AP Automation & The MS Dynamics Mid-Market

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Mid-market organizations face several back-office challenges related to their accounts payable department and finances. Sometimes, this is due to company growth in employees, locations, and department. Other times the accounting processes are too manual. Because of their size, mid-market organizations cannot rely on spreadsheets or other paper-based processes. As a result, many mid-market businesses look to address scalability and collaboration in the most cost-effective and efficient ways.

Microsoft Dynamics tends to be popular amongst mid-market organizations. This is because Microsoft Dynamics ERPs are designed for the flexibility and growth that mid-market businesses require. There are an estimated 180,000+ organizations that use a product from the MS Dynamics family.

ERP systems, such as those offered by Microsoft Dynamics, do an excellent job of keeping finance data organized according to company procedures. However, they do little to ease the manual processes in accounts payable departments such as manual invoice data entry and review and approval processes. Mid-market Dynamics users typically need to implement an AP automation solution that functions alongside or within their chosen ERP.

 

Why Mid-Market Businesses Need AP Automation

 

Many mid-market organizations are hesitant to implement any sort of AP automation solution. They assume that their invoice volume isn’t high enough to warrant the cost and/or time it takes to implement AP automation. Other times, they think their current process, or the functions within their ERP platform, give them the visibility and accessibility they need.

According to industry research, the leading driver among mid-market organizations toward AP automation is manual data entry. 74% of organizations claim this is their number one pain point related to processing invoices. This challenge, among others such as manual routing of invoices, high numbers of discrepancies and exceptions, and lack of visibility can be devastating. Manual AP processes are expensive, they have slow invoice approval times, and are an overall inefficient use of a company’s resources.

In addition, the impact of the COVID-19 pandemic has exacerbated AP challenges such as process bottlenecks and lack of visibility. It also introduced a whole new set of obstacles. Work environments shifted to primarily work-from-home with disparate locations, often with limited staff onsite. Because of this, AP pains were more apparent than ever. These challenges also led to strained vendor relations due to late payments. It became nearly impossible to keep track of invoices throughout the approval process. AP automation, especially cloud-based solutions, quickly became more important than ever before. They had the power to keep businesses and teams connected in the remote, often home-based, office environment.

When Microsoft Dynamics users choose to adopt AP automation, they typically see a reduction in paper invoice volume, quicker routing and approval of invoices, and increased employee productivity. AP clerks are no longer going through paper manually and going through their ERP systems for information. Their valuable time is freed up for more strategic tasks, such as analysis or reporting.

Typically, AP automation solutions for Dynamics have their functions conveniently embedded within the screens of Microsoft Dynamics for a common and familiar experience. Functions include the ability to easily attach invoices and view documents directly from the Dynamics transactions, as well as search for documents, purchase order line item data and even specific content in documents. The ability to automate from within Dynamics saves time and increases the efficiency of AP and financial teams.

 

About KwikTag by enChoice

 

KwikTag, by enChoice, leads organizational digital transformation as the one system for intelligent, connected invoice and payment automation. KwikTag helps organizations go paperless with AP and payment automation with powerful integrations with the Microsoft Dynamics ERP systems.

To learn more about KwikTag and our available solutions, visit kwiktag.com

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