REDMOND, Wash., February 13, 2007 - Concur Technologies, Inc. (NASDAQ: CNQR), the world's leading provider of on-demand Corporate Expense Management services, today announced the availability of the next generation of Concur® Vendor Payment - the on-demand service that eliminates the time and cost associated with processing vendor invoices and employee check requests. With new and advanced capabilities that enable clients to quickly capture and manage vendor invoices and associated data, Concur Vendor Payment can significantly cut the cost of processing paper invoices and manual check requests - reducing late payment fees and duplicate payments while increasing the opportunity to take advantage of early payment discounts. In conjunction with this announcement, Concur will host a Webinar for organizations that are interested in learning more about controlling this significant area of spend. Concur's "Automating Vendor Payment" Webinar will be held on Thursday, March 8 at 11:00 am PT. Registration information can be found at https://www.concur.co.uk/invoice-management.
Concur Vendor Payment quickly automates the processing of both vendor invoices and employee check requests, making it easy for anyone within an organization to collect all the relevant data and the proper approvals necessary to ensure that vendor payments are made once, on time and without error. Since invoice requirements and capabilities vary by vendor, Concur Vendor Payment features advanced capabilities to electronically capture, convert and present all required invoice data and documentation to complete the payment process - virtually eliminating the need to manage and store paper invoices and driving additional costs out of the process.
Until now, organizations have grappled with how to manage the deluge of vendor invoices they receive, which require appropriate routing and approvals but are often not associated with a purchase order. Concur Vendor Payment solves this issue by providing a variety of methods to capture invoice data from suppliers. Electronic invoices can be sent by vendors directly into Concur Vendor Payment for prompt approval and processing. Since many suppliers still prefer to send paper invoices, Concur Vendor Payment also features exclusive advanced Intelligent Capture functionality that automatically converts static paper invoices into live electronic invoice data which is then automatically fed into the system for approval and processing. And of course, organizations can also use Concur's built-in invoice and receipt imaging capability to scan and save invoices as images, further eliminating the need to route, manage or store paper receipts. When used in conjunction with Concur's robust reporting and analytics, Concur Vendor Payment provides organizations with complete visibility into all expense and vendor data - enabling them to control costs, improve vendor management and ensure compliance.
"Concur customers value the ease with which they are able to manage corporate travel and entertainment expenses, and have asked for the same efficiency in processing vendor invoices and employee check requests," said Rajeev Singh, president and COO of Concur Technologies. "Concur Vendor Payment provides clients with an easy to use service that not only streamlines the process, but also delivers a deeper level of visibility and control into this often over-looked, yet significant, area of spend. Whether it's helping companies control corporate travel spend, manage T&E expenses or streamline vendor payments and employee check requests, Concur is continuing to deliver the powerful innovations that our clients need to help them drive even more costs out of their businesses."
Businesses that process invoices manually or use paper-intensive processes are exposed to a high degree of error, fraud, non-compliance, and lengthy turnaround times - with the result often being late or inaccurate payments and poor vendor relations. Concur Vendor Payment solves these problems by automating the process for managing all invoices and check requests, including common and recurring payment of such expenses as utility or service bills, charitable contributions, consulting and legal fees, and other ad-hoc expenses. Any employee can use Concur Vendor Payment to generate and submit vendor payment or check requests anytime, from anywhere using a simple and intuitive one-page submit interface.
"Managing and processing vendor invoices has traditionally been a manual and paper-intensive endeavor, with resources trapped at the transaction level, with little or no visibility into the valuable pay and supplier data that is processed by the department," said Andrew Bartolini, research director for Aberdeen Group. "Our research has shown that enterprises who automate their A/P process can save roughly 70% on the cost of their invoice processing. On-demand service offerings like Concur's can accelerate the time to value, making an investment in this area all the more compelling."
Andrew Bartolini, research director for Aberdeen Group, will be the featured presenter at Concur's "Automating Vendor Payment" Webinar on Thursday, March 8 at 11:00 am PT, providing his unique insight and best practice recommendations. Registration for this event is open to anyone interested in learning more about the benefits of streamlining this often costly and time-consuming business process.
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