In today’s economic climate, companies are being pushed more and more to put in place cost control measures compared to recent generations. They are also finding the path to make such changes can be difficult. As a certified SAP Concur Partner, that’s where Genesis Consulting can help. Genesis Consulting in conjunction with the SAP Concur Spend Management platform can partner with you, the customer, to understand your current process, your pain points and your ideal future state and create a plan to get you where you want to go.
There are various items to take into consideration when creating a plan for your organization’s future to improve your costs and SAP Concur’s Spend Management platform can help you to improve them all.
Keeping Your Finger on the Pulse
When you think about everything that can affect your organization’s bottom line, sometime to the point of whether or not you can stay in business, there are multiple items that need to be taken into consideration. Fraud, efficiency, visibility and remote access are just a few of the areas that can be improved with the SAP Concur Spend Management platform. Each one of these can have an impact on the success of your business and having a system that allows you to have your finger on the pulse of these issues will put you one step closer to financial control.
Remove Manual Inputs with Process Automation
With the SAP Concur Spend Management platform, your organization can automate previously manual efforts related to your employee reimbursement and account payable processes. By automating your processes using the SAP Concur Spend Management platform which includes Travel, Pre-Travel Approvals, Expense management for both cash reimbursements and Company Card transaction, Purchase Request and Invoice Processing, you can check multiple areas off your list. And the best part is that it can be done in a single user-friendly application. Removing the manual efforts involved with your processes provides efficiency gains that allows your employees to spend more time on strategic initiatives to grow your business versus monotonous chores required to “keep the lights on.” In addition, because the platform is web based, your employees can do their work from anywhere.
Visibility is Power
Once you have an efficient process, another key factor is having visibility into your spend at any time. The SAP Concur platform has various tools that allow you to know exactly where you stand at any time with a few clicks. Whether it is using the robust reporting tools or just creating a query, you are never more than a few steps away from your data. And since we all know that knowledge is power, the platform allows even more control of your cash flow.
Add Guardrails to Eliminate Fraud
Having an automated process and visibility does not mean much if there is no way to protect your organization from errors or fraud. The SAP Concur Spend Management platform uses best practice functionality to help you to build a process that puts guardrails throughout to eliminate potential fraud for your organization. With the use of audit rules, it stops unacceptable transactions from being processed. The same functionality can also provide direction to your users to reduce the errors that are made in processing your transactions as well.
Stay One Step Ahead
Finally, the services available for pre-spend approval add another layer of protection to your organization’s cash flow by requiring PRE-spend approval for purchases related to both expenses and invoices. Whether it be reviewing anticipated spend for a trip or a purchase request before a large project, SAP Concur can provide you with the ability to easily obtain pre-approvals instead of just having to figure out why there is so much money going out the door. In addition, the pre-spend approval can reduce processing time on the back end since approvers do not need to re-approve.
Every organization needs SAP Concur’s Spend Management platform to wrap their arms around their business. The end result is going to look great on your bottom line. And if you are not sure how to effectively get to that end goal, Genesis Consulting and our team of SAP Concur experts can walk you through the entire process seamlessly and painlessly to improve your net income.
About The Author
Nancy Jaykowski is Genesis Consulting’s SAP Concur Lead Solution Architect. With over two decades of invaluable SAP Concur experience, Nancy's journey began as a customer, expertly deploying and administering SAP Concur at multiple companies. Her passion for tackling diverse challenges across various industries led her to Concur, where she excelled as an Activation Coach and Project Manager, configuring and deploying Concur Platforms for their esteemed clients. Nicknamed "Guru" at SAP Concur, Nancy's wealth of knowledge and natural curiosity made her the go-to person for advice and innovative solutions. Her customer-first attitude and transparent approach, combined with a deep understanding of our platform, ensure that she identifies solutions beyond the ordinary.