How Invoice Automation is Critical to Making End-to-End Accounts Payable Processes Work Better
There’s more to accounts payable than processing invoices, but invoice processing gets so much attention because it’s requires so much effort when it’s done manually. But in the last 20 years, especially the last 10 years, improvements in automation technology have been reducing the amount of manual work in the back office. While Microsoft Dynamics GP offers some accounts payable functionality, if you are only using the out-of-the-box functionality of GP, your AP process can definitely be improved. If you are working to get more out your accounts payable process or if you are choose the best automation solution, it is important to keep a holistic view of end-to-end accounts payable.
The 4 Basic Steps
- Procurement
- Receipt
- Invoice Processing & Payment
- Reporting & Analytics
See these 4 steps in detail in a recent article
If you don't have high visibility into the status of every invoice, you are probably no strange to frustration of having to track down paper invoices, sometimes pinging multiple people, before you get the answer you need. When you digitize your Dynamics GP accounts payable process, you will be able to easily search for duplications and other costly mistakes.
The right accounts payable automation software will give you direct integration with GP so you can gain visibility you need without ever leaving your GP app. Some of the other benefits include:
- Improve invoice cycle time and costs
- Avoid late fees and capture early pay discounts
- Reduce or eliminate lost & misplaced invoices
- Improve planning and cash flow management
- Improve vendor relations
