people. All respondents were from companies with 1,000 or fewer employees in Germany, the United Kingdom, Ireland and Belgium. Luxembourg, Netherlands, Italy, France. All respondents were responsible decision makers for financial automation and technology solutions and / or the Approval Authority for financial oversight and a review of corporate spending. This includes the responsible executives of the entire company, including the managing directors. The companies quoted in our report are divided into two categories – companies with 1 to 50 employees and companies with 50 to 1,000 employees.
Soldo is a European platform for automation of payments and expenses that integrates the intelligent company cards provided by MasterCard with integrated management software. Soldo is used by more than 26,000 companies to track and control their costs, from small firms to multinationals in more than 31 countries.
Soldo, a UK-based company with offices Dublin, Milan and Rome, like customers Mercedes Benz, GetYourGuide, Gymshark, Bauli et al Brooks RunningSpend corporate money on travel, entertainment, advertising, shopping, software subscriptions, e-commerce and more. With custom budgets and live transaction tracking, financial decision makers can control all of their company’s expenses.
Find the best way to manage costs.
We are proud of the support of leading global investors including Accel, Battery Ventures, City Ventures, Dawn, Silicon Valley Bank, Advent International and Temasek.
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