The rise in hybrid and remote work has increased the adoption of digital payments and automation in finance departments, leading some to overhaul outdated practices. A recent survey of 400 CFOs revealed that 93% of companies are currently digitizing their accounts payable operations. Furthermore, 96% of those CFOs view their investments as essential to improving vendor and customer relationships, not just increasing task efficiency.
In the wake of the pandemic, finance teams have also found it imperative to enhance their fraud protection measures.. A 94% spike in "impersonation scams" was recorded last year, where impersonators of reputable organizations deceive clients into authorizing payments to criminals. Preventing such fraudulent activities has become more challenging.
If you can relate to any of these challenges and your company uses Microsoft Dynamics GP, you are in luck. Our Accounts Payable automation solution integrates with Microsoft Dynamics GP – and it has simplified the entire AP process, making it more efficient, safer from risk, and easier to use remotely.
What Quadient Accounts Payable Automation by Beanworks and Microsoft Dynamics GP can do for your business
This integration eliminates time-consuming data entry tasks and automatically routes AP documents for approval. That includes invoices, purchase orders, payments, and expenses – and this means there is no need for approval follow-ups. With Microsoft Dynamics GP, Quadient AP also effortlessly syncs invoice and payment information.
You get 360° management of your company’s payables, with a digital audit trail of every AP document and the approval history. Your team will get greater control, reducing risks of error, manipulation, and fraud. There is no need for manual, file-based data transfers. The software also enables remote or office-based payments, approval of invoices, purchase requisitions, and expense reports.
When AP is automated – including payments by check, ACH/EFT, wire, or virtual credit card – one of the big advantages is the money you save. Automated AP can bring the cost per invoice right down from about $15 to $2-$3 per invoice. That’s because these tasks, when done manually, can be labor-intensive and involve lengthy paper-based processes.
And that’s not the only task where time and money can be saved with integration between Quadient AP and Microsoft Dynamics GP. Now, invoices are received electronically, or scanned in by batch; header information is then captured automatically and verified with 99% accuracy. Invoices can also be immediately matched to purchase orders.
Why you should automate your AP processes now
The pandemic and its consequences may have accelerated a trend towards automation in AP, but there are many other compelling reasons to do so. In a recent study of AP professionals, 51% said that manual data entry and inefficient procedures were the biggest obstacles they faced. In second place was manual invoice routing, with the issue of lost or missing invoices in third.
Automating your purchase orders, invoices, payments, and expenses processes can eliminate data entry, and make all your processes more efficient, while reducing risk and costs. As remote working is here to stay for many of us, it makes sense to move away from paper-based methods towards systems which you can access from anywhere.
Quadient AP also syncs with Intuit QuickBooks, Oracle NetSuite, Sage, and Rent Manager. These integrations are best for mid-market organizations with AP teams processing at least 100 invoices per month.
Learn more about our integration with Microsoft Dynamics GP here.
