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Cash flow is king in any business, but effectively controlling it is a mystery to many. One thing most business leaders can agree on, however, is that managing cash on hand requires visibility into what’s going out the door.
Keeping an eye on spending is more of a challenge than ever; employees have more ways to spend and, consequently, more ways to potentially circumvent your current systems of control. And things like data-entry errors, processing mishaps, late or incorrect payments, and employees’ mistakes and fraud can have a significant impact on your bottom line. Here are a few quick tips to simplify how you manage your cash:
If you can see what’s being spent in near real time and eliminate both manual data entry and the errors that go with it—and if you can automate or outsource expense report policy audits and confirm every invoice against the correct PO—you can literally take control of spending before the money gets spent.
Easy, right?
Well, yes, actually. Automating AP, and specifically your T&E and invoice processing, allows you to control every dime with fewer demands on human capital. And with the right solution, you can put your funds back to work and put a system in place that scales with you as your business grows and changes.
Moving spend and invoice management to the cloud with SAP Concur allows you to connect spending data directly from suppliers, credit providers and virtually every other source. So no matter where or how spending happens, you can capture it accurately down to the last dollar. SAP Concur solutions also help you:
You can’t control what you can’t see, so every solution we design makes spending more visible. And, ultimately, easier to manage.
And if you noticed: Every bullet in the list above contains the word “automatically,” which gives you a sense of how this solution has streamlined processes across the board.
Essentially, it adds up to simple control of your funds. And that takes all the mystery out of cash flow.
Sill curious? Learn more about invoice automation here, and read more about T&E data analysis here.
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