Treasury Today

Press Release: Legacy Finance Systems Are Stifling Billion-Dollar Businesses, Halting Global Expansion and Increasing Fraud Risk

A Basware‑sponsored survey of 400 US finance leaders at billion‑dollar firms reveals that legacy finance systems leave them five times more likely to incur fines, seven times more prone to fraud, and nearly nine times more likely to face audit non‑compliance than European peers. Only one‑third can scale compliance processes, while almost half report stalled market expansion. The study links these risks to siloed compliance functions, reliance on spreadsheets and OCR, and low adoption of e‑invoicing platforms. With new EU e‑invoicing mandates looming, US companies must modernize to protect growth.