If your company has Microsoft Dynamics 365, then there are many alternatives to manage vendor invoices. As D365 is a cloud-based solution, we request that you also look for the same with your AP automation solution. Below we will explain why this is the best option.
We will plunge into the benefits of having a cloud-based accounts payable solution customized to your Dynamics 365 FOEE without further ado:
Save costs with automatic cloud upgrades: Today, more and more organizations are moving away from highly customized solutions because not only does it force you to go for coding support every time there is a change, there is also the painstaking upgrade process. As opposed to a customized solution, you will find that cloud-based solutions have the advantage of upgrades being pushed automatically rather than having to schedule one, which would involve a cost and time factor.
Benefit from more automation: While many AP solutions talk about automation, few can claim to be a touchless experience. With your organization’s increasing volume of PO invoices,you will realize that you need a feature that completes the 3-way match quickly and easily. Because of this feature that would be available in our AP Automation solutions, you can correlate purchase orders, goods receipt, and contracts to invoices making it a largely automated process.
Enhance user experience to make the process more efficient: the vendor invoice process involves many levels of an organization. Many of these users may use D365 for timesheets or approvals only. It is important to make the tool easy to use for approvers as well as the accounts payable team. Thanks to a variety of easy-to-use tools, your approvers will be able to review and approve in a timely fashion. This includes a mobile solution, for quicker approvals when personnel are on the move.
Quicken the invoice processing time: The invoice processing time can depends on the users’ understanding of the system and the steps that need to take place for the cycle to complete.
With a simple system, using configuration and intuitive templates , the processing time is quicker. People have a deeper understanding of the dependencies and tend to finish their steps quickly.
Tailored functionalities: Unlike a standard solution option , our cloud AP solution offers you the chance to add, delete, or alter the features that are specific to your needs.
Having a solution like that would ensure that you have the required functionality that you need but also synced with your ERP. You can then work to eliminate several manual processes to enable a touchless invoice processing experience.
Insights and financial metrics: One of the requirements from an AP solution is to be able to pull reports, gain insights, and have a peek at your financial metrics at the touch of a few buttons.
The right AP solution provider can ensure that will have tracking KPIs and gaining deep insights into your AP cycle to make actionable plans. With the right insights, you can carry out a bottleneck analysis and ensure that steps are taken to eliminate them.
From the above, we are sure that you are now cognizant of the benefits that you can gain from a cloud-based AP solution that is aligned to your ERP. However, there is more to our AP solution than being integrated with D365.
Download the accounts payable whitepaper below to get more details on how you can make your AP process more efficient.