The manual, outdated process exposes your institution to unnecessary rick that can lead to its downfall.
Higher education institutions are facing extreme pressure surrounding funding and enrollment, due to the current situation, COVID-19. Do not add to this stress by continuing to use the outdated, manual business process, which is only holding higher education institutions back.
- 44% of finance and administrative leaders struggle with the volume of invoices and reimbursement requests
- 42% are challenged by managing new categories of spend and trying to adapt organizational policies to fit remote-work dynamics
- 41% aren’t sure how to manage unexpected expenses.
The challenges are avoidable and can be solved simply with the adoption of automation and technology.
How does the manual process really effect your institution?
Fraud: Without an automated, integrated, intelligent process to make sure policies are followed, spending is controlled, and 100% of invoices and expense reports are audited, it’s difficult to identify fraud, let alone prevent it. Let’s not forget fraud scandals at institutions come with huge media coverage.
Cost: Even without malicious intent, people are prone to make mistakes: Human Error. Double payments, inaccurate data, and incorrect pricing not only wreak havoc on your finance teams, they can steadily chip away at your budget. Also, without automation, institutions miss out on insights into what’s spent and what’s pending. The manual process leaves you guessing when it comes to accruing budgets or adapting them as funding and priorities change.
Lost: If an invoice gets lost or stuck in a stack of paperwork, how do you know where it is in the approval process? You don’t, and these delays slow the process down while ramping up costs and late fees. Without an automated process, there’s no way to keep things moving.
Health Risk: In the era of social distancing and quarantines, any process that requires you to be in the office or physically hand someone a piece of paper is a process that poses a health and safety risk like cutting checks in homes and have someone come pick them up or coming into the office to gather paperwork or post checks. Your entire organization is in jeopardy. Automation eliminates this risk and digitizes the process.
Unhappy Partners: If you’re not paying vendors on time because your processes are outdated, you’re not going to get anywhere. If vendors have to keep calling to ask about payment, they’re going to get frustrated, and you’re going to lose a valuable partner. Eliminate this risk with automation, designed to streamline the process.
With SAP Concur, automate, and integrates your expense and invoice management process to help your organization avoid these challenges. Automation leaves time and energy to focus on other aspects of the organization and make more data driven decisions, which now, is more important then ever.