Welcome back to Part 2 of our blog series comparing the expense management options for SAP SuccessFactors: Concur and Reimburse. In Part 1, we explored the fundamentals of Concur and Reimburse, emphasised the significance of efficient expense management, and highlighted how these solutions could streamline processes and drive cost savings for businesses. Let’s delve deeper into these platforms’ features, benefits, customer experiences, and future trends.

Comparison of Reimburse and Concur

Reimburse, and Concur are expense management software solutions that help businesses automate, track, and control their spending. However, they differ in the types of expenses supported, currencies supported, approval workflows and policies, reporting and analytics capabilities, integration with SAP SuccessFactors and other systems, and pricing and plans. The table below summarises these differences.

Emerging Trends and Challenges in Expense Management

Expense management is a dynamic field that constantly evolves to meet the changing needs of businesses. This section will discuss some emerging trends and challenges organisations face in expense management.

Emerging Trends and Challenges in Expense Management

With the rise of remote and hybrid work models, managing expenses has become more complex. Employees may incur expenses in various locations, making tracking and reconciling receipts challenging. Expense management solutions must adapt by providing mobile-friendly interfaces, receipt scanning capabilities, and seamless integration with digital payment platforms. Ensuring accurate and efficient expense reporting and reimbursement processes for remote and hybrid teams is crucial.

AI-First Expense Management:

The future of expense management is embracing artificial intelligence (AI) technologies. AI can play a pivotal role in automating and streamlining expense processes. By leveraging AI algorithms, expense management systems can process and categorise expenses, automatically match receipts, and suggest policy violations. The aim is to provide an AI-assisted experience where users can get reimbursed as soon as possible.

Sustainability and Environmental Impact:

As sustainability becomes a key business focus, expense management must align with environmental goals. Organisations increasingly seek ways to reduce paper waste by adopting digital receipt management and e-receipt solutions. Expense management platforms can incorporate sustainability features, such as carbon footprint tracking and reporting, to help businesses monitor and mitigate their environmental impact. Additionally, companies may implement policies encouraging employees to choose eco-friendly travel options and sustainable vendors when submitting expenses.

Fraud Prevention and Detection:

Expense fraud poses a significant challenge for businesses. Traditional expense management methods, such as inflated expense claims or duplicate submissions, are susceptible to fraud. Expense management solutions incorporate advanced fraud detection algorithms and machine learning techniques to combat fraud. These technologies can analyse expense patterns, flag suspicious activities, and provide real-time alerts to prevent fraudulent behaviour. Strengthening fraud prevention measures helps businesses maintain financial integrity and safeguard company resources.

Conclusion

In conclusion, Reimburse and Concur bring valuable features and functionalities as expense management options for SAP SuccessFactors. Reimburse’s standout characteristics include a broad range of expense types supported, AI-driven insights, and customisable approval workflows. On the other hand, Concur’s benefits include a slightly more comprehensive range of currencies supported and native integration with SAP SuccessFactors and other SAP solutions.

However, the final choice between the two platforms depends mainly on the specific needs of your business. As we move forward into an era of increasingly remote and hybrid work, AI-first expense management, environmental responsibility, and the need for sophisticated fraud prevention, it’s essential to consider which system can most effectively accommodate these emerging trends.

Now that you comprehensively understand both platforms, it’s time for a hands-on experience. We encourage you to contact Rolling Arrays for a Reimburse demo or consultation. This step will allow you to observe the system, ask any lingering questions, and decide if Reimburse is the right solution for your business needs. The team at Rolling Arrays is ready to provide the guidance and support you need to make an informed decision. Experience the future of expense management with Reimburse and Rolling Arrays.