Today’s world of business demands modern solutions. In fact, you risk being left behind if you don’t modernize your invoicing, as automating AP not only helps you better engage with employees, customers and suppliers, but also helps you improve compliance, efficiency and spend visibility.
The Business Value of Concur Invoice, a new white paper by IDC, and sponsored by Concur, explores the costs and benefits of Concur Invoice. According to the eight businesses interviewed – from small to medium sized businesses to large, enterprise businesses – Concur has helped improve their AP process in the following ways:
- Reduced staff time on invoice processing by 68%
- Improved employee compliance to nearly 100%
- Decreased late payments to vendors by 67%
- Increased productivity for line of business employees involved in invoice management cycles by 11% by integrating mobility
- Reduced IT staff time required to manage AP solutions by 29%
But there’s more to it than cost savings and better workplace efficiency – Invoice is a big piece in your financial picture and getting informed data, along with T&E components, provides more informed business decisions. Read on to learn why businesses across many industries think Concur Invoice is a great investment.
Future-proofing your AP for better workplace efficiency
Today’s Chief Financial Officer (CFO) faces numerous challenges, from managing operating costs and employee turnover to improving workplace productivity and keeping up with the competition. In the digital era, spending choices for employees abound, making it harder to manage costs, cash flow and the bottom line. Financial leaders are looking to new user-friendly, business-ready Invoice solutions to make it easier.
One of the businesses interviewed discusses how automating with Concur Invoice improved their AP process:
There definitely is a change since implementing Concur Invoice. Employees are more productive and happy and costs have gone done, and from a fraud standpoint, we don’t have to rely on a squiggled signature on a piece of paper. This way, we know that the right person is approving the invoice. Concur has enabled 100 percent compliance because it ensures that the right person is providing the signature for approvals.
As noted in the IDC white paper, the organizations are projected to achieve annual benefits worth $775,401 per organization ($15,418 per 1,000 invoices) and a return on investment of 505 percent. Those savings, efficiencies and productivity gains are pretty phenomenal.
Concur Invoice Benefits Businesses at Every Stage of Growth
Whether you’re a start-up looking to grow business, a medium sized business looking to streamline operations or an enterprise business that wants to improve compliance, productivity and spend visibility, Concur Invoice can be customized to fit your unique situation, according to results of the survey. Businesses across the spectrum discovered that the investment was well worth the savings for the following reasons:
1. Easy Implementation
Apart from the business benefits attained by the surveyed organizations, Concur Invoice has had an impact on the IT staff time required to administer invoice management technology. Moving to a cloud- based invoice management solution has resulted in significant time savings for the IT departments of the surveyed organizations. For example, one organization noted how it no longer requires IT staff to administer its invoice management solution:
We don't involve the IT staff in the Concur process. After we implemented Concur, we don't need any IT support. It's very user-friendly, and it's an online tool, so there's no need for IT support.
Enabling mobility has greatly enhanced the end-user experience and increased workplace productivity. Employees can submit and monitor invoices any place, anytime—even on the road—which saves a lot of time. Enabling a mobile solution has improved productivity for everyone involved as the process has been simplified with more streamlined steps. One business comments:
Most of our employees travel a lot, so it's easier for them to submit all of their invoices and expense claims through the Concur mobile app. Previously, they used to send all of the invoices through emails, and they had to repeatedly check on the status of the invoice. Now, they can just log in to Concur and see what the status of the invoice is and whether it's pending approval or has been paid.
3. Improved compliance and efficiency
The surveyed organizations reduced costs they had previously incurred because of lack of compliance and late payments to vendors. Since deploying Concur Invoice, they have avoided penalties and interest fees on late payments:
Concur Invoice has helped us minimize the risk of human error and has facilitated greater compliance of company policies.
Automating invoicing should be a top priority
Based on the survey, businesses agree that Concur empowers organizations to improve the invoice management process by delivering intuitive end-user experiences, enabling mobility, enhancing compliance, increasing productivity of business users and employees within the AP department, and decreasing reliance on IT staff.
Are you using a manual AP process? Learn how Concur gives you the power to get an accurate view of your company’s fiscal picture to help inform better business decisions. Read the white paper today.
Interested in Concur Invoice? Learn more today!
IDC White Paper, Commissioned by Concur, The Business Value of Concur Invoice, December 2016.