Checklist: 7 Steps to Optimize Expense and Invoice Management

Best-in-Class companies are 72% faster than all others in approving expense reports as they continue to focus on their digital processes.

The pandemic has accelerated the need for businesses to digitally transform their operations. As such, companies are reevaluating their company spend management to help face unprecedented challenges. Based on a recent expense and invoice management survey, Aberdeen found that top companies are automating time consuming manual processes, improving total spend visibility, and integrating new technologies to improve flexibility. These best-in-class companies are seeing a significant increase in efficiency and employee productivity, which has enabled them to be more resilient during the current economic downturn. 

Learn from best-in-class companies to understand a what successful business continuity plan looks like, and the practices to establish resiliency. Here are four of seven steps to optimize operations in expense and invoice management: 

• Eliminating manual workflows and approvals to shorten processing times. Best-in-Class companies around the world are reducing the time it takes to approve expense reports for greater flexibility. They are 72% faster than All Others in approving expense reports as they continue to focus on their digital processes.
• Automating mileage capture to eliminate mistakes, potential fraud, and time-consuming manual tasks. Best-in-Class companies around the world are 26% more likely to automate their mileage capture than All Others.
• Leveraging mobile applications for receipt capture, remote expense report submissions / approvals, and invoice approvals. Best-in-Class companies around the world are 13% more likely than All Others to leverage mobile apps for making expense report and vendor invoice approvals, and 10% more likely have mobile apps for capturing expense receipts and submitting invoices remotely.
• Integrating applications across the expense and invoice management process for an end-to-end process perspective from origination to payment. Integrating systems such as payroll, vendor invoice management, and ERP can ensure a seamless flow of information and a comprehensive view of company spending.

Get all seven steps by downloading the Aberdeen 7 Steps to Optimize Expense and Invoice Management Operations checklist.