Make 2022 The Year of Process Improvement

2022 is approaching! Heading into the end of this year, have you thought about the business processes you want to focus on and improve in 2022?

We can get caught up in everyday tasks and often forget to take a step back and analyze process improvement.

I mean who doesn’t want to:

  • Reduce manual entry
  • Reduce costs for invoice processing
  • Ship quickly and at the lowest cost

Let’s dive into how AvidXchange, Blue Moon Industries, and V-Technologies can help you automate AP processing, easily balance your GL-level checkbook, and automate shipping, drop shipping, international shipping, and HazMat.

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AvidXchange surveys 500 mid-market companies To better understand financial and technology trends in the wake of the pandemic. They wanted to know how leaders changed the way they did business, embraced digital transformation, and leveraged technologies in new ways.

Here are the results:

  • 88% implemented new technologies in the past year
  • Nearly two-thirds (64%) of respondents now have the right technology to allow at least some employees to work from home – a huge jump from 37% in their survey in March last year.

For those who are still waiting for digital transformation, what is holding you back? Most said it was because the leaders were comfortable with the status quo.

In addition, adapting to a hybrid workforce has been difficult and remains a challenge. What makes working in a hybrid workforce more difficult is receiving paper bills and payments.

what a pain

in a AvidXchange and Levvel Research Survey, 57% of survey respondents said that large paper volume was the biggest problem with their accounts payable operations.

In the same survey, 64 percent of respondents (again the highest) said that the biggest improvement presented to the automation process was the significant reduction in the paper bill problem.

First, there are challenging costs associated with processing paper payments such as:

  • Checks, envelopes, and postage costs—which accrue when hundreds, if not thousands, of payments are processed on a monthly basis.

Soft cost considerations are:

  • Time is money, and companies pay for hours of employee time devoted to manually entering data and approving workflows that could be better spent elsewhere.

with the Industry average for more than a week to process a single invoice, it is safe to say that many companies could benefit from reinforcement in this regard. AP automation provides customizable workflows, rules, and constraints that eliminate the hassle of reaching an approving entity and manually routing invoices to the next step in the process. Actual payments can be approved and executed in just a few clicks. Talk about process improvement.

So, instead of spending time chasing trustees, routing bills by hand, or printing checks and stuffing envelopes, AP employees can focus much of their newfound time on more strategic work.

It’s time to close

Now let’s take a look at closing the month faster by reducing data entry and boring month end tasks. Because we all know how long it can take to balance your checkbooks in Dynamics GP.

with account settlement, You can balance your checkbook with all additional charges on your bank statement that are not in Microsoft Dynamics GP.

Fees such as:

  • Service fee
  • NSF . Fee
  • Credit Card Processing Fee
  • bank fees

Then you can start creating all the general ledger adjustments that you need to add to your checkbook. Just think how easy the end of the month will be.

Let’s take a step forward

You can have the ability to import transactions on your bank statement to match them with existing transactions in either the Dynamics GP Reconciliation Tool or the above tool. because auto reconciliation Compatible with both Account Reconciler and Dynamics GP Bank Reconciliation.

The types of files that can be read are:

  • delimited comma
  • fixed length
  • TD BAI
  • BAI2

By optimizing this process, you will save time, money and control reporting requirements. You’ll also get better insights by managing large amounts of bank transactions and printing detailed reports that show all transactions that have been cleared and not cleared.

Get these shipments out the door quickly and accurately

How quickly do you get your orders out the door? Shipping should be on your process improvement list in 2022.

To achieve and maintain strong customer loyalty, it is essential to put your inventory into the hands of your paying customers as quickly and economically as possible.

With all the turmoil in the supply chain, shipping doesn’t have to be one of them.

It’s important to have the flexibility to ship with multiple carriers from one app, get the best rates, apply shipping rules, and offer discounted postage.

Provide the front office and management team with the information they need at their fingertips. Get insights into shipping performance, delayed deliveries, shipments that could have cost less when going to a different carrier, and more.

Complex Shipping Simplified

If you have complex shipping requirements such as goods based on a commodity, country of origin, or shipping on behalf of another business unit, all of these requirements can be automated as well.

Some of the other ways you can make this process easier and better is by automating:

  • Prefer billing making sure the freight charges arrive in the correct containers.
  • LTL cargo and dangerous goods to be compliant aand print suitable forApples.

Selling on behalf of someone else? This can be automated and customized with their branding to make it easy and seamless for both parties involved.

no mWhere do you ship, what are the shipping requirements, or what carrier do you need to use; There’s an easier way with StarShip, the complete shipping solution!

Having the flexibility to take out your packages is a must for process optimization.

Are you ready to dive into these three areas a little deeper? check the Make 2022 the year of process improvement Webinar.

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