(703) 860-6945

The Real Benefits of Going Green in Expense and Invoice Management: Reduced Costs, More Security, and Smarter Focus

The Real Benefits of Going Green in Expense and Invoice Management: Reduced Costs, More Security, and Smarter Focus

Everyone’s been talking about the environment—and with good reason. While companies have a responsibility to save the trees and reduce their carbon footprint, there are a multitude of benefits the companies can recognize besides the good feeling they get from “going green.”

Your organization can take steps today, this month, or this year to improve the environment, reduce your reliance on paper, and position your company as a leader in the green movement.

Additional Benefits of Going Green

So, why should you go green? In addition to the entire “helping the environment” aspect of the discussion, there are a multitude of ways that going green actually helps your organization.

  • It’s Cheaper: By getting paper out of your processes, your organization saves not only on the paper itself, but the labor costs associated with scanning documents into a computer, manually tracking pertinent information, and putting it into whichever software you use. According to a recent survey by YouGov, small to medium-sized businesses waste the equivalent of $70 million per day looking for documents, and orgnotes that the cost of paper in the everyday office runs from 13-31 times the cost of actually purchasing the paper. If those statistics don’t boggle your mind, the estimated $460 billion in salaries needed to manage paper-driven information overload should make businesses consider their bottom line potential, sans paper.
  • It Positions You as a Leader: If the phrase “digital disruption” means anything, it is that organizations are looking for ways to digitize and automate any process, allowing leaders to focus on the bigger picture, long-term strategy, and growth initiatives that slower organizations are unable to capitalize on.
  • It’s Good PR: While “greenwashing” is unhealthy for your organization’s PR, demonstrating your commitment to the environment is very good for your company’s reputation.
  • It’s Safer: Checks are inherently fraud-prone, not to mention expensive. Leading organizations are cutting out anywhere between $5 and $20 spent per check written in processing costs. Worse yet, checks can be accidentally sent to unscrupulous vendors sending duplicate or overstated invoices, can be written by employees to themselves, and used in many other illegitimate ways. By removing checks from your organization, you can gain visibility into transactions and reduce risk.

As more and more organizations move to digitize their processes, it pays to be on the leading—rather than trailing—edge. By removing paper from your processes, you can ultimately save time, reduce both material and labor costs, and allow your leaders to focus on what matters.

Make T&E and Invoice Management Green

So where should you begin? Let’s take a look at two of the most paper-prone processes: Expense and Invoice Management. Each of these processes was born on paper, whether through tickets, receipts, expense reports, or the invoices themselves, and for many organizations, these continue to be paper-based, much to the chagrin of travelers, managers, and the people processing the reports and invoices.

The process is frustrating, time-consuming, and wasteful. Employees are tasked with finding paper documents, viewing and reviewing for accuracy, and finally submitting.

For travel and expense management, this means travelers are taking time away from their jobs to submit expense reports and travel managers are taking extra time to check for compliance.

For invoice management, this means employees are taking time to track down documents. Organizations have limited visibility into cash flow, miss out on early payment discounts, and lack control over spending.

Either way, it’s not green and it’s not helping your organization to grow.

Looking to learn more about improving productivity, reducing paper, and focusing on what matters? Learn more about the additional benefits of AP automation by reading the following articles:

Learn more about the joys of simplified expense management by reading the following articles:

Wipfli/Brittenford is committed to helping your organization thrive with simplified and automated expense and invoice management with Concur. As the reigning Concur App Center Partner of the Year, we have developed two applications—ExpenseConnect and InvoiceConnect—designed to help you connect concur with Intacct, Dynamics SL, or Dynamics GP. Get in contact with us to learn more.

Save

0 Comments

Leave a reply

Your email address will not be published. Required fields are marked *

*