How are leading companies moving to improve their processes, shorten the time from invoice to payment, capture more discounts and use their money more effectively? The answer lies in the ability to make the most of their working capital, minimize the time spent reviewing and approving documents, and rid their processes of paper and spreadsheets.
This is why Wipfli LLC/Brittenford Systems will be hosting a webcast on November 9, 2016 featuring best practices, a customer interview, and a brief demo. Register here or learn more below.
Working Capital Optimization Challenges
Working capital optimization is important to businesses of all sizes, however, it can be very challenging for many organizations. According to Capgemini, organizations face challenges in timeliness, accuracy, and cost controls that stand between them and their goals. Due to continued use of paper-based and other manual processes, many organizations see an invoice-to-pay cycle of 60-120 days, making the idea of a discount little more than a pipedream.
According to a recent Institute of Financial Operations (IFO) study, 50% of invoices are still received by paper, 37% by e-mail, and 5% by fax, resulting in 92% of invoices still requiring manual entry. Even more surprising, when respondents were asked how they expect to receive invoices two years from now, they predicted 81% of their invoices would still come in through one of these three methods.
Worse yet, 20-40 percent of invoices involve exception processing, often doubling, sometimes tripling the transaction’s timeline and cost.
How to Overcome these Challenges
Companies can improve their working capital by utilizing technology and automating AP processes to improve efficiency. Join experts from Brittenford and Concur for a free webinar on November 9, 2016 at 2:00 PM ET, in which you will discover the benefits of this process efficiency in working capital optimization including:
- Improve accuracy and visibility
- Streamline payment processes
- Reduce manual input; saving time and money
- Increase forecasting and cash flow management accuracy
- Improve payment security and tracking
In addition to the insights provided, we will be sharing a customer success story from Steve Meyerson, Accounts Payable Manager at Defy Media, who made the switch to Concur Invoice and overcame his organization’s accounts payable pain points.
It’s time your employees focus on what matters most! A live demo of Concur Invoice Management, a leading invoice automation software, will show how easy it is to start simplifying and improving your accounts payable processes.