By managing the entire flow of products to payment – sales forecasts, purchase orders, materials planning, job costing details, quality assurance and control – MS Dynamics GP has become an indispensable tool for small & medium business owners to large companies across the globe.
But if you aren’t automating your AP and integrating with MS Dynamics GP, you could be missing out on substantial cost savings, efficiencies and business insight. Software systems to manage the entire AP process – electronic invoice and document management, workflow automation for routing approvals, advanced reporting and analytical tools– are widely available. Automating your AP can alleviate the time spent entering data into an AP Processing system and your MS Dynamics GP – eliminating double data entry and freeing up your staff to focus on more important tasks.
To best leverage your MS Dynamics GP investment, here are 4 key areas where an AP Automation can help increase efficiency and overall productivity.
Reduce Procure-to-Pay Processing Time
Vendors need to be paid on time. Customers need products now. There is very little room for error, and even less time to waste.
AP automation systems can help accelerate productivity by capturing and routing your AP invoices automatically – from one location. Invoices can be indexed, classified, matched and directly transferred into MS Dynamics GP.
With full systems integration, you eliminate the need for double data entry – reducing the time employees spend on menial tasks, and allowing stakeholders to access order and payment information faster.
By handling an invoice once, you can automate the review process – saving time and ensuring your workflow is handled efficiently.
With a more efficient procurement cycle, any business can speed up their output to meet growing demand, and handle change orders with greater agility.
Capture Early Payment Discounts
Even one late payment notice is too many; no one likes a slacker.
An effective AP processing integration will enable you to store all invoices and supporting documentation in one database – including audit trails and notes – and access them directly from your MS Dynamics GP system.
With all documentation centralized, invoices are processed quicker for improved cash flow, and at the same time, your AP staff has access to all records they need to pay on time.
You can also increase profitability by taking advantage of early pay discount incentives with greater predictability. Based on the number of invoices you process and the willingness of vendors to offer discounts, the cost savings can be substantial.
While improving the time it takes to manage your AP, you not only free up your staff to work on more pressing items, you also eliminate the errors that can come from manual processing – including lost invoices, paying invoices twice, or incurring late payment penalties.
Improve Vendor & Customer Relations
A happy customer is a repeat customer. The same holds true for the vendors who help keep your business running.
By automating workflow processes, employees can instantly access invoices and supporting documentation (work orders, POs, tickets), get approvals simultaneously and process income and invoices on time.
When the entire procure-to-pay process is streamlined, businesses can benefit not only from increased profitability and a reduction in errors, they can also ensure customer and vendor satisfaction by both fulfilling orders and managing accounts payable faster, with more accuracy.
According to PayStream Advisors, Inc. 2012 Invoice and Workflow Automation Adoption Benchmarking Survey, information flows seamlessly between departments helping to improve communication with AP processing. Vendor and customer inquiries regarding payments or purchase orders are answered swiftly and accurately – resolving smaller issues before they become larger problems – streamlining communication and reducing the strain on both parties.
Gain Greater Business Insight
Wouldn’t it be great if you could more accurately predict financial outcomes? Or see where the bottlenecks are in production or invoicing? When you can access all business data from one system from anywhere across the globe, you can better understand and analyze performance. Content can be stored, indexed, searched, and accessed from one centralized location – giving you immediate access to information.
AP departments have access to open invoice reporting to get a better handle on outstanding invoices that are in-process, waiting on approvals or payment. By increasing visibility into the AP Process, companies have a clearer picture of where they stand financially – examining invoicing bottlenecks, focusing on those accounts that need attention and improving cash management.
With a complete AP and GP integration, customer orders, work or purchase orders, contracts and supporting documentation, quality control and engineering specs, financial data and reporting can all be centralized for improved accuracy, faster quote-to-order cycle times, more rapid processing of approvals for order acknowledgement and fulfillment, and a completely clear, 360◦ view of your business.
The exchange of key information and documentation between new and legacy systems can drive even more efficiency and accuracy. MS Dynamics GP is a great ERP integration partner.
With flexible cloud-based and on-premises AP Processing systems, there are choices available for even greater efficiencies, time and cost savings.
The time to work smarter is now. It just makes cents.
Ready to get started? View our DocStar ECM AP Automation tour today and learn how you can start fresh and sharpen your business processes this year!