Executive Summary
The year 2022 tested the operational and adaptive capacity of the administration and finance functions of Spanish companies. Inflationary pressure elevated costs in virtually all line items — energy, raw materials, logistics, personnel — while the labour reform in force demanded a comprehensive review of hiring structures. At the same time, regulatory progress towards mandatory electronic invoicing required investment in technological systems that could not be indefinitely postponed.
At BMC, the Operations department intensified its role as a strategic partner in day-to-day management, helping clients maintain cost control, ensure the quality of accounting data and navigate the year’s normative complexity with confidence.
Key Highlights
Managing the inflationary impact on costs was the number one priority for many clients. Energy costs soared an average of 87% compared to 2021, with peaks above this in energy-intensive industrial sectors. Increases in construction material, raw material and transport costs added further pressure on margins. BMC developed sensitivity analysis models to help clients understand their profitability threshold under different cost scenarios.
Wage bills grew at an average of 3.5%, well below real inflation, which generated tensions in collective bargaining and in talent retention in sectors where the labour market was under pressure. Companies with salary revision clauses linked to the CPI faced significant labour cost increases in second-half reviews.
Electronic invoicing gained operational prominence. With the Crea y Crece Act establishing future mandatory implementation, the most proactive companies initiated their projects. Choosing the electronic invoicing platform, adapting ERP systems and managing the change process with clients and suppliers were the main challenges.
Operational Process Analysis
Accounting close and reporting: The inflationary environment introduced distortions in the inter-annual comparability of financial statements. Managers needed inflation-adjusted information to make correct decisions, which drove adoption of management dashboards with real-terms indicators. Budget variance analysis gained greater relevance in the face of cost volatility.
Payroll management: The labour reform required continuous updates to payroll management systems during the first half. Correctly classifying contracts under the new modalities, adapting Social Security contribution codes and managing transitional period deadlines required very careful technical monitoring. The most up-to-date systems and best-trained teams navigated the transitional period challenges with the greatest confidence.
Treasury control: Cost volatility and uncertainty about interest rate trajectories made treasury management a critical activity. Modelling different cash flow scenarios, optimising collection periods and daily monitoring of bank positions became standard practices. Companies with higher variable-rate debt had to evaluate hedging options against ECB rate rises.
Changes in Accounting Standards
The ICAC published updates on the accounting treatment of lease contracts with rent modifications — frequent in the inflationary environment — and on the presentation of the energy crisis impact in annual accounts. The information in the annual accounts notes about significant events and risks of the financial year gained greater importance.
Accounting and annual reporting regulations continued evolving towards greater transparency and market information requirements.
Outlook
Prospects for 2023 focused on the gradual stabilisation of energy costs, full adaptation to the labour reform and progress towards mandatory electronic invoicing. Digitalisation of operational processes remained an indispensable efficiency lever for maintaining competitiveness in a high-cost environment.
Our accounting and operations team continued accompanying clients with solutions adapted to the specific challenges of each sector and company size.
