By Jason Lalor, CEO, Conferma
The biggest brake on UK business isn’t inflation or interest rates.
It’s the silent drag of outdated systems still running in the background.
While we debate economic headwinds, too many companies are still approving expenses on spreadsheets, chasing receipts by email and, in some cases, sending payment details by fax.
We’ve all felt the turbulence of the past two years: inflation spikes, shifting monetary policy, and a cautious investment climate. But there’s a danger in blaming everything on the macro picture. The truth is, momentum is slipping even where companies have the power to fix it.
Confidence is already fragile. The ICAEW’s latest index shows sentiment falling for the fourth quarter in a row. The IoD’s measure plunged 18 points in June alone. Four in ten directors are pessimistic about the economy, and one in five about their own organisation. That’s not just a warning sign for the future; it’s a reflection of how things feel right now inside too many businesses.
The cost of inefficiency
Behind the economic headlines lies a quieter, corrosive force: inefficiency. Fragmented processes, outdated systems, and clunky admin quietly sap productivity and drain morale.
A poll of 6,000 European workers found nearly half believe their employer is behind the curve on workplace tech. One in four said poor-quality software or devices would make them consider leaving. Poor systems don’t just slow teams down, they grind them down.
The payment process problem
Corporate payments are a case in point. Travel bookings can now be confirmed in seconds. But the payment? Often still printed, emailed, or faxed. Expense claims live in spreadsheets. Reconciliation takes weeks — usually by hand. Errors slip through. Policy enforcement weakens.
These bottlenecks are more than just an inconvenience. They’re a symptom of something much bigger: critical processes across UK business are still stuck in a different decade.
Friction that stalls growth
The price of this friction is measurable. Finance teams lose hours chasing approvals and fixing mismatched data. Working capital sits idle while payments crawl through the system. Coding errors chip away at reclaimable VAT. Disconnected data weakens risk controls, makes audits painful, and leaves reporting reactive rather than strategic.
In corporate travel, the gap between perception and reality is glaring. Travellers assume the process is digital end-to-end. In reality, finance teams are still taking calls from hotel front desks, resending authorisation forms, and manually cross-checking transactions days after a stay. Leaders think they have visibility, but they don’t.
Fixing the back end builds confidence
The fix doesn’t have to be dramatic but it must be deliberate.
Some organisations are embedding virtual payments directly into partner systems, removing manual steps entirely. Reconciliation happens automatically. Risk controls strengthen. Accuracy and control improve overnight.
For CFOs and finance leaders, the opportunity isn’t only in reading the economic runes. It’s in fixing the inefficiencies we’ve normalised.
Because when your systems are as modern and connected as the market you operate in, you don’t just move faster, you move with confidence. And confidence, in this climate, is a competitive advantage.
