In today’s digital era, getting the information you need instantly can be the difference between recording a profit or a loss. Gathering data from different departments is often a very slow process and the dizzying pace of your growing company doesn’t make things any easier.
But how can AP automation help gather data in real-time to make better cash flow decisions? Automation provides visibility into the bill payment process by digitizing all invoices and payments. You know when invoices come in, which balances are outstanding, when payments are due, and who hasn’t approved invoices and payments. You have peace of mind knowing you are in complete control of your accounts payable processes. Get real-time visibility into payment statuses with a few clicks of your mouse. Comprehensive search and reporting tools make it easy to search for and retrieve invoice and payment information when vendors call, or auditors are at your doorstep.
Visibility Case Study: Winstanley Enterprises
Winstanley Enterprises, headquartered in Concord, MA, is in the business of commercial real estate development, asset management, finance, advisory services, and build-to-suit projects. At a corporate level, Winstanley lacked visibility into its outstanding expenses. Even under the best conditions, the manual steps provided little insight into the whereabouts of a particular invoice or its status from the vendor’s point of view. This made it extremely difficult for Winstanley to manage each property’s cash position, let alone make informed business decisions.
After implementing AvidXchange’s AP automation solution, Winstanley Enterprises has a streamlined AP process in place. Immediately upon receipt, invoices are scanned and indexed into AvidInvoice. Established workflow rules automatically route invoices to the appropriate person where they can view, approve and code online and in real-time.
Previously, the AP department maintained 36 lateral file cabinets across various properties and organizing the documents typically ran three months behind. With AvidInvoice, hard copies and storage of paper are a thing of the past. The cycle time to process an invoice has dropped from an average of 45-60 days to 1-3 days, and Winstanley check runs are now on schedule and predictable.
Missing invoices and days spent researching their whereabouts and shut-off notices are now obsolete. Late fees from vendors and overnight charges to shuffle paper around are gone. If errors are found, they are caught early in the process, eliminating duplicate payment or fraudulent activity. All records, comments, and disputes are stored inside the application and cannot be modified or deleted. There is no longer a need to track emails with vendors and fellow associates to establish accountability.
We could talk about the benefits of automation all day long, but Brett Lazar, Vice President of Operations at Winstanley Enterprises, says it best. “The application has completely revolutionized the way we handle our accounts payable.”
AP Automation 101: What Dynamics GP Users Need To Know
Interested in how AP and payment automation can help Dynamics GP users gather data in real-time to make better cash flow decisions? Join us for AP Automation 101: What Dynamics GP Users Need To Know, a free 45-minute webinar on Wednesday, November 2nd, 2016 at 2 p.m. EST and learn how to:
- Define AP Automation
- Identify the major challenges with paper-based processes
- Understand how AP Automation benefits your business
Plus, we’ll be showing a live demo of the solution (and our new integration). Want to take your business to the next level? Click or tap the button below to register and join us on November 2nd!