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Streamlining Invoice Processing: How to Break Free From Manual Reporting

Streamlining Invoice Processing: How to Break Free From Manual Reporting


Aug 22, 2017
Manufacturing and Distribution

Streamlining Invoice Processing 

Everyone thought there would be flying cars and regular vacations to outer space by now.  Although we aren’t quite there yet (though some companies are getting close!), the technology industry has made many groundbreaking updates—particularly, ones that are impacting traditional business processes. Automated solutions for behind-the-scenes management of manufacturing companies are popping up almost daily and one particular game changer in this space is cloud computing.  Cloud-based systems that can be accessed in both direct and mobile capacities, like automated expense reporting and invoice processing, offer a much more cohesive and streamlined experience for business leaders and employees alike.

Many reported trends, like one by transportation management company Cerasis, boast that credit manufacturing companies who are more willing to embrace Internet-connected platforms are able to process and share data in a quicker and more efficient manner.  Cerasis, along with many other companies, agree that syncing your manufacturing business to a cloud-based reporting system brings value to the three key components of corporate success: quality control, cost reduction, and production speed.

The future state of manufacturing
The futuristic technology that replace humans with robots or print prototypes with the push of a button probably sound more fun and transformational, but there are other equally exciting technologies that help companies transform their daily business processes as well.  Automated process management systems save time, money and frustration when dealing with practices that were once strictly manual.  The manufacturing companies that lean into these new automated systems will gain a competitive edge by decreasing unneeded spend.

The power of automation with Concur
That’s where Concur can help. Concur Invoice, an automated invoice processing solution, streamlines the speed and efficiency at which invoices are reported and sent through the system, consequentially cutting down costs and increasing governing power over accounts payable. 

Adopting an automated system that helps manage vendor invoices and store payment request documentation will not only save precious time that could be put towards more strategic work practices, but also increase visibility of the invoice reporting process from beginning to end.  On that same note, Concur Invoice will help strengthen your bottom line significantly as invoices become filed and processed at a significantly faster pace – allowing employees to work smarter and faster elsewhere in the company.

With the amount of data being both received and produced by manufacturing companies on a daily basis, activating a powerful invoice management solution is crucial to make the tracking of these numbers immediate, visible and less human-based.  Companies that embrace Concur Invoice experience a significant decrease on time spent on invoice management – up to 34%, according to Concur’s study, “The Business Value of Concur Invoice” –, giving  employees time back that they can spend on more valuable tasks.

Start seeing visible results
When determining whether or not to adopt a new technology solution, an important part for all manufacturing companies is seeing an impactful outcome. With Concur Invoice, your bottom line will see a significant increase as siloed transactions become a thing of the past, instead leaving your company with a holistic view of spend to easily manage any ingoing and outgoing cash flow. 

With all of your invoicing housed in the same cohesive place within the Concur platform, all of the decision making can revolve around this hard data – no data will be out of place, outdated, or inaccurate.  You can rest easy knowing all of the automation behind this invoice processing solution will be error-free and timely, once again allowing time to be allocated to more result-producing tasks. 

All signs are pointing to Concur Invoice if you want to gain the competitive edge over other manufacturing companies.  Any and all technologies that advance a company through reduced spending, simplified reporting and saved time will lead to an innovative business one step ahead of the rest.

To stay on track with the innovative technology curve that the manufacturing sector is currently experiencing, contact a Wipfli manufacturing expert to find out the ways you can update your company’s processes.

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