An in-depth look into expense solutions you can use
Expense solutions explained
Your bottom line is the bottom line. Finding ways to sustainably increase profits is a driving force behind a business, and as a decision maker in your organization, you know that this is no easy task. A plethora of ways exist in which to decrease the expenses that you don’t need while distributing the savings into areas that will help your business grow. Spend management helps you understand why you spend your money, and expense management gives you control over your processes and policies. Understanding these solutions is the best way to unlock your organization’s growth potential by focusing spend on the areas that best align with your strategy and objectives.
Multiple solutions exist from which to choose, so SCP has put together a guide on what an automated expense management system can do for you and how it can help take your growth to the next level.
What is expense automation?
Expense automation is the automation of the most frustrating and time-consuming activities that form part of expense claims and filing, running reported expenses through a preprogrammed system and immediately classifying the reports. This system can save you time, as your expense policy will dictate which transactions are acceptable and which aren’t, and the automated system flags issues and directs your staff only to the incidents that need to be reviewed. This frees them up from manually and individually processing receipts and reports as they come in. The ease and accessibility of an expense management tool can replace hours of frustration and sorting through slips after an event is over or come month‑end. Your employees are more likely to use the system correctly as most modern expense management apps, like SAP Concur, have step-by-step guides that instruct your employees on the correct way to submit receipts and reports, saving them time and frustration and ensuring that they file everything correctly.
How does Concur help with expenses?
The use of machine learning has greatly improved the effectiveness of expense management tools. SAP Concur can quickly identify digitally submitted receipts and compare them with your organization’s expense policies, either accepting or rejecting them based on what it sees. These processes improve with time, as the AI in the Concur application learns normal business behavior and can flag anomalies … It uses social proof and social media to identify where purchases were made and whether they align with compliance regulations.
These safety nets not only protect you from unexpected and unapproved spending but can also allow your finance team to be more effective. Instead of individually checking every report, they can now focus on other tasks, as Concur flags fraudulent or unsanctioned transactions. This has a considerable impact on the chances of fraud occurring, as incidents are far more likely to be recognized and dealt with.
In addition to employee-initiated expenses, travel expenditure, and supplier invoicing, Concur can also provide you with a complete overview of expenses at a moment’s notice. Drawing all the data into one dashboard means that you can make immediate agile and effective decisions, with data that you know you can trust. Ultimately, the ability to regulate your expense management practices, and having control over your business expenses can turn your business into the well-oiled machine that it was always meant to be.
Supply Chain Partner’s team are experts in business expense management tools and digital transformation, and we can assist you in implementing the perfect expense management solution for your organization. From planning to full-scale adoption, SCP has the experience to construct a custom plan just for your business, and the knowledge to implement it in a way that will give your organization access to success and savings.