The unoptimistic status of financial digitalization
46% of respondents still submit expense reimbursements manually by filling out forms and attaching paper invoices; 42% of Chinese respondents believe that too much time and effort are spent on financial processes; 38% of respondents Dissatisfied with the time and energy spent on travel...
Although it has long been known that many employees of enterprises have been complaining about the existing financial processes and expense reimbursement methods, the results of such surveys still surprised many people in the industry.
This is a survey called "The New Future of Financial Management under the New Normal" commissioned by SAP Concur by Asia Insight. A total of 2,012 respondents engaged in finance or expense management related work participated in the survey, and covered all walks of life. It is very authoritative and very detailed.
The survey also pointed out that employees and managers spend an average of 0.5 to 1 working day per month to process expense reimbursements. Managers spend about 3.3 hours a month to submit their own reimbursement applications, and it takes about 6.3 hours to approve subordinates. Reimbursement application.
People often say "one inch of time and one inch of gold", but only in expense reimbursement and travel, corporate employees and managers have spent so much time and energy. This is undoubtedly too extravagant for modern enterprises where every second counts.
Through the survey results, it is not difficult to find that even in the era of digital transformation, the financial and administrative processes of many companies still rely heavily on manual manual operations, which greatly affects production efficiency. For these companies, how to improve the status quo of financial digitalization as soon as possible is the top priority.
Accelerate the digital transformation of finance and redefine corporate productivity
So the question is: What benefits can accelerating financial digital transformation and improving financial operation efficiency bring to enterprises?
According to the statistics of the United Nations International Labor Organization (ILO), Asia Insight has calculated and concluded that only 10% of the submission and approval reimbursement time can be saved, and it can bring a potential GDP income of 7.91 billion US dollars to the Chinese market every year. Just a large and medium-sized company can save tens of thousands or even hundreds of thousands of dollars in expenses.
"How companies use digital means to use advanced technologies to build efficient, agile and innovative business operations, improve business processes and accelerate financial digital transformation, and ultimately enhance competitiveness and business resilience in the new era. This is what financial managers need to consider most today. One of the problems.” said Lin Xinghua, general manager of SAP Concur Greater China.
As an annual industry event, the SAP Concur China Summit with the theme of "Reshaping Growth and Defining the Future" was held recently in the cloud. After announcing the survey results of "The New Future of Financial Management under the New Normal", Andy Watson, SAP Concur's senior vice president and general manager of Asia Pacific and Greater China, gave the following to finance, travel and human resources managers Suggest:
1. Promote the automation of travel and expense management
Adopt automatic expense and travel management solutions with smart and mobile functions to separate repetitive and manual work from daily financial and transactional work. This not only helps business executives and employees save a lot of time, but also eliminates paper work, monitors errors or false reimbursements, and provides high visibility to the finance team and promotes expense management compliance.
2. Traveling is more simple, convenient and personalized
Use fragmented time to upgrade and transform the system to better meet the needs of employees, improve its controllability and visualization, and further optimize the employee experience to ensure that the company can provide assistance at any time.
3. Better support for remote office
Through the digitization of manual processes, the review of cost policies and the improvement of collaboration, the system is more conducive to remote work, so that employees can better achieve remote and collaborative work.
"We hope that the above suggestions can help companies build an efficient, flexible and innovative smart financial system. Only in this way can the financial department truly support business development, help companies provide value to customers, and achieve growth under the new normal." Qu Andi said "SAP Concur is making business applications smarter through machine learning and AI. In this uncertain environment, we help customers in the Asia-Pacific region improve their finances by increasing expense visibility, ensuring compliance, and improving employee satisfaction and productivity. toughness."
Strong ecological partner system
As the world's leading provider of integrated solutions for travel management, expense reimbursement, and public payments, SAP Concur has an advantage that is the envy of industry peers, that is, an exceptionally powerful ecosystem partner system spread all over the world.
The eco-partner system built by SAP Concur runs through all key links such as travel, payment, expenses and invoices, including Ctrip Business Travel, Deloitte, Ernst & Young, Shouqi Car Hire, EHi Car Rental, Ele.me Enterprise Edition, VAT IT, Hitpoint... and many well-known companies that people are familiar with are all on the list.
In order to create an open and win-win cooperation ecosystem, SAP Concur launched the App Center Partner Program (App Center Partner Program). Through this program, SAP Concur can integrate ISV partners' new software into the SAP Concur platform to ensure a seamless experience for customers. Sales partnerships can also enable SAP Concur to more closely fit the SAP partner model, helping partners sell, implement and support SAP Concur solutions, while providing support services to customers. In addition, SAP Concur will also provide necessary support to partners by holding a global partner webinar.
At the SAP Concur China Summit, two leading companies in the global financial field, and also SAP Concur’s ecological partners, Ernst & Young and Deloitte, also transformed from financial management trends in the digital age, smart compliance and dynamic risk monitoring systems, and smart difference. The travel reimbursement experience and other perspectives brought dry goods to the guests to share.
"SAP Concur's primary goal is to achieve growth, innovation and security, and customer first. In supporting these three goals, the partner ecosystem plays a vital role," said Ai Bide, SAP Concur's senior vice president of global business development . "By joining hands with EY, Deloitte and other partners, we will surely become the backbone of the global digital transformation."
Increasingly rich partner success stories
In China, SAP Concur has a large number of valuable partners. With the continuous in-depth development of SAP Concur's business in China, the success of its partners has become increasingly abundant, which also provides reference and examples for companies that want to cooperate with SAP Concur. For example, the three newly joined recently: First Car hire, eHi Car Rental and Hunter.
In order to simplify the cumbersome process of reimbursement for taxi rides for corporate employees, and to help corporate managers effectively control employee car usage, Shouqi Car-hailing and SAP Concur have reached a strategic cooperation to create an end-to-end employee travel experience and expense management for the company Plan to improve the efficiency of employee reimbursement and corporate expense management, and further deepen the business travel service market in China. Through the close cooperation between the two parties, SAP Concur users only need to associate the accounts of both parties to automatically push the car usage records in the Shouqi car-hailing application to the Concur account, realizing the interconnection of trip data and invoice data, and also directly Manage travel records and submit reimbursements in the Concur system. This process applies to personal payments by employees and corporate payments. In addition, financial personnel can easily check account data with the help of financial statements generated by the Concur system to improve audit efficiency.
In order to provide customers with high-quality integrated solutions for car use, eHi Car Rental has reached a cooperation agreement with SAP Concur to help enterprise users simplify the reimbursement process and promote automation to further optimize the car use experience. SAP Concur users can start the data synchronization service between eHi and Concur system only through account binding. At the same time, the integrated solution of the two parties will also reduce the sourcing and time costs of corporate customers' procurement colleagues and administrative colleagues, and provide support for customers' business development on the basis of meeting compliance requirements. Moreover, the financial personnel of the enterprise will also obtain greater cost transparency and compliance control, helping the enterprise to easily achieve the goals of compliance control and cost control.
As a well-known enterprise fiscal and taxation solution provider, Shanghai Huntpoint Information Technology Co., Ltd. (Hitpoint) and SAP Concur have reached a strategic cooperation to create tax and bill management solutions for corporate users that are more suitable for China's local fiscal and taxation management needs, and help companies achieve fiscal and taxation transformation upgrade. The cooperation between the two parties can help companies reduce manual processing by 60% on average, save at least 50% in filling and approval time, increase the efficiency and accuracy of employee reimbursement by 75%, and completely avoid 98% of bill risks, truly achieving complete and compliant Closed loop process of enterprise expense reimbursement.
Not only that, as the world's leading innovation consulting service provider, Ernst & Young and SAP Concur have carried out in-depth cooperation in various fields to help companies promote business transformation in agile finance, supply chain, procurement, human capital, and collaborative innovation. Based on the comprehensive capabilities of agile business transformation and rich implementation experience based on SAP's strategic plan, Ernst & Young collaborates with SAP to promote a comprehensive plan for cloud services to empower Chinese companies, accelerate the digitalization process, and seize development opportunities.
As a global leader in cross-border value-added tax refunds, VAT IT's own system VAT Cloud cooperates with SAP Concur to share the database. This enables VAT IT to provide more professional tax refund feasibility analysis for SAP Concur users in China, compile tax refund claim materials and submit them to the relevant tax authorities, so as to provide frequent travel and business entertainment in Europe, Japan and Australia. Multinational companies in China in need and companies that need to expand overseas bring great convenience.
As the saying goes, "Everyone is picking up firewood and the flames are high." By building an ecological partner system, SAP Concur is working with more and more ecological partners to integrate cutting-edge technology into travel and expense management to promote digital financial transformation and reshape corporate growth. , Building a smart enterprise to contribute more power.