Risky Business: What's the Cost of Doing Nothing?

When it comes to investing in technology, it’s natural to ask: what’s the benefit? One way to answer this is to look at what might happen if you don’t invest. In other words – what’s the cost of doing nothing?

Our new eBook Why SAP Concur? And the Cost of Doing Nothing will show you why now is the time to automate, connect, and take control of your expense, travel, and invoice spending. Still not sure? Here's some business risks that can be mitigated with support from SAP Concur:

 

Limited visibility and uncontrollable costs

Did you know that 75% of finance leaders say their business often exceeds expense, travel and invoice budgets? Are you confident that you have full visibility over all the expenses being submitted, trips being planned, and invoices being processed by your employees?

Manual processes – and siloed expense, travel, and invoice data – can cost your organization in many ways. It could be wasted time and lost productivity, eligible VAT that goes unclaimed, or spiralling costs caused by a lack of visibility.

 

How SAP Concur can help

By fully automating expense, travel, and invoice systems with cloud-based, mobile-optimized tools, you can reduce employee frustration, encourage adoption and increase compliance, with minimal fuss and upheaval. Likewise, better tools to track spending can help people make responsible choices and give managers complete visibility into any excessive, fraudulent, or unnecessary costs. All of this translates into savings for your business.

 

Falling foul of compliance or regulatory requirements

According to Vanson Bourne research in the UK, nearly half of all expenses and invoices aren’t checked for inaccuracies and fraud. Is your organization fully compliant with rapidly changing legal and regulatory measures? And are you confident you have everything in place to effectively manage the risks of fraud and financial crime?

With regulations in a constant state of flux, especially in Europe, keeping up to date and playing by the rules is a key challenge for every organization. The risks of financial crime and data breaches place extra importance on financial transparency, data integrity, and internal auditing. Not being up to standard in these areas means risking weighty fines and intense scrutiny.

 

How SAP Concur can help

A connected approach to spend management can help your company stay compliant across multiple areas. It can help you weed out invoice costs being passed off as expenses, ensure you’re correctly reclaiming VAT, and give you robust spend data and reporting that can stand up to even the most intense scrutiny.

These are just some of the ways SAP Concur can help you mitigate the risks of manual and disconnected expense, travel, and invoice processes. If you’re wondering about the rest, download our eBook to discover the cost of doing nothing.

 

Read the eBook Why SAP Concur? And the Cost of Doing Nothing

 

Loading next article