Accounts payable automation can speed up the process of getting invoices processed, increasing visibility, and consistency. Also, in today’s current situation with COVID-19, AP automation allows your accountants to work efficiently remotely. By automating the process of invoice payments and incoming invoices, companies can reduce administrative work, human errors, and paper supply by storing the documents electronically. AP automation enables invoices to flow through a proper process that can take advantage of:
- Term discounts to save money
- Approval dollar thresholds to assign invoices for approval to required approvals
- Better tracking of invoices and payments as they flow through the system
- Improve consistency and accuracy
Internal workflows in Dynamics GP allow for customizable workflow configurations for:
- AP batch approval
- AP transaction approval
- PO approval
- PO requisition approval
- Vendor approval
In this PaperSave blog on how they are supporting remote workers, they highlighted several of the benefits AP automations offers to support remote working:
“#3. Letting you process invoices anywhere
AP automation doesn’t just let you receive e-invoices from home, but it also lets you process them. The solution is cloud-based, so you can perform the necessary invoice-related tasks even when you’re out of the office.
With PaperSave, for instance, you can capture data from your documents using your phone camera. Optical character recognition technology converts the data into electronic files. These files are then automatically tagged and organized in a centralized database, which makes it easy to retrieve old records when needed.
Also, because automation takes care of most of the document management process, the risk of error remains low no matter what device you use to do your job. This means that you can be just as effective and efficient even when you’re working from home.
#4. Streamlining invoice approvals on mobile devices
Imagine your accountant or bookkeeper paying you a visit at home just so you can sign and approve your paper invoices. That’s how the traditional approval process would be with everyone working from home. It’s problematic in many ways: it wastes time, breaks the social distancing rules, and increases the risk of fraud, loss, and payments being settled late.
With AP automation, invoices can be approved even through your mobile device. All you have to do is install the appropriate app on your phone or tablet and you’re ready to go. The system is cloud-based and secure, so your financial data is protected from loss and theft. And because you’re likely to have your phone with you all the time, you don’t have an excuse to put off approvals.” Read the full blog.
There are several AP automation solutions available on the market, but PaperSave is a robust document management solution that enables AP automation to directly integrate with Microsoft Dynamics GP and Business Central. In addition to Microsoft integration capabilities, PaperSave also provides:
- OCR (Object Character Reading) capabilities to minimize data entry.
- Digital document captures and tie them to transactions.
- Routing abilities to create consistency and accuracy.
- Extendibility beyond AP automation to other parts of GP and Business Central.
- Robust workflow creator.
- Automatic email notifications.
- Customizable reporting options.
If you have any questions about AP automation or AP automation solutions, contact KTL Solutions. Our team will gladly schedule a call with you to discuss your business pain points and goals and help evaluate the right solutions for your problems.