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.
How to Improve Your Invoicing Process
Adopt a Smart Invoicing solution
A highly effective invoicing procedure is important for every business to maintain a steady cash flow. Efficient and smart invoicing is vital for the success of the businesses. Efficient invoicing empowers the organizations to considerablyreduce the time between completing a project, selling goods, offering services and getting the payment.
Also, the latest invoicingtools allow the experts to quickly send invoices without spending a lot of time on them. The process of dealing with payments becomes quick and easy with the latest invoicing processes. Microsoft Dynamics AX 2012 is certainly one of the best tools for intelligent invoicing.
Automate the invoicing Process
One of the best ways to improve the invoicing process is by automating the receipts management, order management, invoice matching etc. Manually matching the invoices or sending and receiving is a tough task, and time consuming as well. Therefore, it is important for the businesses to automate the invoicing process. By eliminating the requirement of human intervention, automation techniquesfasten up the overall invoicing process.
Customize the invoicing process
Customization and Personalization are gaining a lot of popularity in the recent times. Therefore, in order to improve the invoicing process, you may want to contact your clients and gather details. You can speciallydesigninvoices for different clients. This will ensure that your invoices move quickly through the client’s payment system. Also, the invoices are much more efficient.
Benefits of Invoice Workflow for Dynamics AX 2012
Invoice Workflow for Dynamics AX 2012 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 AX 2012 is a perfect partner to shake hands with and carry out business activities smoothly.