Is your business wasting money and leaving itself vulnerable to fraud because of the way expenses are being processed? Director spoke to SAP Concur to discuss the extent of the problem – and the benefits of a tech-led solution
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director.co.uk
EXPENSIVE CLAIMS? B
The high cost of manual spend management
usinesses are wasting time and money by failing to use automated admin systems that would help them manage their expenditure. That’s according to research from AMI-Partners, which also reveals that fi rms using manual processes have less information readily at hand and a higher risk of fraud than those that have adopted technological solutions. About half of the SMEs responding to its study admitted that the manual entry of data relating to invoices, travel and expenses increased the likelihood of fraud and/ or “unqualifi ed spending” by staff. Director recently explored this topic in a webinar held in association with SAP Concur, a leading provider of expense, travel and invoice management services. Joining us to share her expertise, Cassie Petrie, a senior director at the fi rm, set out the risks of the old approach and the case for adopting an automated system.
“Ultimately, it boils down to the most effective use of your resources,” she said. “Manual processes mean that teams have less time for more strategic work; less visibility in order to make informed decisions or come up with best practices; and unnecessary costs due to fraud, duplicate payments, late payments etc.”
Wasted hours
Petrie pointed out that the average accounting and fi nance team spends 14 per cent of its time processing invoices, which equates to more than fi ve hours per employee a week. If you add in the task of processing expenses, including the time it takes to check that each claim meets the company’s rules, then the hours ratchet up. And that’s before taking into account the end users – the people logging their expenses, travel and invoices. With no way of processing the data on the road, they have to keep
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