As companies of all sizes prepare for the coming economic recovery, controlling spend and optimizing cash flow can help them be more resilient. But the key to controlling spend and optimizing cash flow can prove elusive—particularly if an organization relies on manual processes for expense management.
Let’s look at how expense automation can help businesses become more resilient and position themselves for recovery and growth.
Digital transformation and business resilience
Many smaller businesses have already been recognizing the need to embrace digital transformation in their finance processes. A 2020 survey by Oxford Economics of 2,000 small and midsize businesses found that almost all respondents plan to shift their manual finance processes into the digital realm over the next few years.
These organizations expect digital processes to help improve their financial performance and gain more flexibility to withstand uncertainties and challenges. In addition:
- 45% of respondents expect to increase efficiency by minimizing error, risk, and cost
- 43% expect to boost productivity via transformation and intelligent process automation
- 40% expect to free up employees to focus on higher-level business tasks
Choosing a solution that accommodates a growing business
Smaller businesses have the advantage of being nimble but need to make the most of their cash flow. Transitioning from inefficient manual expense management to a customizable, automated expense platform like Concur Expense can provide a clearer pathway to doing that.
Here’s how Concur Expense can help prepare a business for whatever lies ahead.
- Create customizable expense policies that grow and shift to fit your changing business needs
- Gain clear visibility into expenses and get key data to guide better decision-making
- Improve efficiency and accuracy by eliminating manual processes
- Get customizable reports to spot opportunities for cost savings, freeing up cash flow
- Make it easy for employees to submit expense reports
- Free up employees from time-consuming manual tasks into higher-value work
There’s no spend to waste. See our short video above, “Why Concur Expense?” to learn how you can accelerate business recovery and growth with SAP Concur solutions. Then, check out our self-guided Concur Expense demo.