Whether it’s travel, expenses, or invoices, where an organization spends its budget matters. That’s why so many companies are using technology to automate the expense management process. New software can help control spend, reduce errors and fraud, and get an accurate picture of your data. And one of the most popular tools on the market is SAP Concur.
A cloud-based solution, SAP Concur allows users to manage travel, expenses, and invoicing from a desktop or mobile device. This article will cover the key components of SAP Concur, as well as its business value for an organization. We’ll also explain how you can simplify the implementation or optimization of SAP Concur by partnering with the experts.
Let’s get started.
What is SAP Concur?
SAP Concur brings all your expense, invoice, and travel spend into one system, giving your organization better visibility into transactions, improving compliance, and making the process less of a headache for everyone involved.
Far too many companies employ outdated and time-consuming expense management processes. And don’t forget the occasional personal expense that slips through the cracks. By adopting a modern expense management solution like SAP Concur, you can streamline the process for employees and ensure accurate and compliant expenses.
Core Components of SAP Concur
There are three core components of SAP Concur: Expense, Travel, and Invoice. Here’s a breakdown of each element:
Concur Expense allows employees to create and submit all their expenses on the go right from their smartphones. On the flip side, managers can do the same by approving or rejecting those claims from any device. Finally, the finance team has a chance to review and process the approved expenses before posting them to your financial system for payment.
Concur Travel empowers your employees to book their own travel through a single portal or mobile app. Because you set up the configurations in Concur, employees have to stay within your organization’s travel policies, which also reduces the burden for managers when it comes to approvals. Even better, booking through one portal means that your organization will have more accurate data to improve compliance, reduce spending, and get the best rates with various vendors.
Concur Invoice is a solution to manage incoming invoices (those that wouldn’t be covered by travel or expenses). This tool helps your accounts payable team monitor and control spending to increase the bottom line. Concur Invoice also gives you the ability to eliminate late payments, manage cash outlays, improve purchase requests, and automate approvals.
Business Value of SAP Concur
Automation of your travel, expense, and invoice process can help you manage and control your expenses while gaining more transparency into your spending. Here are a few more of the business values SAP Concur can bring to your company.
Eliminate Paper – Say goodbye to those piles of paper receipts by using electronic ones. The SAP Concur mobile app turns photos of receipts into expense entries and automatically fills in some of the information.
Reduce Costs – With a single system, your ability to track and manage spending categories, cost centers, and employees dramatically improves. That data will allow you to make informed decisions about reducing costs and negotiating with vendors for better deals.
Improve Compliance – By implementing rules and auditing directly into SAP Concur, managing compliance for travel and expense policies and legislative guidelines becomes much easier.
Enhance Employee Experience – By making the travel and expense process more efficient, everyone from the business traveler to the finance professional will thank you.
How We Can Help Implement/Optimize SAP Concur
SAP Concur gives you more visibility into expenses while hearing fewer complaints from employees. Whether you’re implementing or optimizing SAP Concur, Surety Systems can help. From assessing your organization before implementation through supporting you in your post-go-live activities, our US-based SAP consulting team can help plan, build, test, and deploy your software.
Our consultants also work with your team to develop change management, training, deployment, and any other support service you may need to ensure a successful implementation or optimization.
Contact us today to get started.