In business, connections matter. Whether these connections are with clients or prospects or within the organization, having the right connections can be the line between failure and success. Today, we would like to talk about one such connection—the connection between three unique yet similar spend-control departments.
Why Integrating Travel/Expense/Invoice Will Drive Success
No matter how you look at it, business spending is business spending—whether that’s in the form of invoices paid, expenses approved, or travel accepted. This is why there is an increasing movement to connect these three platforms into one unified spend management software.
Some of these benefits were discussed in a recent SAP Concur blog, 8 Reasons Why You Need to Connect Expense, Travel, and Invoice Spend, including:
- Improved Visibility and Control: Knowing the who, what, where, and why of every transaction and outgoing dollar can help you to reduce fraud, track patterns, and take steps to rein in out-of-control costs. By bringing travel, expense, and invoice into a single platform, you can understand the numbers more easily and do so more effectively.
- Smarter Decision Making: Too commonly, travel, expense, and invoice are handled by three separate teams. This creates a few problems. However, by bringing the three together in a connected system, you can speed up decisions and allow the three similar factions to come closer together.
- Faster Payments, Faster Business: If you want to improve business relationships, you need to pay your suppliers on time. If you want to pay your suppliers faster, you need to do underlying work to get there. By automating expense, travel, and invoice processes can cut the time employees spend on administrative tasks and reduce data-entry errors. Turn this into faster payments, and your suppliers—as well as your employees—will love you.
- Happier, More Strategic Employees: Employees don’t want to grapple with three different but equally clunky systems for expense, travel, and invoice management. They also want to feel like they are playing a valuable role in the business. Unfortunately, manual processes and disparate systems are frustrating to use, and if they’re frustrated, they may consider leaving. As a result, your business will lose good (and expensively trained) people who are not easy to replace – don’t let things get to that stage.
Connecting Travel, Expense, Invoice AND Accounting
While connecting those three platforms is the first battle in the larger automation and finance improvement war, the next step should be to close the loop by connecting these three processes with accounting/ERP software. By doing this, you can not only get your payments team on the same page, you can ramp up all the aforementioned benefits as well.
The best way to make this happen is through our ExpenseConnect and InvoiceConnect platforms, designed to automate data transfer between SAP Concur and your choice of accounting software—Dynamics AX/GP/SL or Sage Intacct. Learn more about connecting ERP and Travel/Expense/Invoice by reading the following success stories:
- Accounts Payable & ERP Integration
- Small Business Accounting Tools Net Big Results
- Automating Financial Systems
- ExpenseConnect for Dynamics GP Implemented for Arizona Diamondbacks
- ExpenseConnect Data Integration For AtTask
Ready to learn more? Contact us for more information.