The Future of Finance: Automating Expense Management with SAP Concur and PEX

Picture this: It’s the end of the quarter, and you’re burning the midnight oil. You have countless tabs open on your browser – all spreadsheets. Receipts overflow in your inbox, and that nagging feeling of “Did we catch everything?” haunts you. Sound familiar? 

For finance leaders, this scenario is all too common. But what if there was a way to turn this financial frenzy into a smooth, efficient process?

PEX is proud to partner with SAP Concur to re-shape expense management. Our powerful integration is redefining how businesses manage their expenses, offering a lifeline to CFOs and finance teams drowning in data and deadlines.

The role of finance leaders has evolved

Today’s financial landscape is filled with complexity, demanding agility and more advanced tools to become “change-ready.” According to the PwC Global CEO Survey, 75% of CEOs prioritize automation and technology advancement to enhance operational performance. Meanwhile, Deloitte CFO Signals reports that 56% of CFOs struggle with the complexity of financial planning.

To navigate this complexity, finance leaders need the tools to become more proactive around cash flow and spend management. They need agility and foresight to tackle the unexpected.

Go from reactive to proactive expense management

Now picture this: It’s the end of the quarter, and you’re wrapping up your workday with confidence. Your screen shows a single, comprehensive dashboard. Receipts are automatically matched with transactions, and that reassuring feeling of “Everything is accounted for” puts your mind at ease. 

The SAP Concur and PEX integration transforms manual work and receipt chasing into a streamlined, efficient process. This enables you to become more proactive around your spend management policies:

1. Automated Data Sync: Say goodbye to countless open tabs and manual data entry. PEX card transactions automatically sync with Concur Expense, consolidating your financial data into one streamlined system.
2. Intelligent Receipt Matching: No more overflowing inboxes. Concur Expense matches transactions with receipts using AI, dramatically reducing the time spent on tedious reconciliation tasks.
3. Real-Time Visibility: Instead of burning the midnight oil, get insights into company spending throughout the month, allowing for proactive management rather than last-minute scrambles.
4. Policy Enforcement on Autopilot: Set your spend policies once, and the system automatically enforces them across your corporate PEX cards. No more chasing policy violations – they’re prevented before they happen.
5. Error Reduction: With minimal manual processes, the integration significantly reduces error rates in expense reporting and reconciliation. That nagging “Did we catch everything?” feeling becomes a thing of the past.

​​These features work together to create a powerful expense management ecosystem. Automated expense reporting can reduce processing costs by up to 58% (APQC, 2020 Report), demonstrating the significant impact on your bottom line. Moreover, by freeing finance teams from repetitive tasks, they can focus on strategic initiatives that drive business growth.

Together, SAP Concur and PEX provide an all-in-one expense management solution

The PEX integration with SAP Concur offers a comprehensive, all-in-one solution that goes beyond what typical “all-in-one” providers offer. Here’s how:

1. Unparalleled Card Offering: PEX provides both credit and prepaid solutions with robust spend controls. This flexibility allows businesses to choose the right card type for different employees or departments. 
2. Direct API Integration: PEX offers a direct API integration with SAP Concur, reducing setup time from six weeks to just one hour. This means you can start benefiting from the integration almost immediately.
3. Real-Time Automation: PEX card transactions auto-sync into Concur Expense in near real-time, eliminating the need for manual entry, reducing errors, and saving time. Companies using integrated expense management solutions report up to 55% faster expense report creation and approval times. 
4. Comprehensive Expense Management: Employees can be issued PEX cards, create spend policies, and even spend via Apple and Google Pay while on the go. All of this integrates seamlessly with Concur Expense for a true end-to-end solution.

This level of control doesn’t just prevent overspending—it streamlines auditing processes, reduces errors, and frees up your team to focus on strategic financial planning rather than chasing down receipts. For instance, our 2023 PEX Customer survey revealed that 58% of PEX customers saved time on expense tracking, with 25% saving 10+ hours per month.

The SAP Concur and PEX advantage

While many fintech providers offer “all-in-one” solutions, the PEX and SAP Concur integration provides unique advantages:

1. Best-of-Breed Approach: Instead of a jack-of-all-trades solution, you get the combined expertise of PEX in card management and SAP Concur in Expense, Travel, and Invoice.
2. Scalability: Unlike some competitors that focus on startups, PEX and SAP Concur can support your business from SMB to enterprise level.
3. Robust Feature Set: Our robust solution offers more advanced spend controls, reporting capabilities, and integration options compared to many all-in-one providers.
4. Proven Track Record: With decades of combined experience, PEX and SAP Concur offer stability and reliability that newer fintech startups can’t match.
5. Dedicated Customer Support: SAP Concur and PEX provide dedicated customer service to ensure your success, offering personalized support that goes beyond what typical all-in-one providers offer.

Streamline expense management, save time, and save money

Take a step towards efficient, accurate, and strategic financial management with the SAP Concur and PEX integration. From real-time data syncing to scalable solutions, this integration caters to the evolving needs of modern businesses and helps your team become “change ready” as you grow. 

Get a demo today to learn more about how this integration can transform your finance department from a center of transactions to a hub of strategic insight. 

*This blog has been adapted from SAP Concur’s Future Ready Finance Report.