How to Streamline Invoice Processing for Dynamics GP
Improving AP management for Microsoft Dynamics GP Users
There are almost 20,000 companies using Microsoft Dynamics GP because it offers a robust set of accounting and reporting features that make it easy for small and mid-sized businesses to get started (Learn more about: Is Dynamics GP Going Away?). Dynamics GP is also extremely scalable, so businesses are able to grow with the solution. While GP includes some features around accounts payable management and invoice processing, as a business grows, AP is one area where GP’s features can be expanded.
What Invoice Processing Features Come with GP?
Dynamics GP does include some AP management functionality. With some ability to automate, GP can help streamline data entry by auto populating recurring or predefined invoice values.
GP can also help manage, track and report accounts payable activity including procurement features like purchase order creation. With Dynamics GP, different teams can streamline the entire procure to pay process. However, as a business grows so do the number of invoices it processes each month.
As a business expands to multiple locations, and increases its number of vendors, the out-of-the-box AP features in GP are simply not enough to effectively manage AP.
5 Ways to Improve Invoice Processing for Dynamics GP
1. Go Paperless
Talk to your vendors about getting paperless invoices and pay via electronic funds transfer to reduce the number of paper checks you have to print (see Are ACH Payments Secure?). Paper is not only more expensive than digital modes, it also tends to take more time to process, from signatures to records keeping. Odds are, you are already scanning and digitizing paper. Removing this step wherever possible is an important time saver and requires less data entry—which brings us to the next point...
2. Reduce Manual Data Entry
Manual data entry is slow and error prone. While Dynamics GP includes some AP features that let you auto populate certain fields, a true optical character recognition (OCR) solution will make your data exctraction 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. It’s also important to implement a system of alerts & reminders so your team isn’t stalled waiting for a signature on a forgotten invoice. Adding this functionality to GP is critical to improving your invoice processing efficiency.
4. Multi-Location Invoice Processing
Being able to manage a variety of vendors across locations and lines of business is key to growing a business. Processing invoices with GP’s base functionality is doable, but as you grow you are going to want a solution that simplifies multi-entity accounting. The ability to process invoices for multiple locations from headquarters makes it possible to expand while keeping your AP overhead low. Learn more about Multi-Location AP Automation & How it Works.
5. Get AP Software for GP with Direct Integration
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. It’s probably time to implement a 3rd party AP automation solution. As you search for the right AP solution, be sure to choose one that let’s you work directly inside GP and process invoices so they are compatible with GP fields. Learn more about why AP Integration matters.
Choosing the right AP automation solution is a major decision. You may also be interested in the article below. We recently published this article to help GP users choose the best AP software for their needs.
5 Keys to Comparing AP Automation Software
For the purpose of this post we are going to assume that you have already assessed your needs--you know your features requirements and you have a short list of AP solutions from which you are trying to choose. We also offer detailed comparisons to several other AP automation management solutions for GP. Read More