One of Sage Intacct’s strengths is how well it works with the other systems your company uses. Direct integration with Intacct, the cloud-based financial management system, allows data to be seamlessly shared from another platform, so employees across your organization can access up-to-date information.
To see spending while it’s taking place, companies can implement the newly introduced integration between Intacct and SAP Concur, an expense management solution for invoices, expenses and travel. By connecting the two, organizations can avoid duplicate entry of expenses, employee data and customer lists. For example, one faith-based organization has implemented the Intacct and SAP Concur integration to allow their employees to input expenses and transactions in Concur, while using Intacct to capture and manage all the financials.
Tracking expenses with SAP Concur
With SAP Concur, expense data for food, travel and lodging can be captured automatically. This streamlined process can help companies improve compliance and control, as well as cutting down on the time it takes for expenses to be reimbursed. In addition to keeping track of expenses and filling out expense reports, employees can also book travel with SAP Concur.
SAP Concur uses optical character recognition (OCR) to capture receipts and invoices, allowing expense reports to be auto-populated by e-receipts and scanned invoices. Whether employees are in the office, working remotely or on the road, they can submit expense reports from their smartphones. Managers can review and approve the submitted reports from the SAP Concur app. Employees can also go into SAP Concur and code credit card activity or put in vendor invoices.
How the Integration Works
The bi-directional integration between Intacct and SAP Concur means that businesses no longer have to rely on outside solutions or manual input to bring data from SAP Concur into Intacct and vice versa. Companies can save time previously spent on data entry, as well as any money they may have spent on custom solutions to allow SAP Concur and Intacct to work together.
Account codes, lists and vendors from Intacct can be automatically captured by SAP Concur. Vendor invoices and credit card transactions can go from SAP Concur to Intacct. The data can be coded as it comes into Intacct. Activity from Concur can come straight into the general ledger in Intacct or be put into subledgers, depending on which approach is right for your organization.
Expense reports and invoices are shared from SAP Concur to Intacct in near real-time. When needed, Concur admins can manually refresh to see the most up-to-date information when needed.
Setting up the integration is a simple and quick process that allows GL accounts and vendors from Intacct to be brought into SAP Concur. Intacct dimensions can be selected and mapped into SAP Concur. The integration includes support for multiple entities, so all Intacct entities can be linked to one SAP Concur account.
In Concur, invoices can also be paid within the system. Companies can code the bills and approvals in Concur and initiate the payments for those invoices in the system, as well. Concur can be configured to write the checks or send the ACH batches. However, the invoice payment piece of Concur is not yet part of the Intacct integration. Ideally, it will be part of the next steps of the integration.
Want to find out more about how your business can benefit from the integration between SAP Concur and Sage Intacct? Schedule a call with one of the experts at RSM today.