Smart Ways to Enhance Your Invoice Processing System

Of the many things essential to an organization, invoice approval process tops the list. It covers almost every department and purchase orders of all sizes. Handling them with utmost precision is the key to a successful business running. Manual data entry system is typical to approximately 70% of the companies today. But at the same time, it is slow, time-consuming and errors prone. Hence, making a shift to automated processing today has become imperative.

Manual vs Automated Invoice Process

To state an example, most invoices generated in an organization do not reach the end of the process. They sometimes fail due to the presence of a plethora of common problems. This is especially seen when there are many touch points in an invoice generation – its point of preparation, routing, physical data entry, and errors corrections. All of these not only delay the process but also increase the risk of faults to manifold.

Automating the entire invoice process, on the other hand, aids in eliminating approximately 95% of these errors. It’s easy to scale up without even increasing workforce, routing of documents becomes easy, eliminates duplication of payments, reduces invoice related disputes and even creates a simultaneous audit trail for easy understanding of business reports in future.

A Partner to Bank Upon

Making use of automated invoices, receipt generation and purchase orders not only helps enhance an organization’s invoice process significantly but at the same time, follows the exact chain of authority for approval to churn out best results with least errors, as needed in an organization. A great advantage of this procedure is that it provides visibility into every step of the process and allows authorized users to access the path an invoice goes through.

But there’s a catch here. Not every invoice processing software available in the market allows different businesses to tailor them as per their venture’s needs and demands. This is where the veterans speaks of Microsoft Dynamics AX

A highly flexible software, Invoice Workflow for Dynamics AX2012 allows smooth flow of invoice routing and approvals from different departments along with configuring itself according to an organization’s activity flow. The automatic notification element of the software allows on-time approval of invoices and prompt handling of exceptions and escalations.

Benefits of Invoice Workflow for Dynamics AX2012

Invoice Workflow for Dynamics AX2012 speaks of the following benefits to its users:-

  • ROI of 1 year.
  • Saves time, cost, efforts, and even man force handling.
  • Helps build a strong relationship between the organizations and their suppliers with on-time payments schedules and highly efficient invoice handling process.
  • Highly customizable and efficient approval workflow structure.
  • Brings to plate Dynamics AX account arrangement with new, enhanced dimension validation scheme.

To conclude, gone are the days when relying on manual data entry system and invoice generation process were the only options at hand. Today, there a humongous number of automated processes that promise to make business operations easy. Invoice Workflow for Dynamics AX2012 is a perfect partner to shake hands with and carry out business activities smoothly.

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