Say Goodbye to these Common Finance Workarounds

Let’s talk about “finance hacks” for a moment. You know, those manual workarounds that companies often use to bridge their disconnected business systems. As spend management experts, we’ve pretty much seen them all. Some of the more common ones include: 

• Stapling receipts to printed expense reports 
• Tracking approvals with sticky notes 
• Printing invoices to re-key them back into the system 
• Saving employee self-booked travel plans in calendar invites  

Necessary, perhaps, but far from efficient. 

Rather than help control costs, these types of finance workarounds can make processes more complex, hide risks and fraud, decrease employee productivity, and slow your cash flow. 

Here are three simple steps you can take today to ditch the finance workarounds.

Step 1: Let the ROI of Automation be Your Guide 

A global survey of finance and IT leaders found that the average company processes 252 supplier invoices and 244 travel or expense reports each month¹. That’s a lot of paper cuts. But, here’s the difference automation can make. 

In the same survey, businesses using SAP Concur solutions reported on average: 

• 47% reduction in missing receipts 
• 32% reduction in the time taken to approve expenses 
• £42K (€49K) estimated money saved on an annual basis 
• Only 7 months to see positive ROI 

Feel free to share those stats with your colleagues. In fact, we recommend it, because knowing the measurable benefits of automation can help guide a deeper look at your own processes. 

 

Concur Expense ROI Calculator 

Curious about what your company could possibly save? Find out in less than. minute with our Concur Expense ROI Calculator. 

Access now

Step 2: Show your People what’s Possible 

Unless you’re a company of one, you’ll likely want to build a business case for automation that the rest of your team can get behind.  

Building a business case may seem like a daunting task, so let us help. Use our guide to make expense management automation easy.

It includes easy-to-follow tips and suggested soundbites for addressing the needs of your finance leader, finance team, IT, and company leadership. Once they’re on board, you can get started with automation in practically no time. 

Step 3: Get Started Today by Updating your Policies 

Even companies of one can’t easily automate finance processes overnight. But here’s a way you can boost control over spending, starting today: 

Download these tips and guidelines for creating a more effective expense policy.

With a well written, up-to-date expense policy, you’ll make it easier for your employees and managers to understand what can — and can’t — be expensed. This results in greater control over costs and compliance, reducing frustration for your finance team and employees. 

So, there you have it. Three steps you can take today to say goodbye to finance hacks for good. 

H2: Get Around your Workarounds. Let’s Automate That!

We’ve helped over 51,000 businesses worldwide automate their spend management — for a more efficient, future-ready finance process. We’d be more than happy to show you how. Reach out to us today. 

1 ANALYSYS MASON 2022, TRAVEL, EXPENSE, AND SUPPLIER INVOICE MANAGEMENT STUDY.