Key takeaways from the 2023 Accounting Business Expo

Physical trade shows are well and truly back! After a long two-year hiatus, we attended our first event since the pandemic, the Accounting Business Expo in Melbourne.

The exhibition hall was buzzing with exciting stands and like-minded professionals all keen to exchange conversations regarding the latest trends and technologies that are impacting the accounting and finance sector.

Reoccurring topics surrounding digital transformation and operational efficiency were discussed in detail, and alongside this, we noticed three key trends that received a lot of attention across the expo floor and became focus topics of discussion at our booth.

Payment security matters (now more than ever before)

With contactless payments becoming commonplace, secure payment systems are necessary for every business. Payment security includes all the steps a business takes to safeguard itself and its customers against unauthorised transactions. It combines systems and software, data encryption and other data security tools to provide users’ security online.

As more information and activity continues to move online, opportunities for criminal activity also increases. Cybercriminals have become more proactive than ever before as they find new ways to try to defraud businesses and consumers by attacking security and processing systems. In 2022 Australian consumers lost $1.01 billion to debit and credit card fraud. Similarly, in 2021, Australian businesses lost $227 million to payment redirection scams, a 77 per cent increase from 2020.

It’s important businesses remain vigilant and find payment partners that can offer them a secure system which facilitates safe payment processing.

Businesses are hungry to transform their accounts payable process

Traditional payment processes are resource-heavy and time-consuming to manage, and businesses are spending on average, 520 hours every year on manual accounting and administrative tasks. Not only do traditional processes require greater human resources for steps such as manual data input and approvals, but the risk of errors and fraud increases when manual legacy systems continue to be used.

In fact, a recent global study found that accounts payable fraud is on the rise with the three most common schemes being billing fraud, payment information and check tampering, and corruption. It was also noted that during the pandemic, accounting fraud soared by 47 per cent.

As businesses seek to reduce costs and streamline processes, solutions that simplify and improve the payables process are in extremely high demand, especially when coupled with embedded payment security and strict authorisation features. There is no doubt that businesses will place a high focus on improving their payables function across 2023.

Spenda helps businesses streamline and simplify the way they manage and pay invoices.

Cash flow is and will always be king

Half of all SMEs fail within the first three years, and the Australian Securities and Investments Commission (ASIC) has found that 40 per cent of business failures are due to inadequate cash flow.

Cash flow is important because it is the lifeblood of every business. Without positive cash flow, a company can’t cover its expenses, make investments in the future and grow. Further, many companies may have seemingly healthy balance sheets and profit and loss statements with impressive net income, but if operating cash flow is tight, the business won’t survive. And given that nearly 50 per cent of all B2B invoices in Australia continue to be paid late, solutions that offer better payment infrastructure, more payment options and access to on-demand finance and lending products will become a must-have for businesses looking to accelerate growth.

Interesting read: How to manage cash flow in an uncertain economy

Work smarter with Spenda

Whether you’re looking to get paid faster, streamline your invoicing processes, or scale your payment capabilities, Spenda can help. Click here to book a demo and see how our solution can help improve your invoicing workflows, boost productivity and improve cash flow.