
3. Integration Concerns
Businesses with complex legacy systems fear that integrating new automation platforms will disrupt their established processes. According to Forbes, 43% of finance teams are concerned about the smooth integration of new technology into their current systems, especially for accounting and payroll. This concern is compounded by worries about potential downtime and disruptions to existing workflows.
“If integration isn’t seamless, you run the risk of disrupting existing workflows instead of improving them,” notes Paul Anderson, CTO at OpenTech Solutions. “However, today’s modern automation platforms offer robust APIs and integration solutions designed to avoid these headaches.”
4. Perceived Lack of Control
For some finance leaders, automation feels like a loss of control over expenses. They fear that replacing manual checks with an automated system will reduce oversight.
However, this concern is unfounded. In fact, 53% of businesses that adopted automation reported an increase in compliance with their expense policies, according to a study by IDC. Automated systems provide real-time monitoring and flag anomalies more effectively than manual processes.
“Automation isn’t about losing control; it’s about gaining better oversight,” says David Green, CFO of AutomateNow. “You can see non-compliant spending much faster with the right tools in place.”
5. Security Concerns
Automating expense management involves handling sensitive financial data, leading to concerns about cybersecurity. A survey by Deloitte found that 47% of CFOs are worried about the security risks associated with cloud-based expense management systems.
While these concerns are legitimate, modern platforms are equipped with advanced encryption technologies and compliance with data protection regulations like GDPR.
“Security is paramount,” explains Sarah Lewis, Head of Cybersecurity at FinTechX. “The good news is that today’s leading automation platforms use encryption and advanced authentication measures to protect business-critical data.”
Conclusion: A Win-Win for Vendors and Your Business
While the obstacles to automating expense management are real, they are not insurmountable. With a focus on clear communication, diligent research, and long-term savings, businesses can overcome these challenges and reap the benefits of automation.
Companies that adopt expense automation systems typically reduce their overall expense management costs by 40-50% over time, according to a report by PayStream Advisors. As automation technology continues to evolve, businesses that embrace it will likely have a competitive advantage in terms of cost savings and operational efficiency.
At Systematics, we develop custom expense management systems that integrate with systems and deliver perfect fit for your business. Have you automated your expense management process yet? What hurdles have you faced? Let’s discuss in the comments.