enough financial insight to make effec ve spending decisions. Setting up the finance department presents the ideal opportunity to address spend management and get complete financial visibility. Forward-looking businesses should also consider spend automation, since automa ng repe ve tasks will free up me for the finance department to focus on more complex, analy cal tasks.
It’s all about scalability Although it feels challenging to predict what’s coming next in the current climate, businesses can s ll make decisions while se ng up a finance department to ensure it can scale alongside a growing business. The first point is to select so ware that is likely to be supported for the foreseeable future. Cloud-based pla orms present a big advantage here since they are much
more likely to receive ongoing a enon and even regular updates. Automaon is another necessity for scalability as it takes care of many of the tasks that scale linearly with a growing workforce, such as data input and receipt tracking. Without an effec ve finance func on, a business is much more at risk of failure. A slick finance department running at full lt can increase profitability, streamline processes, spur growth, and ensure long-term sustainability. europeanbusinessmagazine.com 55
