A Timeline of Invoice Management – What Can You Expect to Gain After Automation?

With all eyes focused on controlling business spend, the benefits of automated invoice management have come into sharp focus. 

Whether you have already implemented an automated invoice processing solution or are looking to secure buy in from key stakeholders to proceed, it’s helpful to know what benefits to expect from finance automation and when to expect them. 

If automation has seemed too risky for a business process that’s so critical to your finance function, this blog aims to alleviate any concerns with a clear timeline of what to expect.

Many businesses are looking for an integrated, digital process for managing invoices that improves consistency and efficiency and helps avoid unexpected and unnecessary costs. Once they’ve implemented it, they discover the benefits of automated invoice processing can be felt from day one and evolve as time goes on.

Like with anything, there are short and long-term benefits of invoice automation so by plotting out the typical benefits across the length of year, you’ll be confident in your decision and able to gain the most from your new investment.

Why is Invoice Automation Important

Something as simple as receiving an invoice from a third party, validating it as legitimate, paying the supplier and recording it in business records sounds simple, but for businesses of all sizes it involves a lot of steps, a lot of people and a lot of room for error and delay. 

Ask any finance manager if they want to control spend, increase financial visibility, improve compliance with policies, control working capital and cashflow, prevent fraud and control when suppliers are paid, the answer will be yes. 

 

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What is the Best Invoicing System for Your Business?

The answer to this question is the one that:

• fits both your short and long-term business goals
• addresses current and future finance needs
• works across the business to address different employee demands.

It’s a chance to rethink your entire organisation, so choosing the right solution is crucial.

Concur Invoice users typically experience a three-year ROI of 634% and four-month payback period. Let’s look at what the first year might look like for your business.

A Timeline of the Benefits of Concur Invoice 

Day One 

Easy implementation: Because Concur Invoice is a cloud-based solution with mobile and web-based tools, there’s very little infrastructure required and implementation, maintenance and functionality can be rolled out remotely. If you’re already using Concur Expense and Concur Travel, you’ll have no issues navigating the user interface, either.

Employee productivity and employee motivation: Because paper, email and PDF invoices are captured electronically, employees who previously spent a huge amount of time on data entry and fixing errors made by other people in the process will have extra time to focus on the tasks they enjoy. According to the Analysys Mason 2022 Travel, Expense and Vendor Invoice Management Study, 29% of businesses worldwide say eliminating the need for manual invoice approvals is a top benefit of an automated supplier invoice management solution and businesses using Concur Invoice can experience a 75% reduction in the time spent to process invoices.

A handy mobile app also means employees can keep the process moving from anywhere, whether working from home or out on the road, which supports hybrid working. 

Support and community: You’ll be supported at every stage of onboarding and implementation – and beyond – with 24/7 human support and access to the SAP Concur Community. 

3 Months

Add in solutions: By adding in additional SAP Concur solutions you can gain even more control. Purchase Request, for example, puts a much-needed step between purchase desires and purchase decisions. Managers can approve or reject expense requests before a PO is created and see spend before it happens.

Actionable Insight: For a deeper look into spend, reporting tools such as Business Intelligence will allow you to get a clear, unified view of all spend from the outset.

Streamline workflows and data: Integration with your accounting or ERP system as well as multiple payment providers closes the gaps between approval and reimbursing employees or paying suppliers. 38 percent of businesses worldwide say faster processing and payment times is a top benefit of an automated supplier invoice management solution.

6 Months

Centralisation and decision making: Now that invoice automation is bedded in, you’ll feel the benefits of centralised processes. Seeing everything in one place gives you a full, accurate overview of the business, which helps decision-making. 

Stronger reputation: As the instances of late payments reduces, you’ll build up your relationships with suppliers and your reputation as a prompt payer, putting you in pole position for negotiating discounts and deals.

Mitigate risk: More reliable data creates an accurate audit trail that makes it easier to spot fraud, payment duplication and protects your business against unwanted tax penalties.  

One Year

Ready to expand: Growth means more invoices, more employees and more complex regulations, but with a scalable solution such as Concur Invoice, you can scale easily whilst benefiting from financial insights from across the business. 

Up-to-date forecasts: With invoice automation, businesses can move from an annual forecast to a continuous close that provides fresh data, rather than figures that are months – or even years – out of date.

Fulfil business goals: Whatever your business goals, from sustainability to fully remote working, finance automation allows you to do all of this and more.  

Beyond Finance Benefits

With automated invoice management in place, your business can go from strength to strength, streamlining a process that is traditionally cumbersome, error-strewn and frustrating for employees. By digitising invoice capture and freeing up employees to focus on tasks that improve your business, you’re one step closer to reaching your goals.

To discover how automating your invoice processes can make the year ahead even more successful for your business, watch this demo or visit Concur Invoice.