Invoice Approval Workflow and Invoice Capture for Dynamics 365
Published on: 15 February 2023
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Invoice Approval Workflow & Invoice Capture Solutions
Organizations are looking for comprehensive solutions for invoice approval workflow and invoice capture for Dynamics 365, Business Central and Finance and Operations. That’s because finance administrators are becoming more proactive in how they manage accounts payable processes.
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Organizations are looking for comprehensive solutions for invoice approval workflow and invoice capture for Dynamics 365, Business Central and Finance and Operations. That’s because finance administrators are becoming more proactive in how they manage accounts payable processes.
There is no doubt we are experiencing unique global economic times. War, recession, layoffs, and overall uncertainty all play a role in how we run our businesses. The finance department, and particularly the office of the CFO, has taken center stage to effectively drive proactive change that impacts the bottom line.
The need for actionable data and ability to understand how money is flowing in and out of a company is a critical part of making the best choices for growth. 80% of the US market still processes AP manually.
Technology makes a difference to finance teams
According to the Hackett Groups research on the top 5 finance trends for 2023:
“Finance respondents projected their workloads to increase by about 8% in 2023, which is double last year’s increase. In line with this, staffing is declining by an average of 1% and budgets by 2%. The good news, however, is that technology spend is expected to increase by about 5%. This underscores that technology will be a primary lever for financial organizations as they work to improve productivity, efficiency, and drive business value.”
– 2023 Finance Key Issues Research – The Hackett Group (Pod-Cast)
Benefits
Investing in AP automation technology brings multiple benefits to a business:
Better cash flow management
Automation can help businesses to better manage their cash flow by providing real-time visibility into their financial data and allowing them to prioritize payments based on their current financial position. According to a report by the Hackett Group, automation can help companies improve their DPO by up to 25%.
Better supplier management
Automation can help businesses to improve their relationships with suppliers by providing them with real-time visibility into their invoices, payments, and account balances.
This allows businesses to better manage their supplier relationships, improve their supplier performance, and reduce costs.
Increased efficiency
Automating AP processes can greatly reduce the time and effort required to process invoices and payments, resulting in increased productivity and cost savings. According to the Institute of Financial Operations, organizations can achieve an average cost savings of 80% through automation of invoice processing.
Improved accuracy
Automation can reduce the risk of errors and inconsistencies that can occur with manual processes, leading to improved accuracy and fewer disputes. According to a study by the Aberdeen Group, companies that have implemented automated invoice processing have an error rate that is 90% lower than those that do not.
Better compliance
Automation can help businesses to stay compliant with financial regulations by providing accurate and complete financial records and automating compliance-related tasks such as tax filings.
By automating this process, businesses can ensure that they are always in compliance with current regulations.
AP Automation for Dynamics 365
Organizations that want easy to use AP automation software that helps them go paperless, automates invoice capture and approval workflows, and reduces AP costs overall should consider Rillion.
When shopping for robust AP automation software, here’s what you should look for:
- AP software that is designed to seamlessly integrate with Dynamics 365
- The AP automation system should be easy to use and have high satisfaction ratings
- The system should be modular so it can grow with your organization
For more information about AP Automation for Dynamics 365, we’ve got you covered:
Dynamics 365 Business Central
Dynamics 365 Finance & Operations
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