A significant majority of all Australian financial services businesses are concerned about their expense management, according to a UK consultancy firm.
The research, conducted by Opinion Matters and commissioned by UK-based payment technology firm Conferma, revealed that 97 per cent of Australian businesses in financial services admitted to having concerns about their current expenses management systems.
Conferma said in a statement that with heavy regulation from ASIC and APRA, among others, it is understandable that so many businesses in this sector have apprehensions about unproductive expenses processes.
Conferma chief executive Simon Barker said the financial services industry should, however, be leading the way for expenses efficiency.
"It doesn't come as a surprise that so many leaders in financial services would be concerned about inefficient processes, but it is surprising that many are still using outdated and unproductive systems to manage their corporate expenses," Mr Barker said.
"They are more aware than any other industry of the financial cost, the time lost to manual data entry and risks such as employee expenses fraud and inconsistencies in company records."
The research also found that only 60 per cent of Australian big businesses are looking to mobile payments as a possible solution to current problems, while only 22 per cent of financial services companies use virtual cards to combat the same problems.
The Opinion Matters research was based on a sample of 225 people who work in the finance department of companies with over 250 employees in Australia, and was carried out between 4 and 13 May.
SUBSCRIBE TO THE SMSF ADVISER BULLETIN
- 22 Sep 2017ASIC permanently bans SMSF property spruikerBy Miranda Brownlee
- 22 Sep 2017Male SMSF investors ‘bigger risk takers’, says reportBy Staff Reporter
- 22 Sep 2017Lawyer flags subdivision trap with downsizer contributionsBy Miranda Brownlee
- 22 Sep 2017ATO urged to address ‘unknowns’ with LRBA reportingBy Miranda Brownlee
- 21 Sep 2017Lost and unclaimed super climbs to $18 billionBy Lara Bullock
- 21 Sep 2017ATO to release further guidance on reservesBy Miranda Brownlee
- view all
- Male SMSF investors ‘bigger risk takers’, says report
Male SMSF members tend to hold a greater share of assets in higher risk investments including domestic shares and property in comparison to ...read more
- Lawyer flags subdivision trap with downsizer contributions
SMSF trustees planning to make downsizer contributions have been warned that if a property has been subject to a partial sale in the 10 yea...read more
- ATO urged to address ‘unknowns’ with LRBA reporting
The ATO has been asked to provide further clarity around the events based reporting requirements for LRBA repayments, with the new requireme...read more
- view all