Mairs & Power: Utilizing Automation to Streamline AP Processes Through Concur Invoice

Financial analysts are most effective when not weighed down by mundane administrative tasks. When searching for a way to free up their finance team to spend more time on strategic decisions, Mairs & Power knew they needed to make some changes to their current technology systems.

Mairs & Power Inc. is an 87-year-old SEC-registered investment advisory firm located in Saint Paul, Minnesota. With more than $9.5 billion in managed assets for individuals, employee benefit plans, endowments, foundations, and three no-load mutual funds.

The firm needed a way to update their current accounting systems with an automated solution that was easy to implement, creating less, not more, work for their employees. After doing extensive research on available solutions, Accountant and Financial Analyst, CPA Luke Odegaard, turned to SAP Concur for assistance.

After implementing Concur Invoice, Luke Odegaard gained an entire day every week back to focus on strategically growing the organization. The company not only has a better handle on invoicing and expenses, but the automated systems gives them the visibility into spending they need to make important business decisions. Implementation of Concur Invoice was a smooth process and the user interface made it easy for employees to get started with the new system right away.

Anytime you integrate new technology, it’s a big shift. I was shocked at how seamless the SAP Concur process was. There’s been vast and immediate improvements in our AP process and insights.” --Luke Odegaard CPA, Mairs & Power Inc.

Takeaway Tip: Use automated AP solutions to free up employee time for strategic initiatives and put balance in the ledger.

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