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Michael Praeger, CEO, AvidXchange

Paperless AP for Microsoft Dynamics – Why Are You Hesitating?


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    If you were facing a deeply philosophical question like whether to choose “love or money,” I would understand your hesitation. But let’s be realistic. We’re just talking about paperless AP! There are 10 good reasons to go paperless. And not a single reason I can think of not to. So why exactly are you hesitating? Are you married to your paper? Are you in love with the stacks of 8 ½ x 11 or legal-sized reams that surround you?

    And when was the last time you considered the environmental impact?

    Top 10 Reasons for Choosing Paperless AP

    • More efficient
    • More secure
    • Easier to access
    • Shareable
    • Cost-effective
    • Improved accuracy
    • Improved search capabilities
    • Reduced manual and double data entry
    • Reduced storage space requirements
    • More environmentally friendly (saving trees)

     

     

    Top 5 Limitations of Paper-based AP

    The benefits of paperless AP are even more glaring when compared with some of the problems inherent in paper-based invoicing and payment processing.

    • Paper-based invoicing processes are notorious for delays. A single person can delay the process, whether it’s an invoice clerk or a person authorizing the invoice. Staff absences, holidays, training courses, etc. can all cause delays. With an electronic system, the entire process is programmed through workflow to prevent delays.
    • Rejected paper-based invoices are another cause of significant delays. It can be very difficult to ascertain the status of an invoice in a paper-based system, whereas electronic rejected invoices can be quickly and clearly identified and flagged as needing appropriate action.
    • It’s also trick with paper-based to create alerts when a new invoice becomes available and is awaiting approval. With electronic invoicing, the user is notified through the workflow.
    • Fraud detection is harder in paper-based processes as invoices can be slipped through. All staff actions on electronic invoices are monitored, resting in a definitive of who took which actions and who approved them. In an automated system, fraud prevention is built into the workflow.
    • Paper-based, manual entry systems are fraught with errors, such as invoices posted to the wrong supplier or incorrect invoice totals applied. Automated systems eliminate these errors, resulting in accurate payments and easier reconciliations. Improving the accuracy of AP system data also translates into a faster payment lifecycle and increased levels of productivity.

     

    Briefly and Conclusively

    The economic, process efficiencies and overall benefits of paperless AP are far too attractive to ignore. Don’t wait and don’t hesitate. Contact the paperless AP experts at AvidXchange to schedule a demo, to ask a boatload of questions, or to share any concerns you might have about AP and payment automation for Microsoft Dynamics. We’re at 800.560.9305 or [email protected]. Let’s chat soon.

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