When was the last time you calculated just how much your company spends on your accounts payable processing? If you were to take into consideration time spent on invoice reconciliation and management, along with any late fees or interest charged to delayed payments, the total is probably enough to make you a little squeamish. Especially since many of those costs are avoidable with automation.
Finding the Right AP Solution
But not all solutions are created equal. When looking for the right system, you have to look beyond automation to improve the accounts payable process and scale for growth. Your AP solution must not simply help you shuffle “paper” faster, but actually improve your underlying processes for best-practice results.
And best-practice also means mobility. Your employees must be able to access vendor invoices, data, and reporting anywhere at anytime. With the ability to review and approve invoices on-demand and on-the-go, the flow of business is not interrupted and productivity is maximized. In addition, automation of the invoice lifecycle increases the speed with which vendors are paid, eliminating late fees and bothersome payment calls.
The Proof is in the Research
An independent study by IDC interviewed eight organizations of various sizes and industries that use Concur Invoice. IDC also thoroughly researched and analyzed Concur Invoice and its effectiveness for finance departments.
Its findings show that Concur Invoice has improved business processes through increased efficiencies. “The organizations described making their invoice management processes more effective and efficient with Concur, thereby achieving substantial value in their investment.”
To learn more, download the full whitepaper.
The Power of 5s (and One 15)
Beyond the user testimonials, the value of SAP Concur shows in the numbers alone. The benefits a company can get from Concur Invoice be seen in the power of 5s (and one 15):
- 5 Year ROI of 505%
- 5 Month payback period
- 53% faster invoice process time
- $15,418 per 1,000 invoices processed in annual benefits
This is just the tip of the iceberg of the value businesses will receive from Concur Invoice. Businesses have seen KPIs around team efficiencies, invoice processing and compliance with procurement processes to name a few.
Visit Concur.com to learn more about an integrated solution for modern finance leaders.