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Concur Invoice ROI Review: Why walk when you can run?
Missing or misplaced invoices. Tedious data entry. Head-scratching P.O. matching. Duplicate payments and late payment penalties. Difficult conversations with frustrated vendors. Isn’t accounts payable fun? For our Concur Invoice users it is, precisely because they don’t have to deal with any of the aforementioned challenges.
Okay, maybe ‘fun’ is overselling it. But when you look at what our customers have gained with automated invoice management, you’ll better understand why they have a new-found love of all things AP. No leap of faith required.
Happier days with procure to pay
Manual steps at any point in your AP process can lead to lost employee productivity, data entry errors, increased costs, unseen risks, and damaged vendor relationships. But you probably already know that. When we talk with AP managers and finance leaders, they’re often well aware of what’s not working in their procure to pay workflow. What they’re surprised to learn, however, is how easy and cost effective it can be to overcome these challenges.
Yes, we’re talking of course about automating invoice management with Concur Invoice. And here are the features our customers say they love most about our cloud-based solution:
- Scans and extracts data from electronic and paper invoices using intelligent technologies
- Automatically codes invoice data for accelerated processing
- Splits invoices into multiples for allocation to cost centers and separate approvals
- Provides employees with an easy-to-use mobile app for invoice review and approvals on the go
- Uses AI to flag abnormalities, such as duplications, unauthorized charges, etc.
- Stores processed invoices and original document images on the cloud
- Integrates with other billing, procurement, accounting, or ERP software
- Enables custom approval workflows (e.g. different approval paths based on employee type, Invoice type, amount of spend, etc.)
- Matches invoices with purchase order/sales orders and goods received receipts
- Configurable reporting on invoice spend and processing trends
- Ability to schedule payments via ACH, credit card, or third-party payment processor
All that and a bag of chips. And if you want to get a better taste of these tasty features, make sure to check out our Concur Invoice self-guided demo.
But first, let’s get to the point of this article. Here are some real-world insights into the real-world ROI of Concur Invoice.
The ROI of Concur Invoice as reported by our customers
When it comes to automating finance processes, accounts payable tends to take a back seat to payroll and expense management. As our Concur Invoice customers will tell you, however, invoice management automation can make just as significant impact on operational efficiency.
How big an impact? After automating AP with Concur Invoice our customers report1:
- 60% reduction in missing invoices
- 29% reduction in time spent by AP/finance teams on capturing invoices
- 26% reduction in budget overspending because of increased visibility into spending data
- 11% cost savings realized through supplier-negotiated rates and discounts
And for those of you who prefer the bottom-line number, our customers also report that it took only 7 months to pay back on their initial investment and generated an estimated $43,000 saved on an annual basis. What’s not to love?
Feel free to use these stats when building your own business case for automation. And if you would like some expert guidance, download our Accounts Payable Automation: A Buyer’s Guide.
Ready to take the next step?
It’s time to build business momentum with Concur Invoice
Talk to us today about your specific business needs and to learn more about how the best run with SAP Concur solutions. Your AP team and vendors will thank you. Profusely.
1 AMI, Business mindset for 2022 and beyond and the benefits of automating travel, expense and invoice management: Global study findings, 2022
