How Much Document Management Is Really Costing Your Company.

When it comes to accounts payable (AP) automation or document management, Dynamics NAV 2016 is by far one of the best ERP solutions an organization can use to manage accounts payable processes and cut down operating expenses.

According to recent statistics, a medium-sized organization spends nearly half a million dollars annually on invoice processing. That’s a huge amount of money even for a large company. If we also consider the latest economic whirlwinds, rethinking and adjusting cost-cutting strategies continues to be a priority for many companies. Unsurprisingly, internal back-office processes represent one area ripe for improvement for cost-cutting.

Addressing AP Challenges with Dynamics NAV 2016

Many companies use ERP systems nowadays. However, most of them are still dependent on manual, paper-based AP workflows. Besides the high costs involved, manual AP processes prevent staff from focusing on more important tasks, such as timely and accurate closing, reporting, etc. Though most ERP solutions are effective at collecting, processing and archiving business data, one common shortcoming is the lack of accounts payable capabilities.

Unlike many ERP systems on the market, Dynamics NAV can help you automate and shorten AP workflows. With the Document Management module, a Dynamics NAV user can complete a series of accounts payable processes, including integrated e-payments and online remittance delivery.

Providing a quantum leap in AP workflow efficiency and beyond, the 2016 version of Dynamics NAV allows users to:

Capture, View, Process and Store Documents

• track and access source documents, including non-posted, purchase documents, and ledger entries, without having to switch back and forth between Dynamics NAV and other systems – the system also supports links to source documents and attachments in journal lines and purchase documents;
• turn incoming documents, invoices and sales credit memos irrespective of the file format, be it Word, PDF, PNG, JPG, TIF, GIF, etc., into purchase documents or journal lines for processing at a later date;
• attach images to incoming documents with photo apps, such as Office Lens;
• gather, archive, back-up and share accounts payable documents with BPOs and auditors;
• get in-depth visibility into invoices throughout the processing and approval cycle;
• use flexible search options for speedier invoice research.

Create Documents

• manually create AP documents based on incoming electronic documents, including, sales/purchase credit invoices, emails, etc. when an optional service like Lexmark ICS isn’t available;
• use General Journal Lines to develop journal lines without specifying vendors and Text-To-Account Mapping to create purchase invoices.

Automate Document Management

• create automatic document processing/approval workflows, based on different criteria, such as amount values, vendors, etc.;
• route AP documents directly from within NAV for speedy invoice approval and processing to manage outstanding payables in a cost-effective, timely manner;
• post purchase documents and create corresponding payment lines;
• select G/L accounts based on established Text-To-Account rules established during the document creation process.

Therefore, document management for Microsoft Dynamics NAV allows you to address and resolve three costly checkpoints in accounts payable:
1) collection, processing, storage and archiving incoming documents in a cost-effective and secure manner;
2) efficient routing of paper invoices to ensure timely data entry and processing;
3) a secure collaborative environment for reviewing transaction content, inquiring about transaction status, approving operations, resolving discrepancies and sharing documents for auditing with minimal AP processing disruption, even with an external accountant.

In addition, not only does Dynamics NAV 2016 have a smooth learning curve, it is also powerful enough to leverage the entire accounting environment, driving down operating costs, increasing employee productivity and boosting bottom line earnings.

Clients First has team implements and supports Dynamics NAV and Dynamics AX, serving hundreds of customers across the United States and internationally. Our professionals are ready to work with your organization in order to develop a comprehensive ERP solution able to meet your goals and fit the way you do business. For more detailed information, please call our sales team at 800.331.8382 or email sales@clientsfirst-tx.com.