SAP Concur: 5 Ways It Pays to Pay Vendors on Time
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The article provides finance and AP teams with cost-saving evidence for automating invoice processing and explains the practical impact of on-time payment on supplier relationships and corporate credit.
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- SAP Concur BlogSAP Concur: 5 Ways It Pays to Pay Vendors on Time
A SAP Concur blog post states that processing a paper invoice costs $23 on average, while automation reduces the cost to $3.41 and cuts processing time by up to 75%. It lists five benefits of paying vendors on time: capturing maximum early-payment discounts and avoiding late-payment penalties and interest; building a positive reputation; receiving VIP service and pricing from vendors; preserving good credit; and gaining vendor flexibility during cash flow crunches. It also notes Concur Invoice gives suppliers a portal to view payment status and remittance information.