Accounts Payable and FinTech: The Perfect Combination

Combining the process of Accounts Payable (AP) with the tools of Financial Technology (FinTech) is an essential element for successful spend management. Best in class companies have leaned into digitization within their AP processes to deliver significant business value. By connecting financial services tools with spend management processes, organizations are prepared to run at their absolute best. Check out how: 

2020: Accounts payable goes remote

The global pandemic changed the way we work, live, and play. But opportunity is born of change, and therein lies the silver lining for finance. AP functions became strained with employees working remotely, almost overnight. As a result, companies found it difficult to keep AP processes and vendor payments running smoothly and on time. They quickly turned to technology to streamline invoice management for better business resilience.

Story Time – Before utilizing Concur Invoice, a mid-sized company processed their vendor bills in a tedious, paper-based process. They received invoices in numerous locations and experienced challenges approving them in a timely and efficient manner. They paid roughly 75% of their invoices by paper check. This worked OK for them…until it did not. In April of 2020, AP received a call from their CFO. They had a problem – how were they going to pay their bills if they could not go to the office to gather their invoices and cut a check? The remote workforce was born overnight, and businesses were not prepared. The recommended solution – rent a U-Haul truck, gather the necessary office equipment, and bring the entire AP operation to the employee’s dining room. AP knew there had to be a better way, and they were right. Today, they are one of many customers that have increased efficiency, reduced costs and risk, and grown revenue with Concur Invoice and our payment provider partner solutions.

A new approach

Concur Invoice automates and streamlines invoice management by digitizing end-to-end processes, improves visibility to effectively manage cash flow, and ensures AP processes are accessible anywhere, anytime. Payment provider solutions integrate with Concur Invoice to modernize the payment process of invoice management. Together, SAP Concur and our ecosystem of payment providers create an efficient, automated system for managing every aspect of your invoice process—from purchase request through payment processing. Keep track of every payment going out the door (and out of your budget) by controlling your spending wherever and whenever it happens.

What is the value in connecting finance and FinTech?

Control: Payment controls help you manage exactly how payments are executed and when they’re completed. Ensuring only approved, vetted business liabilities are paid.

Powerful Data: Enhanced reporting links fintech transactions to supplier invoice data

Maximizing Spend: Capture spend and maximize bank card spend for increased card incentives

Security: Increased payment security and fraud prevention

Embracing Digital: Innovation through fintech without the development cost

Ready to Learn More? Check out SAP Concur Payment Providers.