The new integration simplifies AP processes for teams using Microsoft Dynamics GP. The software eliminates the vast majority of burdensome data entry, and automatically routes AP documents for approval, like invoices, purchase orders, payments and expenses, thus eliminating approval follow-ups.
The automation provides teams with a commanding view of the process, with a digital audit trail of every AP document and the approval history. It also seamlessly syncs invoice and payment information with Microsoft Dynamics GP.
The software gives teams greater control, reducing risks of error, manipulation and fraud, while providing flexibility for remote or office-based payments, approval of invoices, purchase requisitions and expense reports.
The AP Automation offers 360 degree management of all accounts, and automates vendor payments by check, ACH and virtual credit card. An automated system brings the average cost of invoice processing to $2-3 per invoice, which would otherwise cost around $15 through traditional labor-intensive and paper-based AP processes.
Through the software, invoices are received electronically, or scanned in by batch; header information is then captured automatically and verified with 99% accuracy. Invoices can also be automatically matched to purchase orders, and once approved, vendor payments can be initiated from within Beanworks.
The difficulties faced by AP professionals are well attested. One study of AP professionals saw 51% report manual data entry and inefficient procedures as the biggest obstacle they faced. Manual invoice routing took second place, with the issue of lost or missing invoices in third.
The AP automation market is rapidly growing, and has been spurred on by the global pandemic. A survey in April of 465 financial professionals at medium and large businesses found that 39% had switched over to electronic payments, and that an additional 26% were planning to make the change.
The Microsoft Dynamics GP is only the latest integration to be released. Beanworks has other integrations with Intuit QuickBooks, Oracle NetSuite, Sage and Rent Manager. The integrations are best suited to mid-market organizations with AP teams processing at least 100 invoices per month.
“We are pleased to announce our integration with Microsoft Dynamics GP. Businesses can now manage all their AP needs through one platform and integrate data seamlessly into their GP account. This will dramatically improve their AP management as disjointed or unconnected systems do not offer the speed, security and efficiency that finance teams need in this day and age,” said Catherine Dahl, CEO of Beanworks. “We are proud to be offering this solution to Microsoft Dynamics GP users and look forward to helping finance teams gain enhanced visibility into their AP.”