5 Reasons why you need to automate accounts payable
You can't create an exceptional product without exceptional planning. You can't create exceptional plans without knowing your customer and their needs like the back of your hand.
Your goal is to meet all those needs while consistently innovating and improving your product, this will keep you one step ahead of the competition. When it comes to automating accounts payable (AP) with Microsoft Dynamics 365 Business Central, the mindset is identical. When creating AP automation solutions via Dynamics 365 Business Central, every thought needs to revolve around what AP personnel need to make invoicing easy, cost-effective, and inclusive. This ensures the important benefits are felt throughout the organization.
Here are five of these important benefits:
Speed.
Reducing turnaround time from over a week to a couple of days has exponential value. This means not playing catchup, increased ability to focus on other projects and fewer calls from customers looking for an update on payment status. Many other benefits come with a more efficient invoicing system like less late fees and more early-pay discounts.
Organization.
Enterprise-grade automation makes filing, compiling, examining, comparing, and the storage of data painless and drastically reduces human error. You won't have to worry about lost invoices or misfiled records, Business Central will do it for you. Another added benefit is that all the data is readily available to any employee, supplier, or procurer that is authorized.
Content suppliers.
Don't lose sight of the importance of keeping suppliers content and satisfied. Using a supplier portal can help suppliers save time and money, invoices are easily created and forwarded. Payment status can be monitored in real-time while errors can be stopped or prevented before they cause issues. Thanks to Business Central's level of automation, suppliers are no longer outsiders; they are part of the process.
Reduce stress.
This alone is worth the price of admission, the paper chase, keeping track of paper invoices, purchase orders, checks, mail, etc. All that goes away once you commit to automation. Employees will have ample time to stay on schedule and keep your organization running smoothly.
Compliance.
In a highly-regulated business world, your accounts payable department deals with transaction records that must be recorded and stored in specific locations. With Business Central's automation, all your records will be stored in the proper locations, ready to be retrieved at the drop of a hat. These things used to take days for auditors to go through, it's now only a matter of hours.