Make 2022 The Year of Process Improvement

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Make 2022 The Year Of Process Improvement

2022 is almost here!  As this year comes to a close, have you thought about what business processes you want to focus on and improve in 2022? 

We can get so caught up in the day-to-day tasks we often forget to take a step back and analyze process improvement. 

I mean who doesn’t want to: 

  • Decrease manual entry 
  • Reduce costs to process an invoice 
  • Ship fast and in the least expensive way 

Let’s dive into how AvidXchange, Blue Moon Industries, and V-Technologies can help you automate AP processing, balance your checkbook at the GL level with ease, and automate freight, drop shipping, international, and HazMat. 

Survey Says 

AvidXchange surveyed 500 middle market businesses to better understand financial and technological trends following the pandemic. They wanted to know how leaders have shifted the way they do business, embraced digital transformation, and leveraged technologies in new ways.  

Here are the results:  

  • 88% implemented new technologies in the past year  
  • Nearly two-thirds (64 percent) of respondents now have the right technology to allow at least some employees to work from home – a big jump from 37% in their survey in March of last year.   

For those who are still waiting on digital transformation, what’s holding you back? Most said it’s because leaders are comfortable with the status quo.  

Additionally, it was challenging and continues to be challenging to adapt a hybrid workforce. What makes operating in a hybrid workforce even harder, is receiving paper invoices and payments. 

What a pain 

In an AvidXchange and Levvel Research survey, 57% of respondents said high paper volume was the biggest pain point in their accounts payable processes.  

In the same survey, 64 percent of respondents (again the highest) said the greatest improvement offered to their process by automation was the drastic reduction in paper invoice problem. 

First, there are hard costs associated with processing paper payments such as: 

  • The costs of checks, envelopes and postage – that adds up when processing hundreds, if not thousands, of payments on a monthly basis.

Soft cost considerations are:

  • Time is money, and companies are paying for hours of employee time dedicated to manual data entry and approval workflows that could be better spent elsewhere.

With an industry average of more than a week to process a single invoice, it’s safe to say many companies could benefit from a boost in this regard. AP automation brings customizable workflows, rules, and restrictions that eliminate the hassle of reaching out to an approver and manually routing invoices to the next step in the process. Actual payments can be approved and executed in just a few clicks. Talk about process improvement. 

So, instead of spending time chasing down approvers, manually routing invoices, or printing checks and stuffing envelopes, AP staff can focus a ton of new-found time on more strategic work 

It’s Time to Close 

Now let’s take a look at closing your month quicker by reducing data entry and tedious month end tasks. Because we all know how time consuming it can be to balance your checkbooks in Dynamics GP. 

With Account Reconciler,  you can balance your checkbook for all those additional fees on your bank statement that don’t exist in Microsoft Dynamics GP.   

Fees such as: 

  • Service Fees 
  • NSF Fees 
  • Credit Card Processing Fees 
  • Banking Fees

Then you can start the creation of all the GL adjustments you need to add for your checkbook. Just think of how easy month end will be.

Let’s take it a step further 

You can have the ability to import the transactions on your bank statement to match them with the transactions currently in either the Dynamics GP reconciliation tool or the tool mentioned above. Because Auto Reconciler is compatible with both Account Reconciler and Dynamics GP Bank Reconciliation.

The file types that can be read are: 

  • Comma Delimited 
  • Fixed Length 
  • TD BAI 
  • CIBC OSC
  • BAI2 

By improving this process, you will save time, money and control reporting requirements. You'll also get better insights by managing large volumes of bank transactions and print detailed reports showing all transactions that are cleared and not cleared. 

Get those shipments out the door quickly & accurately 

How fast do you get your orders out the door? Shipping should be on your list of process improvements in 2022.  

To achieve and maintain strong customer loyalty, it’s essential to get your inventory in the hands of your paying customers as quickly and economically as possible. 

With all the disruptions in the supply chain shipping doesn’t have to be one of them.  

It’s important to have the flexibility to ship with multiple carriers from one application, get the best rates, apply shipping rules, and offer discounted postage. 

Provide the front office and management team the information they need at their fingertips.  Gain insights into shipping performance, late deliveries, shipments that could have cost less going to a different carrier, and more. 

Complex shipping simplified 

If you have complex shipping requirements such as commodity based, country of origin, or shipping on behalf of another business unit, these can all be automated as well. 

Some other ways you can make this process streamlined and improved are to automate: 

  • The billing preference making sure the shipping charges go into the right buckets. 
  • LTL shipments and hazardous goods to be compliant and print proper labels. 

Selling on behalf of someone else? This can be automated and customized with their branding to make it easy and seamless for both parties involved. 

No matter where you ship, what the shipping requirements are, or which carrier you need to use; there's an easier way with StarShip, the complete shipping solution!  

Having the flexibility to get your packages out the door is a must for process improvement. 

Ready to dive into these 3 areas a little deeper? Check out the Make 2022 The Year of Process Improvement webinar.

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