We recently published two articles about efficiency in our blog. In one article we talked about the keys for improving productivity through modern office design. In another we talked about improving efficiency within Microsoft Dynamics GP, specifically within vendor invoice processing procedures.
5 Ways to Improve Invoice Processing for Dynamics GP
While Dynamics GP remains a go-to ERP solution for small and midsize businesses, one of its shortcomings is accounts payable and invoice processing. While GP does have some automation functionality for this, as companies grow and their number of invoices increases, a dedicated AP solution becomes necessary. So, you have outgrown Microsoft Dynamics GP’s out-of-the-box functionality for accounts payable management, but that doesn't mean you've outgrown GP. Here are some of the ways to improve GP efficiency where vendor invoices are concerned.
1. Go Paperless: Paper is not only more expensive than digital modes, it also tends to take more time to process, from signatures to record keeping.
2. Reduce Manual Data Entry: Manual data entry is slow and error prone. A true optical character recognition (OCR) solution will make your data extraction more accurate and more efficient.
3. Automate Approvals: While it is possible to set up custom workflows within GP, a dedicated automation solution will deliver more robust workflows that are easy to get started with. Adding this functionality to GP is critical to improving your invoice processing efficiency.
4. Multi-Location Invoice Processing: The ability to process invoices for multiple locations from headquarters makes it possible to expand while keeping your AP overhead low.
5. Get AP Software with Direct Integration GP: As you search for the right AP solution, be sure to choose one that lets you work directly inside your ERP or other accounting system.
5 Fun Facts About Modernizing Your Office to Boost Productivity
The keys to improving office design for productivity include art, lighting, indoor plants, communal tables and flexible workstations. We talked about these keys in a recent blog article, and you can check out the full post here:
1. Many Studies have shown art choices in an office can affect company culture and encourage more productivity.
2. Natural light and a view are the most prized amenity in an office.
3. Plants make a place feel more vibrant and offices have been shown to improve employee health, morale and productivity by introducing more plants.
4. With communal work stations, marking off six-foot sections and offering sanitizing wipes is a good way to show your team you care about their health, while keeping a modern, open office vibe.
5. Good ergonomics promote worker health and lead to greater productivity
- Sources: Harvard Business Review, HealthLine.com, Forbes, Exeter University Research
Final Thoughts: Always Improve to Stay Ahead of the Curve
While technology is critical in boosting productivity, there is more to streamlining operations than getting the right software. Improving your accounting processes is an ongoing effort, not a one-off project. It is a good idea to audit your processes regularly to identify bottlenecks and speed bumps. It will also help you identify any compliance or security risks as they arise.
If you are a financial leader for a business using Microsoft Dynamics GP and you are trying to adapt to the changing world, accounts payable automation is a great place to start. You can quickly eliminate the stress of vendor invoice management and accounts payable with a robust