Get Ready for the New World of Work with Digital Spend Management
The COVID-19 pandemic turned the world of business upside down.
Whether your company experienced a boom in demand or you found yourself struggling to keep the lights on, the way we work shifted 180 degrees in a matter of weeks. Keeping employees safe and healthy meant allowing as many people as possible to work from home – which in turn meant outdated manual processes were no longer possible. And for many small and medium-sized businesses, the financial impact of the pandemic also made it more important than ever to tightly manage cash flow and keep a close eye on spend.
The result? Digitisation became a must overnight – and no more so than for the way spend is managed in companies of all sizes.
Many companies were already one step ahead, using digital tools to manage expenses. But other employees and departments were still struggling with paper, email, and spreadsheets – leaving finance to muddle through siloed, potentially inaccurate spend data. In other words, partial digitisation equals partial spend visibility – which means financial blind spots.
In the new world of work, your people need digital access to all spend-related processes and data so they can stay productive and be effective from anywhere. And you need total spend insight to stay ahead of the curve, direct your cash where you need it, and ensure you’re making the most of every penny. In short, there has never been a better time for finance and IT to come together to empower your whole business with automated, digital spend management.
From expense management, to travel, invoices, mileage tracking, and more, SAP Concur solutions are here to help. By taking your spend processes into the cloud and making them digital, all on a single platform, SAP Concur solutions allow you to:
- Better manage cash flow
- Increase business efficiency and agility
- Integrate spend management across the business
- Allow employees to work from anywhere
- Tighten spend oversight and reduce the risk of errors and fraud
Cash flow management is more than tracking the money coming in. SAP Concur solutions help you stay on top of the money going out, giving you visibility into every purchase – from home office equipment to meals, travel bookings, mileage reimbursements, supplies, and services. Our solutions can also help you with VAT reclaims and recovery while speeding up invoice processing, so you can maximise on negotiated rates and early-payment discounts.
By bringing all your spend data together in one place and offering robust spend analytics tools, SAP Concur solutions give finance and executive leadership the insight they need to keep your business agile. You can break down spending by department, employees, category, and time period, to close any gaps and help ensure you have the cash to respond to market changes and fluctuating customer demands. As your spending needs and priorities change, you can also update process workflows and spend policies in a way that is smooth for users without creating extra work for IT.
In addition to fully integrating with each other, SAP Concur solutions work with more than 50 of the leading ERP and finance applications on the market. This means that, on top of getting automated, integrated spend management, you can also take advantage of all that spend data to make better decisions about budget and other finance operations across your business. Plus, the combination of these prebuilt integrations, a cloud-based deployment model, and comprehensive support services from SAP, allows your IT team to add new solutions quickly.
Whether they submit the occasional expense report or dive deep into expense, invoice, and travel management on a daily basis, SAP Concur solutions make it simple for your people to do what they need to do from anywhere. As working from home becomes the new norm for some and others gradually return to a life of business travel, the ability to capture receipts, book flights and hotels, submit expense reports and invoices, and process approvals from a smartphone makes life and work easier for everyone. Plus, with compliance policies built into every transaction, incorrect or noncompliant entries are flagged before they can be submitted – saving time for managers, auditors, and accounts payable. And, for extra peace of mind, SAP Concur solution customers have access to expert audit services that help your staff stay focused on improving the spend strategies, policies, and processes that boost your bottom line.
Companies like yours are using SAP Concur solutions to stay agile, save time, reduce costs, increase productivity, speed financial processes, and lower risk. To find out more, read our latest checklist on how to empower your business for the new world of work.
Then visit our Business Continuity hub for more resources relating to managing expenses and invoices in the new world of work.
