When business is running smoothly, the choice to automate your expense, travel, and invoice management isn’t always black and white. Companies that have a manual process in place may find it more burdensome to introduce a new process. AMI Partners surveyed over 400 financial decision makers at small and medium-sized businesses across five different industries to learn about the barriers and benefits of automation. They discovered that the most common roadblocks faced are the lack of IT expertise needed for implementation, cost, and lack of resources to roll out an automated solution. Let’s explore the benefits that come with automation and how these roadblocks can be easily overcome.
Implementing a new solution doesn’t have to be overwhelming – even for small and medium-sized businesses. The best solution providers can also provide the people and resources necessary to help with implementation and strong support for ongoing management.
An automated system can cut the time it takes to submit an expense report in half, and can give time back to employees. Those surveyed reported a 15% decrease in time spent processing expense reports and a 16% decrease in time spent processing invoices. This time savings gives companies the opportunity to spark growth while maintaining the size of their AP teams.
While it’s important to be aware of any up-front costs, don’t underestimate the long-term savings your company can gain from better visibility. AMI Partners found that solutions which fully integrate expense, travel, and invoice – along with other ERP and CRM solutions – offer the clearest picture of company spend. AMI respondents who automated their travel and expense processes saw an average annual savings of £24,000. Those who automated their invoice process saw an average annual savings of nearly £25,000.
A fully integrated solution results in faster reimbursement times. In fact, respondents saw up to an 80% reduction in the time between purchase and reimbursement which ultimately led to happier employees. An effective solution is easy to use and increases employee adoption – giving you more accurate data.
Financial decision makers who implemented a cloud-based, automated solution found that their employees have a better grasp of their policies and are less likely to submit non-qualified expenses. Audits have also become easier, as an automated solution keeps documentation updated and easy to find.
Better data visibility
When expense, travel, and invoice data come together in one place, finance teams have more insight into company cash flow and can make smarter business decisions. More than half of the financial decision makers surveyed reported improved analytics as an important benefit provided by their automated solution.
The benefits of automation outweigh the barriers. Read the AMI report today and learn why the best run businesses automate their expense, travel, and invoice management to elevate business performance in their company.