A growing demand for spend management

Rising inflation and growing economic uncertainty are compelling small and midsize businesses (SMBs) to take back control of company-wide spending.

CPA.com surveyed 750 SMBs and 350 accounting firms to quantify the spend management advisory opportunity. The resulting report contains actionable insights for accounting practitioners against the backdrop of a new, proactive approach to expense management among SMBs. Key findings include:

• 72% of SMBs surveyed seek a proactive approach to expense management, yet only 34% of accounting firms offer these services.
• 41% of SMBs who outsource expense management have seen significant time and cost savings.
• The majority (51%) of SMBs who outsource expense management are utilizing card based spend management technology and report that it has been game changing for their companies.
• Firms who offer technology-enabled spend management services are realizing benefits, including greater efficiencies and profits (63%) and increased ability to attract and retain clients (74%).

The spend management survey provides an opportunity for you to explore the many benefits of technology-enabled spend management services - first by reviewing the findings in the report and later by applying the best practices to your firm.