Automating Invoices has become a 'Must' for the enterprises

Automating Invoices has become a 'Must' for the enterprises

By CFO Tech Outlook | Friday, November 30, 2018

Automating your invoice processes is probably the best idea for your business. An enterprise must streamline its business by adopting an automation solution for its invoice processes. According to research, a firm with 45 employees estimated their savings of £81k per year with SAP Concur.

According to research by AMI partners, companies using automation solutions are experiencing significant hard and soft returns on their investment. The company also surveyed the financial decision-makers in 420 SMBs( Small and midsize business) with 1-999 employees, across five countries to gain insights regarding the latter's spend management practices. The respondents were current users and non-users of a range of automated expense, invoice solutions, and travel.

According to the research, here are few key factors which can reassure ROI on automation:

•    Bottom Line:

Following the report, a business using travel and expense solutions said that there account teams have observed an average time to save of 15%. In addition to this, they save an average of £22,000 a year and on an average of  £440 per employee by using this application.

Whereas, businesses who are using invoice solution said that there account teams have observed an average of 16% in time savings. From this, we can interpret that it accounts for about 40 hours each week for a team of five people. The average annual savings is £25,000 or about  £800 for every 100 invoices processed.

Check Out TOP 10 FINANCIAL RISK AND COMPLIANCE SOLUTION PROVIDERS - Autoscribe, AxxiomeCFM Partners,...

•    Cash flow has become more effective

Business who are using automated solutions concurred that now the cash flow through the enterprise can be tracked more effectively which means that they can make better decisions on their spending.

One SAP Concur user, a Director of Company Operations at a small financial services firm, said: “We are now able to better understand the total return on investment of working with a client, which helps us to manage workflow and gives us the ability to be more selective on the projects we work on.”

• Feasibility    

Businesses using automation solutions report that employees are less likely to submit non-qualified expenses. A Fleet Manager for a large manufacturing/construction firm said: “Using the system now allows us to pick up on lack of knowledge of certain policies. Now we have a better understanding of what is acceptable and what’s not.” Automation makes preparing for audits easier too.

•    Scalability:

For many small enterprises, the need for automation has become a must. The enterprises are escalating and therefore their accounts department is overburdened due to the paperwork. An SAP Concur user who is a decision maker at large technology firm said,  “As we continued to grow, the system just absorbed new employees. The accounting team has remained stable as the company has grown over the last 3 years.”

•    Future Goals

The research has clearly put forward the benefits of implementing automation solutions for invoice. Moreover, the savings by this process is so significant as it is offering better visibility and cost reduction for the enterprises.

Weekly Brief