The accounts payable department has undergone a transformation in the past few years, moving from a tactical, capture-and-approve role to a strategic, revenue generating partner. This said, while the accounts payable department has made huge strides and seen dramatic results through automation, the department and organization as a whole will never realize its full potential until it can find another level of simplicity, visibility and clarity through integration.
The following study from leading analyst IDC shows some of the dramatic results that occur when an organization moves to automate accounts payable—and how seamless, end-to-end integration can amplify these results by offering a clearer picture of what’s really happening with spend.
AP automation and its dramatic effects on productivity, cost control and strategy
A recent IDC report sponsored by Concur explored how modern invoice management positions accounts payable departments for success by simplifying and adding mobility to the user experience, enhancing compliance, increasing productivity and improving supplier relationships while decreasing reliance on IT. Among the findings:
- Faster, Cheaper Payments to Vendors: The average time to pay vendors accelerated by 51%, resulting in the number of delayed payments to vendors decreasing by 67%
- More Time to Focus on the Bigger Picture: 34% decrease in the time spent on tasks related to invoice management, resulting in a monetary benefit of $14,953 for every 1,000 invoices processed through increased productivity, cost reductions, and invoicing team-related benefits.
- Improved Vendor Relationships: In addition to the faster payments, organizations spent less time on the phone with vendors rectifying issues—companies moving to Concur Invoice saw a 45% decrease in the number of questions from vendors to the accounts payable department
- Rapid Payback, Immense ROI: After moving to Concur for Invoice Management, companies saw a five-month payback period and a 505% five-year ROI.
But while accounts payable has experienced this renaissance through improved technology, the AP department doesn’t operate in a vacuum. Neither does accounting. This is why proactive organizations are taking steps to integrate accounts payable and enterprise resource planning (ERP) to break down silos, speed up the process and get a clearer picture of spend management throughout the organization.
Read the full White Paper to see how you can take control of AP to run more efficiently.
Moving from transformation to evolution with seamless AP/ERP integration
Both AP and accounting leaders need to answer to the CFO, and both are key touchpoints in invoice and supplier management. Unfortunately, there are often barriers to communication between the two departments due to differences in the software used by each.
Tearing down the silos
This means that supplier onboarding and management becomes an arduous process, and without efficient data flow between AP and ERP, everything from a supplier change of address to a supplier change of bank account can bog down the overall process and offset recognizable gains.
Amplifying the advantages
By integrating accounts payable with enterprise resource planning or accounting software, you can amplify the benefits gained by moving to modern invoice management: driving more revenue, improving cash flow and enhancing supplier management; gaining better visibility, control, compliance and peace of mind.
InvoiceConnect: Direct connections between Concur Invoice and Dynamics or Intacct
Thousands of organizations have turned to Concur Invoice for its ability to fit into their workflow and improve the procure-to-pay process. Wipfli/Brittenford has built on this, providing an option that offers complete efficiency and automation in the invoice management process—Wipfli InvoiceConnect for Dynamics GP, Dynamics SL, and Intacct.
InvoiceConnect is available through the Concur App Center and is designed to fit into your environment and support your processes—providing secure and seamless integration of invoices, payments, and vendors. Learn more about InvoiceConnect and its sister product ExpenseConnect in the Concur App Center, or by watching our Concur Invoice/InvoiceConnect Product Demo on the Brittenford site.