Here’s How Accounting Teams Are Overcoming Their Biggest Challenges

Between managing new types of expenses and helping to ensure that costs are under control, accounting teams have their hands full these days.

But what do they call out as their biggest challenges? TripActions wanted to find out, so we surveyed them—and published the results in the TripActions guide, “Biggest Accounting Challenges for Finance Teams—and How to Overcome Them.”

One big finding: When it comes to pain points and obstacles that accounting teams are dealing with on a daily and quarterly basis, most of the issues are operational.

That’s because many companies still rely on legacy expense management systems; as a result, their accounting teams are swimming in busywork. When accounting teams are spending time chasing down receipts, assessing what’s in and out of policy, and following up with managers, it leaves little time for strategic thinking.

And those frustrations shone through in the survey, which in just five questions got to the heart of what accounting teams are struggling with right now.

One of those questions was multiple choice about their biggest daily challenges. Here’s how they responded:

• 48%: Accurate budgeting and forecasting
• 45%: Lack of time to focus on financial matters
• 37%: Cash flow and minimizing overhead costs

Many teams are also struggling to close the books every quarter, leaving employees stressed and keeping them from feeling accomplished. When we asked them to pick the one thing that would keep them from feeling stressed out at the end of each quarter, here’s what they said:

• 30%: The time and focus to implement the high-value goals set at the beginning of the quarter
• 27%: Closing the books on time
• 21%: My actuals are aligned with my budget and forecast
• 21%: Not having to chase down receipts from colleagues

In other words, accuracy and efficiency are top of mind for accounting teams today. And a lack of time is holding employees back from accomplishing their goals and pursuing bigger-picture objectives.

And just as many of the challenges that accounting teams face today have a common theme, the survey also showed that there’s a common solution.

Learn what that solution is—and get full survey results—in the guide, “Biggest Accounting Challenges for Finance Teams—and How to Overcome Them.”