For any successful business such as Dynamics AX, it is important to ensure that your invoice processing is working and efficient. A competent invoice processing helps in proper accounting and cash flow for business, which is why it is an important component in all departments and sizes. However, invoice processing is generally a manual process in most businesses – which come with a risk of errors, higher labour costs, longer processing cycles and cash flow irregularities. The risk of such problems increases during instances of physical document preparation, manual data entry, routing and error correction – which is why we need find ways to combat the issue.
- What are the benefits of an efficient invoice processing?
Solutions such as automating an efficient invoice processing can benefit the purpose in a number of ways –
- Increased scale without greater workforce recruitment
- Use of modern and computerized ways of matching and routing documents
- No duplicate payments
- Using an automatic audit trail
- Significant reduction of invoice disputes
- How can we increase competency in invoice processing in Dynamics AX?
However, there are some procedures you can look into to enhance the efficiency of invoice processing in Dynamics AX –
- Automatic invoice matching for purchase orders and receipts
You can easily speed up your invoice process by using an automation process to match it against purchase orders and receipts. This can be done by designing the process in a manner that would compare the purchase orders and receipts side by side. If the two components match, they are sent to undergo further approval steps to the company’s finance system. This simple computerized comparison technique leaves the staff with more time to focus on other important tasks.
- Automatic invoice approval routing
You can create an automatic invoice approval process by designing an approval authority process, and by creating automatic connections that would save time and manual labour by delivering the electronic documents to the correct recipient concerned. You can also create different approval paths for different purposes, such as by separating it from the common invoice processes beforehand. The separated path might need to be approved by the section manager and the department head before the finance arranges for its payment.
- Creating an Authorised Visibility Process
Authorised users can create an automatic invoice approval process to check its steps of progress, and can easily get their queries answered by the electronic audit trail. This procedure would be particularly beneficial for software license audits, as an automatic invoice approval process can quickly find out whether the required payment has been made, which greatly saves time and manual labour.
- How to choose the perfect invoice processing efficiency enhancer for yourself?
Your invoice processing efficiency enhancer should ideally be customised to your company’s needs, so you want to choose workflow software that does exactly what you need it to. Some of the key components include –
- High flexibility in invoice routing and approval from any device
- Easy set-up and customisation according to the company’s requirements
- Time approval of invoices
- Competent handling of issues, if any
You have all the Microsoft dynamics AX consulting solutions to efficiency increasing in terms of invoice processing. Look upon various invoice processing efficiency and error reduction software, to get the best benefits out of your Dynamics AX.