You don't need to catch a leprechaun to bring good fortune to your business. St. Patrick would most likely agree that modernizing your business solutions can do as much for your company as finding a pot of gold.
Outdated invoice processes are causing businesses to spend more on invoicing than they would with more efficient processes. According to the Institute of Finance and Management, the average cost to process a traditional invoice is $9.66, compared with $6.21 with automation. And, when you consider that the average business receives 63% of its invoices as paper, that extra $3.35 makes a difference.
Read the whitepaper to explore the value of modern invoice solutions
You won't need the powers of a four-leaf clover to set your business up for success if you invest in an automated AP process. Read on to learn how streamlined invoice solutions can help you.
Improve Your Business Odds: Luck or Modern AP?
Your odds of finding a four-leaf clover are one in 10,000, according to Scientific American, while your odds for greatly improving your business with modern AP solutions are significantly better. In fact, an IDC study of organizations using Concur Invoice found that the businesses spent an average of 34% less time on invoice management tasks. IDC also projected that these businesses would see a five-year ROI of 505%. If those odds don't convince you that investing in better AP solutions is the savvy choice, here are a few other reasons:
- Costs are lowered: We saw above how organizations spend more on manual invoicing processes than they would with more efficient and streamlined solutions. But, those average invoice processing costs don't tell the whole story about AP costs. Consider, also, the hidden costs of processing errors, poor spend management, regulatory compliance, and fraud risks, to name a few. Manual AP processes can be painful and paper-heavy, not to mention they involve extra steps that could be eliminated. Are you unknowingly throwing away a lot of money on a process that could be automated?
- Paperwork is reduced: The Internet has changed the way we do business and access business information. There's an entire online business ecosystem and more efficient way of business than using file cabinets. Secure computer files are the new-and-improved digitized versions of invoices that are not only secure, but also readily-accessible. Physical documents are fragile in case of flood, fire, or human error. Digital files save trees and headache.
- Automation increases mobility: Let's face it - today's workforce is highly mobile. Businesses need to meet employees where they already are in terms of utilizing modern technology (especially the millennials). Smartphone technology and streamlined business solutions enable workers the flexibility of working anywhere, at any time, and make the whole process more simple and efficient. Since approvals are much faster - as time and place are less relative when all the information is readily accessible-mobility also helps reduce late payments.
- Visibility grows: Tracking spend is difficult. If you're not able to get near real-time data, it's hard to track payments, let alone track them with enough time to make any necessary changes. Managers and financial decision makers need a big-picture view into invoices and office expenses, and automated solutions can provide itemized lines of financials through the data reporting. The detailed reports provide expense and invoice data in formats that are easy to read and analyze, to help businesses improve on their bottom line.
Rainbows, Invoicing and Leprechauns, Oh My!
St. Patrick's Day is symbolized by the color green, which also stands for growth, harmony, money, and good fortune. You don't want to be caught without a splash of green on March 17, otherwise you'll have to watch out for a pinch. Nor do you want to get caught with manual, outdated AP processes, lest your budget feel a pinch as well. While wearing green is a fun custom on a giddy day, automating your accounts payable process is a much more serious, effective way to set your business up for success throughout the year.
Wondering how SAP Concur can help you improve your accounts payable process? Learn more in the whitepaper The Business Value of Concur Invoice.