As you’re working to get business moving again, what you’ve always done may not be what’s best. Even when it was “business as usual,” were you completely confident in your ability to:
- Stay on top of travel and expense costs?
- See every line item on every expense report?
- Prevent mistakes, double-entries, mis-categorizations, or even fraud?
Maybe controlling costs has always been a struggle. And yes, the struggle is currently more acute. But the good news is, control and compliance aren’t out of reach.
Don’t let disruption drive up costs
Although core financial processes like travel and expense management won’t drive business forward, they certainly can hold you back. For instance, because employee-initiated spend is difficult to control and includes many fragmented channels, getting consolidated reports to departmental managers in a timely manner largely affects how an organization controls the impact of actual spend against budget. This is why it’s imperative to have a holistic grasp of your organization’s spend data – regardless of where it occurs – so you can use that data to maximize results.
While automating your travel and expense processes is a critical first step in increasing efficiency, it’s not the only thing you should be doing to gain control. Having complete visibility into spend is still essential for eliminating waste and gaining a competitive edge. When you integrate all employee spending, from p-cards to invoices, you can align your spending with strategic priorities to get control of it all. This allows your company to stay nimble in support of a strong financial statement and gain the ability to redirect dollars where your business needs them most.
Effective management of all spend that flows into your general ledger also requires a firm understanding of where, how, and who can spend your organization’s funds. Only then can you strategically align your spend policies to optimize resources, identify areas for value-added spend, and yield greater organizational gains.
X marks the spend: The hunt to uncover hidden savings
It’s time to start looking for ways to create leaner operations, while still getting control over costs. By utilizing SAP Concur solutions you can:
- Capture and consolidate all travel, expense, and invoice spending data in one place, so you get the accurate, up-to-date information that you need.
- Help budget managers accurately track what’s spent, what’s available, and what’s pending, so they can direct their resources to their top priorities-like managing your business.
- Deliver real-time transparency to forecast costs, model the effect of budget changes, and understand the impact of incremental investments.
Not sure where to start? Explore the interactive map to uncover five costs you may be missing and unlock savings you can treasure.