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Michael Praeger, CEO, AvidXchange

How AP Invoice Automation Drives Cost Savings for Dynamics GP Customers


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Calculating accrued payables for a Dynamics GP month-end close is taking your AP team hours – from waiting for approvals to searching for lost invoices. Have you booked all of your expenses?  Maybe it’s time to tackle that accounts payable improvement plan that you have postponed until now.  In fact, you just met with your AP manager who, with a gleam in her eye, rattled off the many benefits of a document management solution.  While helping you to go paperless, AP invoice automation solutions accomplish much more; we’d like to share the top five ways the right solution for your Dynamics GP can help your AP team to be more productive and generate corporate savings.

 

1)      Eliminate Paper and Duplication of Effort:

First, paperless AP automation solutions eliminate manual data entry and speed up processing time, leading to reduced labor costs and the ability to better predict cash flow.  To avoid redundant data entry, it is important that the software you select matches closely with your Dynamics GP Accounts Payable business rules and provides intercompany processing, currency management and multi-entity support.

 

2)      Reduce AP Processing Steps and Eliminate Manual Errors:

Document capture solutions that both process invoices and complete financial transactions in one step accelerate processing time and prevent any manual errors.  For example, Ariett’s Document Capture and Automation Service allows vendors or employees to email invoices to the Document Service; whereupon, an AP transaction with the corresponding invoice is automatically created.  Your AP employees will no longer need to spend hours sorting and scanning paper invoices, forwarding them for approval and entering them into your Dynamics GP system.

 

3)      Expedite Approvals and Gain Complete Audit Trail:

Moving to electronic invoice automation will speed up approvals and provide you with an accurate audit trail.  AP employees can say goodbye to their pent-up frustration about waiting for a week or more to hear back from approvers sitting on invoices.  Once an invoice has been emailed to Ariett’s Document Service, the approver, on his/her phone, tablet or laptop, can edit, enter GL coding and approve the invoice by reviewing it side-by-side with the AP transaction.  The time, date and name of the approver are all captured in the Ariett audit trail.

 

4)      Invoice-PO-Receipt Matching for Greater Financial Control:

 Another way that your AP team can save time and reduce processing steps is by using a solution that performs a three-way match between a purchase order, receiving transaction and invoice.  With Ariett’s purchase-to-pay solution, employees can review all available invoices for a vendor in one screen and then select the invoice that corresponds with the receipt.  By helping your team to efficiently assign invoices to their receipt and PO, Ariett ensures greater financial control throughout the purchasing cycle.

 

5)      Track Contract Spend and Budget:

An AP automation solution that integrates contract management will also help your contract managers to manage spend and avoid extra costs.  For instance, if your marketing department wants to establish a year-long contract with a marketing automation provider, a team member can submit a contract in Ariett for approval.  After all approvals have been completed, your marketing team can subsequently track monthly invoices against the initial contract budget.  To ensure that the marketing department head has ample time to renegotiate the contract, email reminders can be scheduled for when the contract is approaching the expiration date.

 

Interested in learning more about modern AP invoice automation and purchase-to-pay solutions?  Take a look at research firm PayStream Advisors’ new report on the importance of selecting a solution that works on any phone, laptop or tablet: http://www.ariett.com/download/paystream-report-2016

by Ariett

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