According to the 2015 Travel & Expense Benchmark report by Paystream Advisors, manually processing travel and entertainment expenses costs an average $26.60 per report–a heavy burden when you’re processing hundreds to thousands of reports each year–versus $6.85 with a fully-automated solution. So while automating accounts payable (AP) processes can seem daunting, the impact is significant. As Code42 experienced, AP automation resulted in more than cost savings; it improved regulatory compliance and resource reallocation, and increased employee satisfaction.
Processing more than 350 expense reports per month, Code42’s accounting team was bogged down with the company’s manual expense process. “We knew we wanted a fully automated system that would allow us to export our data from Concur and bring it directly into our general ledger without manual intervention,” says Kevin Wright, Code42’s Accounts Payable Manager.
Thanks to Concur App Center partner Brittenford Systems, integrating data between Concur and ERP software like Intacct could be done in the cloud. Brittenford’s ExpenseConnect integration with Concur Expense solution allowed for flexible integration and easy mapping of Code42’s GL codes.
In just three weeks, Code42’s fully automated solution was deployed. The impact extended beyond the accounting team. “Expense reports are submitted on Friday, then over the weekend I submit for payment into the employee account and run ExpenseConnect, which flows into the journal entry in Intacct,” Wright says. “The employee is paid by the following Wednesday. Needless to say, it’s been hugely popular among our employees.” With the time savings incurred, Wright’s team is also able to allocate resources to other projects. “Up until six months ago, the two of us were bogged down manually processing expenses for 400 employees,” Wright says. “Today I have more time to look at analytics, process reconciliations, and prepare and communicate new features and enhancements to employees. We now average 225 reports a month and are expanding our system by adding Concur Invoice and Brittenford InvoiceConnect.”