Is Your AP Truly Automated?

In the world of business, every moment matters. Every decision must be informed by the need to increase efficiency, optimize performance, control costs, maximize profitability, and drive sustainable growth – all while maintaining the highest levels of quality and service for your customers. At the same time, businesses like yours are contending with the new world of hybrid work, where employees expect the flexibility to work from anywhere. 

Nowhere do we see all these imperatives converge more than in accounts payable (AP).  

Supply chain disruptions, skyrocketing costs, and market fluctuations have many finance teams scrambling to manage new vendors, new payment types, and increased transaction volumes – while also keeping a sharp eye on the bottom line. Yet AP – which sits at the center of it all – is often the last of the finance functions to be automated.  

Managing invoices with paper, e-mail, and spreadsheets means countless moments of frustration for buyers, suppliers, and AP teams alike. Manual workflows often lead to forgotten or duplicated payments, missed deadlines, and a lack of insight into payment status and cash flow. Such an approach also leaves behind countless opportunities to increase efficiency and optimize performance.  

In fact, nearly a third of companies worldwide that aren’t using some type of dedicated spend management automation software see duplicate invoices as one of their biggest financial challenges. And nearly half report manual expense and invoice management workflows as their biggest employee experience issue. Add that to 43% reporting a lack of visibility into cash flow and company spending as their biggest strategic shortcoming and we clearly have a problem.1

It's time to turn all those moments of frustration into moments of clarity with truly automated invoice management. 

With the right invoice management software, you can streamline your AP processes from start to finish. This includes automating invoice intake, approvals, matching, and payments as well as providing mobile access to workflows. Not only does this reduce errors, rework, and the risk of delays and compliance violations, but it also frees up time so that employees can stay focused on the moments that matter for your business. Agile, user-friendly reporting should also be a key component of any software you choose so that your finance teams can gain a more accurate picture of money coming in and out. Plus, when you have a solution that integrates with your backend ERP or finance system, those same teams can more easily use all that valuable AP data to inform forecasting, budgets, and overall spend strategy. 

In terms of time and money, the benefits are clear. Companies that have a truly automated invoice management software system save their finance or accounting team an estimated 122 hours per week and save their business an average of $44,000 per year.2 

Luckily, the Concur Invoice solution has you covered.  

By offering all the features and functionality you need in an automated invoice management solution, Concur Invoice gives your buyers, AP, and broader finance team the tools and information they need to make the most of every moment and do their best work.  

Optical character recognition and machine learning functionality make it possible to automatically scan invoices and input data right when it comes in. Then two- and three-way matching helps ensure that invoices are never overlooked and that POs and invoices align so that you aren’t being overcharged. The result is that your AP team can more easily find and resolve discrepancies that would otherwise hurt your bottom line.  

The increased efficiency and optimized performance you get with Concur Invoice speed up your AP processes overall, making it easier to take advantage of perks from your suppliers, such as early payment discounts. And automated, mobile-enabled notifications and alerts for finance teams and accounting managers help them stay on top of compliance issues and reduce the risk of fraud. Comprehensive, up-to-date reporting gives you total insight into invoice and payment status, so you can stay on top of cash flow and supplier liability. Combine that with advanced analytics, and you have the visibility you need to find the many efficiency improvements that can help your business run better. Plus, because Concur Invoice fully integrates with the Concur Expense and Concur Travel solutions as well as with most major ERP and finance systems and an array of third-party apps and services, you can fit your invoice data into your overall forecasting and budget equation. 

So, what are you waiting for? It’s time to seize the moment.  

Read our latest paper to find out why more than 49,000 businesses like yours are using SAP Concur solutions to take control of their expense, invoice, and travel management. Then visit us online to get started today.  

1.–2. "Analysys Mason 2022, Travel, Expense, and Vendor Invoice Management Study,” Analysys Mason Sponsored by SAP, 2022.