Accounting is a fundamental building block of your business. However, for many years, accounts receivable (AR) and accounts payable (AP) functions remained largely unchanged. As a result, they suffered from three primary issues: siloed information, disparate systems, and error-prone manual processes.
Recently the future has arrived for these essential tasks. In a report ranking different applications for AP management, the market intelligence firm IDC explains that innovative technologies like cloud, machine learning, and advanced analytics are taking hold in multiple areas of the business – and those changes are clearing a path for accounts payable to overcome those primary issues discussed.
Furthermore, in the report, IDC positions SAP as a leader in the category of worldwide cloud and SaaS ERP AR and AP applications.
“SAP views its solution as a comprehensive receivables and payables management offering, which also features fully integrated options within its SAP Ariba and SAP Concur solutions tied together by the Intelligent Enterprise system,” IDC says in the report.
As part of its seamless integration, SAP Concur helps to automate the entire spending process – from pre-spend approval to reconciliation, reporting, and analytics – right into your SAP systems. What does that mean for your business? IDC outlines a few examples in the report:
- Automated AP processes
The direct data exchange between SAP Concur and SAP from end-to-end means near real-time data synchronization between your systems with no manual interaction required, freeing up your employees for more strategic tasks.
- Connected systems means more insights
Concur Invoice and your SAP systems offer greater visibility and reporting across all channels of your employee spend in a single system.
- Reduced risk and greater compliance
When you automate accounts payable processes, employees don’t have to worry about occasional mistakes, and AI can help to reconcile invoices and catch fraud.
- The ability to focus on growth and scale
A simplified implementation allows you to avoid maintenance, lower costs, and reduces the need for connectors and middleware. A truly global solution means that no matter where your business goes, your solution will be there to help.