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 ap processes and scale for growth. Your accounts payable solution must not simply help you shuffle “paper” faster, but actually improve your underlying processes for best practice results
And best practice also means mobile. Your employees must be able to access vendor invoices, data and reporting anywhere and 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
A recent independent study by IDC interviewed 8 organizations of various sizes and industries that use Concur Invoice. IDC also thoroughly researched and analyzed Concur Invoice and its effectiveness for finance departments. The results of this study are highlighted in the IDC whitepaper, The Business Value of Concur Invoice.
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 report.
The power of 5s (and one 15)
Beyond the user testimonials, the value of 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.
Join us for the IDC webinar
Interested in learning more how Concur Invoice will help your business? Join us for our Webinar: The Business Value of Cloud Software and Streamlining the AP Process, featuring speaker Robert Mahowald, Group VP of Applications and Cloud at IDC, where he will discuss the latest trends in cloud software that are helping to redefine how businesses engage employees, customers and suppliers.
The Concur Webinar, The Business Value of Cloud Software and Streamlining the AP Process, featuring an IDC speaker, is rescheduled for July 26 at 2:00 ET. Reserve your spot today.