Why disconnected spend management is costing your business

Managing spend is no longer as simple as balancing incomings and outgoings. For UK businesses, it’s become a complex challenge, with finance teams entangled in a web of disconnected tools and manual processes. 

Post-COVID and, nearly a decade from Brexit, UK businesses are once more growing to multiple markets (beyond Europe), adapting to hybrid and remote working models, and trading with customers and sellers across the globe.

For finance teams, this means managing payments in different currencies, following rules in different countries, and working with global payrolls. Yet, the tools they’re using often don’t integrate well with each other, or in many cases, don’t integrate at all.

95% of UK finance leaders admit they’re struggling with global spend management. It’s just one of the insights from our recent survey. We partnered with NewtonX to survey 500 senior finance leaders from UK companies. These respondents — ranging from CFOs and directors to business owners — provided insights into the current state of business spending and expense management for companies with global ambitions.

Key spend challenges of UK businesses

UK finance leaders are grappling with three key issues:

1. Lack of spend control

2. Poor visibility

3. Limited automation

Disconnected systems are compounding these challenges, leading to inefficiencies that hinder growth. It’s no wonder 90% of finance leaders stated that they are struggling with inefficient and unreliable systems.

Lack of spend control

98% of UK finance leaders admit that weak spend controls are causing problems in their operations.

Picture this: you issue corporate cards to regional managers thinking it’ll streamline local expenses. But without firm controls in place — like limits or category restrictions — spending can spiral.

A business lunch turns into an unplanned expense, and by the time it’s flagged, your budget has already taken a hit. The real issue? Disconnected systems make it impossible to track spend in real-time, let alone enforce policies across regions. Without a unified platform, manual oversight introduces human error, which can quickly snowball as the business scales.

Poor visibility

97% of businesses say they struggle with real-time visibility into spending patterns, and for good reason.

Imagine trying to pull together a clear financial picture when data is scattered across different systems. Finance teams are often left juggling between multiple platforms, making it hard to spot overspending, ensure compliance, or accurately forecast cash flow.

For 31% of businesses, this lack of visibility is a significant challenge. And with 32% admitting they use too many tools for various workflows, it’s no surprise they’re dealing with operational blind spots that can cost them dearly when trying to make informed decisions.

Lack of automation

96% of businesses report that their spend management processes lack automation—and it’s costing them.

Let’s take an all-too-common example: an employee submits an expense report manually, attaching scanned receipts, and the finance team then spends time keying in data, checking for errors, and processing reimbursement. This inefficient process drains productivity, especially for the 33% of companies that say these manual tasks are significantly slowing them down.

Without automation, finance teams are bogged down with repetitive tasks that could easily be automated, freeing up their time to focus on strategic initiatives that drive growth.

The cost of disconnected systems

For companies with international operations, managing budgets across different regions presents increasing challenges. 61% of businesses acknowledge that managing these processes is time-consuming, particularly when dealing with multiple currencies and navigating complex regulatory environments. 

The proximity to European markets offers opportunities, but also introduces regulatory variances that many businesses are not fully equipped to manage. Nearly half (47%) of UK businesses lack confidence in their financial reporting accuracy across regions, which further complicates global operations, leading to potential misjudgements and missed growth opportunities.

The complexity of operating across borders, coupled with fragmented tools, results in increased costs, inefficiencies, and delayed decision-making. Without a unified system to manage global spend, finance teams must manually bridge gaps between different workflows and systems, which consumes valuable time and resources.

High international transaction costs from traditional payment systems are also a persistent challenge for UK headquartered companies. 40% report that these fees are a significant burden, and a third (33%) experience delays in processing cross-border payments. These aren’t just minor inconveniences — they are major obstacles that can disrupt operations, strain relationships with international vendors, and cause cash flow challenges.

The bottom line? Disparate tools and inefficient processes for managing global spend are costing UK finance teams countless hours and creating barriers to growth.

How unified systems can transform spend management

While finance teams face challenges, there’s a tremendous opportunity to turn these into competitive advantages. 

By leveraging platforms specifically designed for the needs of modern finance teams — platforms built with automation and international scalability at their core — businesses can convert inefficiencies into strengths and lay the groundwork for sustained growth.

Unified spend management systems, which combine both software and financial infrastructure, are the solution. By automating the entire spend lifecycle, from invoicing and bill payments to expense submissions, reimbursements, and syncing with accounting systems, these platforms eliminate manual tasks, reduce errors, and give you real-time visibility over your entire organisation’s spend.

Modernising spend management is essential for any business operating globally. Traditional methods just can’t handle the complexities of multi-currency transactions, regulations, and cross-border payments. The right tools centralise your spend data, automating processes to cut costs and manage risks.

With a unified system in place, finance teams can finally stop being bogged down by admin and shift their focus to what really matters — driving strategic growth.

Simplifying global spend: Insights from UK finance leaders

For a comprehensive look into how UK finance leaders are facing the complexities of global spend management, like those mentioned above, download Simplifying global spend: Insights from UK finance leaders. This report was designed as a barometer — a snapshot of how UK finance leaders are grappling with the challenges of global spend management today. We surveyed 500 senior finance professionals across the UK to gain deep insights into how they’re navigating an increasingly complex financial landscape. From managing international payments to implementing more effective spend controls, the findings shed light on both the obstacles and opportunities that come with operating globally.

The feedback is clear: UK finance leaders are well aware that their current systems aren’t keeping pace with their business needs. Disconnected tools, manual processes, and the inability to gain real-time visibility into finances are not just inconveniences — they’re barriers to growth. This report not only highlights these key issues but also provides actionable solutions. By leveraging the insights and recommendations from the finance leaders featured, businesses can build a more resilient, scalable financial infrastructure that supports growth at every stage.

Embracing the future of spend management

The future of spend management isn’t about juggling more tools, it’s about simplifying processes and empowering teams. I’ve seen firsthand how businesses can transform when they move to a unified solution like Airwallex. Spend no longer remains siloed within the finance department. Instead, it becomes a transparent, shared responsibility across the organisation, creating an environment of trust and teamwork.

Adopting a unified platform saves time, reduces costs, and fundamentally changes how businesses operate. It builds operational efficiency, enhances decision-making, and drives growth by allowing teams to focus on strategic initiatives. The companies that embrace this future are the ones that will thrive in an increasingly competitive global marketplace.

With the insights from this report, your path forward is clear. Embrace the opportunity to modernise your spend management and set the foundation for future success.