More than half of UK organisations are planning to cut expenses in response to rising government-imposed costs, including new tax and National Insurance increases taking effect from April 6th, according to a new survey of finance leaders.
The research, conducted by financial management software provider AccountsIQ and expense management platform ExpenseIn, reveals that 52% of businesses are introducing expense cuts to manage financial pressure. A quarter (25%) of respondents said they had already implemented new restrictions on expense budgets, with a further 17% considering similar measures in the near future. Only 5% of respondents said they had no plans to reduce expenses.
The survey gathered insights from 125 UK-based CFOs and senior finance professionals and highlights how companies are adjusting their cost structures as they navigate rising tax liabilities and an increasingly challenging economic landscape.
Payroll and employee expenses were identified as the top two areas of finance operations under scrutiny — with 46% of finance leaders closely reviewing payroll and 24% targeting expenses. The findings suggest that many organisations are reassessing staffing levels, operational costs, and financial processes as they strive to do more with less.
Darren Cran, CEO of AccountsIQ, commented: “These figures demonstrate how finance teams are being asked to navigate an increasingly complex environment, with rising costs and ever-changing regulations always on the horizon. That said, this doesn’t have to be all doom and gloom. We’re seeing ambitious businesses embrace cutting-edge technologies to drive automation and efficiency.”
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