In response to the evolving global regulatory landscape, eight in 10 finance leaders are actively prioritizing the preparation of their departments to navigate heightened regulatory scrutiny, according to a comprehensive global study commissioned by Basware, a provider of AP automation and invoice processing technology. The research, conducted by global research and advisory firm Forrester Consulting, sheds light on the strategic priorities of finance leaders in the face of increased compliance standards.
The study found that 84% of finance leaders consider adapting to stricter compliance standards as a critical or high priority for the upcoming year. As organizations globally grapple with the demand to elevate their compliance standards, the surge in e-invoicing and tax mandates, recognized as effective measures to combat tax evasion and close the VAT gap, is adding further impetus to this trend.
Key findings from the study reveal that 82% of respondents identified 'attracting and retaining talent' within the finance team as a high priority for the upcoming year. In response to inflationary pressures and high interest rates, finance leaders are actively looking to reduce costs, with 82% emphasizing the importance of improving cashflows this year.
Other critical measures include managing cost optimization (82%), increasing efficiency (81%), and driving digital transformation (79%). Automation of accounts payable emerged as a crucial priority for finance leaders, with 84% acknowledging it as a major focus for the year ahead.
Jason Kurtz, CEO at Basware, commented on the findings, stating, "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."
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