An international survey of chief financial officers (CFOs) has found that 84 per cent of Australian finance executives surveyed are planning to use invoicing and purchasing automation over the next 12 months. The CFOs have the highest level of confidence in their own company performances compared to the USA and Europe.
The cost of control report, released this week by Basware, is based on responses from telephone interviews with 550 financial executives worldwide; including 50 from Australia.
Other findings from the report suggest that while raw cost cutting is important to CFOs globally, there is a greater focus on improving profit margins and increasing investment. And they view collaboration between departments as being low, according to Bassware ANZ division manager, Sandy Gellan.
“Only 40 per cent of Australian respondents believe they achieve a good standard of collaboration within their businesses. Recognition of this challenge is manifesting itself in an increase in integration and automation of purchase-to-pay systems and processes,” Gellan said in a statement.
Gellan also said that finance and procurement departments could share responsibility for cost and risk reduction by presenting a more united front.
“The important of collaboration was supported by the participants, with a clear correlation between successful collaboration and high confidence in company performance,” she said.