Integrate Beanworks With Microsoft Dynamics GP For These Benefits
December 1, 2020
Estimated reading time: 3 minutes
The COVID-19 pandemic has forced many accounts payable (AP) teams to completely change the way they work. In a survey in April of 465 finance professionals at medium and large businesses, 39% said they had switched to electronic payments. A further 26% said they were thinking about making the change.
One of the reasons for this transformation is that many businesses have had to adapt to working remotely, which means manual, paper-based processes are no longer feasible. Another is that there has been a dramatic increase in fraud during the pandemic; in September, the US Federal Trade Commission reported it had received 200,000 complaints about frauds and scams up to that month in 2020. Finally, many companies are looking to cut costs and find more efficient ways of doing things as we face economic uncertainty.
If you can relate to any of these priorities and your company uses Microsoft Dynamics GP, you are in luck. Beanworks now integrates with Microsoft Dynamics GP – and it has simplified the entire AP process, making it more efficient, safer from risk, and easier to use remotely.
What Beanworks and Microsoft Dynamics GP can do for your business
The new integration eliminates time-consuming data entry tasks and automatically routes AP documents for approval. That includes invoices, purchase orders, payments, and expenses – and this means there is no need for approval follow-ups. With Microsoft Dynamics GP, Beanworks also effortlessly syncs invoice and payment information.
You get 360° management of your company’s payables, with a digital audit trail of every AP document and the approval history. Your team will get greater control, reducing risks of error, manipulation, and fraud. There is no need for manual, file-based data transfers. The software also enables remote or office-based payments, approval of invoices, purchase requisitions, and expense reports.
When AP is automated – including payments by check, ACH/EFT, wire, or virtual credit card – one of the big advantages is the money you save. Automated AP can bring the cost per invoice right down from about $15 to $2-$3 per invoice. That’s because these tasks, when done manually, can be labor-intensive and involve lengthy paper-based processes.
And that’s not the only task where time and money can be saved with integration between Beanworks and Microsoft Dynamics GP. Now, invoices are received electronically, or scanned in by batch; header information is then captured automatically and verified with 99% accuracy. Invoices can also be immediately matched to purchase orders.
Why you should automate your AP processes now
The pandemic and its consequences may have accelerated a trend towards automation in AP, but there are many other compelling reasons to do so. In a recent study of AP professionals, 51% said that manual data entry and inefficient procedures were the biggest obstacles they faced. In second place was manual invoice routing, with the issue of lost or missing invoices in third.
Automating your purchase orders, invoices, payments, and expenses processes can eliminate data entry, and make all your processes more efficient, while reducing risk and costs. As remote working is here to stay for many of us, it makes sense to move away from paper-based methods towards systems which you can access from anywhere.
If all this appeals to you but your company does not use Microsoft Dynamics GP, be advised that Beanworks works seamlessly with lots of other programs, too – the Microsoft Dynamics GP is only the latest integration to be released.
Ready to automate? Discover what Beanworks can do for your business.
Simplify AP Document Management
When you do things manually, that means searching through old files until you have found what you are looking for. Luckily, with Beanworks there is no need to pull through and open up all your filing cabinets to get to the right document.
Invoice Approval Process Best Practices to Modernize Your Accounts Payable
Practices such as having the same person approve invoices and payments can make it easier for any business to fall victim to fraud. After setting up approval channels for thousands of AP professionals, we recommend these best practices.
Getting Ready for the Digital Payments Phase
Payments trends from the past decade indicate that businesses are turning away from checks. According to the Association for Financial Professionals, 81% of B2B organizations used checks in 2004. In 2019, this was down to an all-time low of 42%.
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