Eight in 10 finance chiefs preparing for greater regulatory scrutiny in 2024

Eight in 10 finance chiefs are prioritising preparing their departments to operate under increased regulatory scrutiny, according to a new global study

London: Tuesday 30th January 2024 - The research, commissioned by Basware, a global leader in AP automation and invoice processing and conducted by global research and advisory firm Forrester Consulting, revealed that 84 per cent of finance leaders said that adapting to stricter compliance standards was a critical or high priority for the year ahead. As organizations worldwide face pressures to elevate their compliance standards, the trend is being further intensified by the global surge in e-invoicing and tax mandates, considered one of the most effective measures for governments to combat tax evasion and close the VAT gap.

The study was developed by interviewing four respondents with experience using Basware and surveying 108 finance leaders, with responsibility for accounts payable (AP) automation in the US and Europe, about their priorities for the next two years. The results were aggregated and combined to form a single composite organization to evaluate the potential financial impact of Basware AP Automation on their organizations. The sample included directors, C-level decision-makers and budget holders including CFOs and Finance Directors.

82 per cent of respondents cited ‘attracting and retaining talent’ within the finance team as a high priority for the year ahead. Inflationary pressures and high interest rates also saw finance leaders look to reduce costs, with 82 per cent saying that improving cashflows was of great importance this year.

Other key measures listed included managing cost optimisation (82 per cent), increasing efficiency (81 per cent) and driving digital transformation (79 per cent). Finance leaders also cited automation of accounts payable as a critical priority towards delivering digital transformation with 84 per cent saying it was a major priority for the year ahead.

Jason Kurtz, CEO at Basware, said:

In an increasingly complex regulatory environment, CFOs cannot risk operating at anything less than the very highest industry benchmarks. With manual processes open to errors and delays, forward-thinking finance leaders are taking advantage of upcoming invoicing mandates as a 'burning platform' to not only achieve the highest levels of compliance but also accelerate automation as part of a comprehensive digital transformation strategy.

More information

Read the commissioned study conducted by Forrester Consulting, The Total Economic Impact™ of Basware AP Automation.

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Media Contact

Abs Hassanali
Global Head of PR & Communications

About Basware

Basware is how finance leaders in global enterprises can finally automate their complex, labor-intensive invoice processes and stay compliant with regulatory change. Our AP automation and invoicing platform helps you achieve a new level of efficiency – in a matter of months – while reducing errors and risks. We bring a unique combination of true automation, complete coverage, and deeper expertise to make it all just happen for our customers. That’s why the world’s most efficient AP departments at thousands of companies rely on Basware to handle over 220 million invoices per year. Basware. Now it all just happens.™

For more information visit: https://www.basware.com/en/

Global Head of PR & Communications
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