Finance Has Changed More in 5 Years Than the Last 50 - Is Your Business Keeping Up?
For decades, finance was stable. Predictable. Familiar. Some might even say… boring? Whilst other departments chased innovation, finance ticked away in the background, reliable, but very rarely exciting.
But, over the past five years, something remarkable has happened. Traditional number-crunchers have swapped their calculator for computing power.
Fuelled by digital tools, real-time data, AI automation, and rising expectations, finance has transformed into one of the fastest-evolving functions in your business. And those keeping up aren’t just producing cleaner spreadsheets.
So what’s really changed, and why should it matter to you?
The Hidden Cost of Standing Still
According to research by YouGov and Soldo, UK SMEs are wasting £8.72 billion each year to outdated, manual finance processes.
That translates to roughly to more than 500 million hours of wasted time, every single year.
Tasks like raising invoices, submitting payments, chasing receipts, and reconciling expenses are quietly eating away at your team’s time, and your EBITDA. It looks different in every business, but the common theme is it’s entirely avoidable.
What Would You Do With 2 Hours a Week Back?
500 million hours across UK SMEs, averages to two hours per week for each small business. Which might not sound like much, until you consider what it’s stopping you from doing. If you could take that time back, would you?
Finish earlier on Fridays?
Stop putting off that 5k?
Spend more time strategising?
Spend more time driving real impact?
It’s not just about efficiency, it’s about reclaiming control, and making space for growth.
The Rise of the Modern Finance Team
Finance has outgrown its back-office roots. The days of admin-dependant, process-orientated finance teams are over, or so they should be. But many businesses are guilty of holding on to the past.
A real, modern finance team is your number one strategic partner, driving faster, better decisions, and shaping the direction of growth.
So, what has caused this shift?
Real-time financial data replaces lagging reports
Automation handles manual tasks like reconciliations, credit control and payments
Cloud platforms like Quickbooks, Xero, PowerBi, Wise speed everything up
Finance professionals now focus on analysis, strategy, and forecasting, not just admin and data entry
How to Start Modernising Your Finance Function
You don’t need a huge budget or a full digital transformation to make a difference. All you need to do is change your mindset. Rather than blindly following processes “that’s how it’s always been done”, start actively seeking ways to improve “is there a better way to do this”. Here’s how to begin:
Automate one finance process – start small, expenses, invoicing, or approvals.
Audit your current systems – where are you losing time? Look for easy wins with tools that can slot into your current workflow.
Invest in finance capability – not just compliance, but digital skills, systems know-how, automation, and strategic thinking.
Why This Matters Now More Than Ever
In today’s fast-moving business world, agility matters. And that starts with better decision-making, powered by up-to-date, accurate financial information.
If your finance team is stuck following the same processes they were 12 months ago, they’re being left behind, and you’re missing out. So ask yourself, are you adapting, or being left behind?
Not Sure Where to Start?
We’re here to help, reach out for a free consultation, we are always looking for the right partner to work with.