REDMOND, Wash., October 26, 2004 - Concur Technologies, Inc. (NASDAQ: CNQR), the leading provider of Corporate Expense Management solutions today announced that its Concur Imaging Service has digitized receipts for over one million expense reports since its introduction in June 2002. To date, over 325 Concur customers have adopted Concur Imaging Service to significantly reduce the costs of handling paper receipts and invoices. By allowing business travelers to simply fax receipts and invoices to a designated Concur Imaging Service fax number, the service provides anyone within the approval process - including managers and accounts payable staff - instant access to review digitized receipts as part of a complete on-demand expense management solution.
Concur Expense Service was the industry's first Corporate Expense Management service to fully integrate electronic receipt imaging. Receipt imaging reduces the total cost associated with expense report processing, providing managers with instant visibility into travel and entertainment spend while accelerating employee expense reimbursements. IRS regulations allow companies to archive expense receipts electronically, paving the way for the mass adoption of receipt imaging to take hold. In addition, new requirements mandated by the Sarbanes-Oxley Act encourage companies to improve their internal controls. The Concur Expense Service, combined with receipt imaging, creates a superior compliance vehicle to ensure a more transparent audit process.
"Since day one, Concur Imaging Service has proven itself to be indispensable to our department, both from a cost perspective and as a means by which we can assert greater control over the expense reporting process," said Bob Mendence, project manager for Applera, a multi-billion dollar life sciences company. "Our corporate policy now requires that all receipts over $25 dollars be imaged into the system -- employees love it as they don't have to worry about express mailing their receipts from the road and our accounts payable department can perform one-click audits without having to go digging through files."
"Processing one million expense reports with digitized receipt images attached is a significant milestone for Concur Technologies and demonstrates that the innovations we are bringing to the market are being enthusiastically embraced by our customers," said Steve Singh, president and CEO of Concur Technologies. "Because Concur Imaging Service is fully integrated within Concur Expense Service, customers are able to get up and running in a matter of weeks without incurring costly set-up fees and are able to recognize ROI in a matter of months, not years."
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