The time for finance efficiency was Yesterday
Manual spend management workarounds that employees use to bridge disconnected business systems is more common than you might think. The shift to remote and hybrid working seems to be increasing the number and creativity of the hacks.
Some of the more recent workarounds we’ve heard about include:
Couriering invoices to remote employees for approval
Using random audits to detect expense reporting errors and fraud
Saving employee self-booked travel plans in calendar invites
On the surface, finance hacks may seem like an effective way to keep spend data flowing. More often, however, they drive increased operational costs, risks, and complexity, plus decreased spending visibility, control, and employee productivity.
If this sounds all too familiar, it’s time to take a closer look at fully automating your spend management processes.
The time for finance efficiency was Yesterday.
In a recent survey of finance and IT leaders:
Only 39% of U.S. companies
say they have the right systems in place
to adapt quickly to changing business needs
If there’s ever been a time for efficiency in finance, it was yesterday, and automation is the key. Fully automated spend management can enable your businesses to minimize and even eliminate costly finance hacks.
The benefits of doing so are clear:
43% of businesses with digitized invoice management saw increased agility and resiliency
42% with digitized expense management reported increased productivity
Digitization of cash flow management facilitated increased functional collaboration for 35%.
Identify your next step with these four resources
Whether your company is looking to expand on its current spend management capabilities or needs to kickstart its digital transformation, take some time today to check out these four resources:
The Cost of Doing Nothing – Learn about three industry trends you can’t afford to ignore and why your spend management status quo may no longer be good enough.
Crawl, Walk, Run into AP Automation – This ebook is a guide for evaluating where your own AP process stands against automation.
Getting Started with SAP Concur solutions – Watch this video to learn about the three steps to automating your expenses and invoices.
Concur Expense Free Trial – Experience all the features our expense management solution has to offer first-hand using your company data.
Get around your workarounds. Let’s automate that.
If your business is still relying on "finance hacks," it’s time to digitize your spend management with RDS Consulting and SAP Concur solutions. It’s easier than you may think.