We’re celebrating AP Recognition Week (sponsored by the The Institute of Financial Operations) by acknowledging all of the hard work Accounts Payable does within an organization. AP is often the last line of defense for small and mid-sized businesses (SMBs) to manage their cash flow. While some AP teams are still dealing with paper invoices, a convoluted workflow and a storage system that is not accessible or disaster proof, many SMBs are automating their processes and easing the workload of their AP staff.
In fact, if you’re like most SMBs we work with, your AP team handles around 600 invoices per month and at least half of those invoices are coming in as paper. That means a lot of manual data entry, routing approvals in person or via email, struggling to find the status and matching invoices to POs—all while trying to make payments on time. In addition to the cost of duplicate payments or late fees from vendors, what about the wasted time of your valuable AP staff?
To learn more about solving top AP challenges, join our special AP Recognition Week webinar
A modern, cloud-based AP tool can help you manage finances more seamlessly with little to no paper. A solution like Concur Invoice automates the entire process, from invoice receipt and processing to payment management and settlement, saving both you and your AP team time and money.
According to a recent IDC white paper sponsored by Concur, “The Business Value of Concur Invoice”, companies that deployed Concur Invoice reduced time spent on tasks related to invoice management by 34% and saw a 45% decrease in the number of questions from vendors to the accounts payable department. With a simplified and automated workflow, your AP staff can spend more time on value-add projects instead of chasing a paper trail. Not only is automation good for your AP team, your business will see material impact as—with Concur Invoice, companies saw an average payback period of only 5 months, and an impressive 505% five-year ROI.
Aside from the direct cost and time savings, automating your invoice processes also offers:
Faster audit process – When years of invoices are stuck in filing cabinets, audits can sideline your whole team trying to find one piece of paper. With an automated system, everything you need can be pulled in minutes.
Better managed cash flow – Not only can you pay invoices quicker, but you can decide when you want to pay. Capture early payment discounts or hold on to your cash—you can make calculated choices about where your money is going with oversight into total spend.
Increased visibility – When your invoices automatically enter your system, you will have instant visibility into your finances with no lag time for scanning, printing and approving.
Imagine that—you get complete visibility into spend and cash flow and your AP team works more efficiently. Show them how much you appreciate the hard work they do by making their job even easier with an automated AP process—eliminating paper, improving efficiency and eliminating bottlenecks—making each and every day more rewarding.
Please join us this Thursday, October 12 at 11 a.m. PT / 2 p.m. ET for our AP Recognition Week webinar. By registering, you’ll learn how to solve the top challenges faced by AP and hear from a Concur client. Interested in learning more but can't make it on the 12th? Register and you'll be sent a recording of the webinar, even if you can't make it.