Updated · Originally published
Finance departments are kicking off the first quarter of 2018 with big plans and aggressive goals to make 2018 the best year yet. The key is working smarter, not harder, to stay in the competitive ‘Game of Growth.’ As much as we want the speed of finance departments to be equivalent to an all-star running back, it’s impossible without the star player - technology.
We’ve listed a few trends that Microsoft Dynamics GP users need to make 2018 the best year yet.
The solution is living in the cloud
The cloud is not new to the FinTech industry, but the speedy progression is worth noting. Since the cloud’s millennial developments using Amazon services, the cloud is being used as storage and solutions for accounts payable processes. Finance departments often use public and internal cloud services to increase visibility and collaboration for big data, reporting, and forecasting. Since the cloud has matured, there’s less concern about data breaches - all thanks to increased trust and security. In a recent (FERF) study, more than half of organizations from all company sizes said they are currently using cloud technology. 72% of finance leaders are either currently using cloud tech or plan to. Use of the cloud in 2018 opens doors for secure, simplified automation processes for accounting workflows and up to date compliance.
Dynamic duo cloud solutions like and organize the two most time-consuming AP processes. AvidXchange receives the invoice, scans the document for details, and presents it to the buyer through the AvidXchange portal. Inside the portal, the client can review or code invoices that are ready for action. This process frees up time for the client by only giving the responsibility of managing the invoice coding and approving the process. Fully coded and approved invoices are then sent to Dynamics GP for your business. These approvals are configurable workflows that can be matched to the business’ current processes.
Simply put, AvidXchange facilitates the payments for your vendors.There’s less worry about manually scanning or entering data. With these accounts payable automation solutions, users can manage electronic invoices and payments through Dynamics GP and the AvidXchange portal for improved convenience and visibility.
For finance professionals, cloud solutions are beyond data storage and security. It’s the ease of collaboration and control of sensitive financial documents and data that encourages implementation. Use of the cloud in 2018 opens doors for secure, simplified automation processes and up to date compliance.
Automation is the new assistant
Businesses have included the robot in their budget for 2018 to reduce the heavy workload and manual mistakes. According to , RPA can cut financial costs by up to 75%. RPA minimizes processes including management and approvals. Finance departments are automating payment and procurement processes, compliance, and reporting with the click of a button.
Automation cuts the cost of paper while increasing visibility for electronic invoices, procurement, and payments. The big advantage is the flexibility of payment functions are in one hub - making it easy to access information in seconds.
With AP automation solutions, controllers and CFOs can approve on invoices and payments anytime and anywhere. Less time is spent waiting and worrying about due dates and exceptions. Research an automation solution that enables rules and controls that can help move the process along without the approver. The solution provides a secure and controlled process for approving electronic invoices and payments automatically.
The new twist on the old payment method
With paper checks, instant is far from the norm. Paper checks take days to process and up to, or over, a week if you include postal travel. Since the 1760s, checks have named the most convenient and cost-effective business payment method. According to the , in 2016, nearly $21 billion worth of checks are processed daily. In a digital world, checks are still signed, sealed, and delivered manually. The highlights that paper checks come with missed discounts and late payments.
Businesses need electronic payments to stay up to speed with consumers and vendors. As consumers make decisions digitally, companies do not have weeks to waste waiting for payments to process. With ePayments, organizations have real-time reports to support procurement decisions. Ultimately, they increase the financial department’s visibility into finances and reporting with real-time data. Immediate access to financial data and metrics paints a real-time picture of B2B purchases and payments to improve efficient spending.
As technology emerges, checks are transforming electronically. Employing a solution with Dynamics GP creates an automated check process. Finance departments can sign checks electronically, then route them to the approver without paper and pen.
Trading paper checks in for electronic payments for business instead of the age-old payment methods, like paper checks, which carry the high cost of security and processing. For Dynamics GP users, electronic payment methods come with the bonus of real-time reporting and the perfect trail for auditing when keeping track of payments. Managing payments electronically allows the right people to still administer approvals. Even though payments are processed electronically, your business remains in control of all payment perimeters.
The Bottom Line
It’s time to let your trusted accounting system work for you. Implement solutions that save your business time and money to invest and spend wisely. In our free eBook, , you’ll learn about leading technology and strategies to make 2018 the best year yet. We’ve evaluated what it takes to survive in the B2B world regardless of size or revenue. You’ll understand the best implementation practices for your finance departments, and how to improve efficiency and visibility by simply trusting tech.