71% of Finance Professionals Consider Their Division is Lagging, New Teampay Report Reveals

New Analysis from Teampay and Materials Highlights Heightened Frustration for Monetary Professionals Amid Uptick in Workers Utilizing Private Playing cards

NEW YORK, June 16, 2022–(BUSINESS WIRE)–Practically three-quarters (71%) of company finance professionals don’t really feel their groups’ platforms and instruments are as robust as different departments, in keeping with insights revealed in a brand new report from Materials, commissioned by Teampay, the all-in-one buying platform. 93% wish to create extra efficiencies inside the finance division.

Launched at Teampay’s Agile Finance Summit on Thursday, June 16, the second annual report from Teampay and Materials, “Past the Stability Sheet,” sheds gentle on the ache factors of 500+ finance professionals Teampay and Materials collectively studied. Amid a continued labor scarcity and the dramatic shift to hybrid work, this 12 months’s report discovered constant or heightened dissatisfaction when in comparison with final 12 months.

Along with finance professionals, Materials additionally surveyed greater than 1,000 information employees to higher perceive their relationship with the finance division. Greater than three in 4 (76%) information employees imagine their relationship with their finance division would enhance if their firm had been to implement a brand new method to handle buying, expense, and procurement processes.

“Enabling finance groups to create human-centered finance processes is core to Teampay’s mission,” mentioned Andrew Hoag, Founder and CEO of Teampay. “This report pinpoints inefficiencies and frustrations with outdated processes, figuring out alternatives the place finance leaders could make an actual impression to the enterprise. That is notably important in right this moment’s difficult hiring local weather. By understanding these challenges, we are able to enact significant change for organizations by offering finance departments and workers with the intuitive instruments and processes they have to be profitable.”

Extra key findings embody:

To obtain the complete Teampay and Materials report, go to: right here.

About Teampay

Teampay helps high-growth firms streamline the buying course of throughout digital playing cards, bodily playing cards, invoices and reimbursements. The one buying software program designed with workers in thoughts, Teampay’s automated workflows empower workers to shortly purchase what they want whereas staying in coverage. The platform points safe fee strategies with built-in controls and reconciles transactions into the shopper’s accounting system in actual time. This contemporary strategy to buying eliminates unauthorized and out-of-policy spending, supplies full visibility for finance and helps construct higher relationships between finance and workers. Teampay was based in 2016 and is headquartered in New York Metropolis.

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