French companies expect exceptional growth. But will the financial teams be able to handle it?

category in: Business, science and technology
Threads : MR . Small Business Services

A study by Soldo reveals the challenges funding teams face if they are to survive and thrive in a new era of business optimism.

Paris, Dec. 7, 2021 /PRNewswire/ — NEW Report Released today by Soldo, Europe’s leading wage and expense automation platform, reveals that nearly three-quarters (70%) of French SMEs will prioritize growth over the next 12 months. 44% of them say their strategy would be to raise new capital and a third (33%) to acquire companies through mergers and acquisitions.

However, for companies to truly benefit from this period of renewed optimism, the financial teams driving this initiative must become agents of change, able to foster resilience and innovation throughout the company.

Josh BellGeneral Partner of Dawn Capital: Companies that want to resume their growth trajectory after the pandemic, whether by raising capital or corporate acquisitions, first of all need to simplify all the financial confusion, whether it is about budgets, credit cards or expense reports, so that you can focus on what is Important elsewhere at work. [Soldo est la rponse ce problme.] Another major challenge is figuring out how to spend growth money wisely. The biggest challenge we see is that companies raise huge amounts of money and don’t spend it appropriately on vital things like hiring talent, and thus fail to grow.

By showing the long-term operational changes brought about by the pandemic, 77% of CFOs say they plan frequently, and 73% say those plans are now more forward-looking, underscoring the need for a comprehensive view of spending in financial institutions. companies.

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Claire WinMonsoon and Accessorize’s Chief Financial Officer Monsoon and Accessorize’s Chief Financial Officer emphasized the importance of planning and continuous measurement: We need to be stricter in the way we measure what we do, in order to strive to source performance. We need to make more regular predictions to track this performance and try to pinpoint the source of the benefits.

The report also highlights that (72%) believe that better visibility, better control, and better spending control have a positive impact on revenue growth. To prepare for this, finance teams are turning to technology investments, and more specifically to automation tools. Two-thirds (66%) cited investment in IT and automation as key drivers of profitability, while nearly three-quarters (74%) invested in automation to manage employee expenses, and 71% did so to manage marketing and advertising expenses.

However, they also recognize that growth challenges cannot be solved through technology alone: ​​60% of CFOs cite a lack of effective communication within the organization as a major obstacle to success, and 64% say they need to improve communication and collaboration with the company’s management team .

Mariano Dima, Chief Soldo, to declare:In the face of the large number of growth-oriented French SMEs, finance teams are in a hurry to provide a global view of expenses, control costs and implement systems that provide the company with a level of data knowledge. Necessary to stimulate growth, regardless of the form used. But without the right tools, funding teams will undoubtedly waste valuable time that could be better spent on initiatives that promote strategic growth.

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However, the study also found that only 30% of French companies plan to give employees greater spending flexibility; An unfortunate result, but not surprising if many of them still operate with manual systems that do not allow for real-time expense tracking.

About the study

Soldo commissioned a study from Coleman Parkes Research, an independent consulting firm. The company interviewed 900 respondents in September 2021. All respondents came from companies with 1,000 employees or less. FranceUnited Kingdom, Ireland, Belgium, LuxembourgThe Netherlands, Italy and Germany. All respondents were decision makers responsible for financial automation and technology solutions and/or were responsible for approving and controlling corporate financial oversight and spending. These were executives responsible for the entire company, including the CEOs. The results were divided into two categories (150 employees and 50 thousand employees) mentioned in the report.

About Soldo

Soldo is the European platform for payment and expense automation that combines corporate chip cards, powered by Mastercard, with comprehensive management software. More than 26,000 companies, from small businesses to multinational corporations in more than 31 countries, use Soldo to track and monitor their spending.

Based in the UK, with additional offices DublinAnd Milan And RomeSoldo allows customers to like Mercedes BenzAnd GetYourGuide, Gymshark, Bauli, Brooks Running Day Spend company money on travel, entertainment, advertising, shopping, software subscriptions, e-commerce, and more. Financial policy makers can control every cost with customized budgets and real-time transaction tracking.

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