Code42 is a global enterprise SaaS provider of endpoint data protection and security to more than 39,000 organizations, including the most recognized brands in business and education. Code42’s highly secure cloud solutions enable IT and security teams to limit risk, meet data privacy regulations and recover from data loss, no matter the cause.
According to the 2015 Travel & Expense Benchmark report by Paystream Advisors, manually processing travel and entertainment expenses costs an average $26.60 per report–a heavy burden when you’re processing hundreds to thousands of reports each year–versus $6.85 with a fully-automated solution. So while automating accounts payable (AP) processes can seem daunting, the impact is significant. As Code42 experienced, AP automation resulted in more than cost savings; it improved regulatory compliance and resource reallocation, and increased employee satisfaction.
Processing more than 350 expense reports per month, Code42’s accounting team was bogged down with the company’s manual expense process. “We’d have to go through each paper report, tally and verify the data and then manually enter it into Intacct before manually cutting the check,” says Kevin Wright, Code42’s Accounts Payable Manager. “There are only two of us in accounting, and while we were able to keep up with the demand, it took us fifteen days to process expenses.”
For sales reps, directors and department managers with constant travel and meeting expenses, fifteen days wasn’t efficient. What’s more, without up-to-date, centralized data, the accounting team lacked visibility into performance indicators and compliance breaches. To solve matters, they chose Concur Expense to automate their expense reporting system—taking advantage of its mobility features and easy ERP integration.
“We knew we wanted a fully automated system that would allow us to export our data from Concur and bring it directly into our general ledger without manual intervention,” Wright says.
Thanks to Concur App Center partner Wipfli, integrating data between Concur and ERP software like Intacct could be done in the cloud. Wipfli’s ExpenseConnect integration with Concur Expense solution allowed for flexible integration and easy mapping of Code42’s GL codes. No costly custom development and no manual manipulation of files.
WHAT WERE THE RESULTS?
In just three weeks, Code42’s fully automated solution was deployed. “We have five different bank accounts because we operate different entities in Europe, Australia and the U.S., so our only challenge was ensuring we were correctly mapping to those accounts,” Wright says. “We only had to make a couple tweaks which didn’t take long at all.”
The impact extends beyond the accounting team. “Expense reports are submitted on Friday, then over the weekend I submit for payment into the employee account and run ExpenseConnect, which flows into the journal entry in Intacct,” Wright says. “The employee is paid by the following Wednesday. Needless to say, it’s been hugely popular among our employees.
"With the time savings incurred, Wright’s team is also able to allocate resources to other projects. “Up until six months ago, the two of us were bogged down manually processing expenses for 400 employees,” Wright says. “Today I have more time to look at analytics, process reconciliations, and prepare and communicate new features and enhancements to employees. We now average 225 reports a month and are expanding our system by adding Concur Invoice and InvoiceConnect.”