75 per cent of businesses leaders believe that the tech subscriptions they have are overpriced, according to research from ExpenseOnDemand
While millions of business decision makers believe they are overpaying for the tech services needed to optimise business processes, over half (59 per cent) feel the need for a more tailored solution.
The challenges of price and a lack of personalisation have been found to come hand in hand for firms, as tech companies often only offer a ‘one-size-fits-all’ subscription, despite many small businesses only utilising a fraction of the functions they are forced to pay for.
Much of this, according to the study, stems from accounting and expenses software provided by tech corporations, which while used universally lack flexibility regarding interfaces and solutions.
Additionally, smaller companies find themselves without the skills and resources necessary to get the best out of tech solutions.
To solve these problems, all-in-one apps for business expense management are becoming increasingly prominent, allowing for integrations and data transfer with accounting software such as Xero, Sage and QuickBooks.
The integration and use of third-party platforms that businesses already use not only increases flexibility, but also helps to avoid vendor lock-in that can come with software offered by larger tech companies.
“We commissioned our report to help us understand what businesses want and how they are paying for tech that they can’t use, or the solution simply doesn’t work with their current processes,” said Sunil Nigam, founder of ExpenseOnDemand.
“Managing and monitoring employee expenses is challenging especially with a remote workforce and that is why we offer a flexible and tailored solution and work with our clients to match their needs.”
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