New Years Resolutions for Accounts Payable in GP

Gartner Expect Software as a service spending will continue to increase this year by about 18% and the SaaS market will grow by more than $26 billion over the next 12 months. Whether you’ve outgrown the Microsoft Dynamics GP-ready functionality or are investing in new infrastructure for future growth, improving Accounts Payable efficiency is a great place to monetize your technology spending in 2022. What makes AP a prime place to start improving back office operations is a significant reduction In processing costs (cost reduction up to 80% compared to manual processing). AP efficiency is also key to streamlining month-end closings and general accounting efficiency. The New Year’s resolutions below are important goals to keep in mind if you plan to improve efficiency through technology this year.

3 New Year’s Resolutions for Accounts Payable in 2022

1. Get Direct Integration

If your AP process is too complex for Dynamics GP-ready functionality, that doesn’t mean it’s time to switch to a new ERP system. Choosing AP software that you can use directly within your GP ensures you maximize your ROI – paperless support, improved accuracy, speed approvals, and improved access to data insights.

2. Seriously remove or reduce paper

Now with cloud-based applications, AP automation with data capture is available on a monthly subscription basis, which means there is virtually no upfront cost. Once launched, this service will support paperless invoice processing. It is also important to reduce the use of paper checks. Not only are paper checks time consuming, but they are more prone to fraud.

3. Tighter AP fraud prevention

With appropriate AP automation software, it is easy to implement the controls mentioned above to prevent fraud in BEC payments. AP can also help secure your payments against internal and external fraud. Payment Fraud Trends for 2020

conclusion:

Digitizing back office functions such as accounts payable is a great place to invest for future savings. This is especially true for growing organizations that use Microsoft Dynamics GP. financial managers to wipe By Pymnts.com said that vendor and customer relationships are the most important reasons why they are digitizing operations. The digitization of accounts payable will have a direct impact on vendor relationships, helping to simplify invoice processing and other interactions. And since good relationships with vendors support an efficient supply chain, order fulfillment and customer service are also indirectly affected. Here’s a breakdown of the customer- and seller-centric reasons for digitization:

  • 95.6% Customer and Vendor Relations
  • 64.2% manual processing automation
  • 53.8% more efficient processes for seller and customers
  • 51.6% improved transparency for customers and suppliers

Seamless AP Automation for Microsoft Dynamics GP

If you’re a Microsoft Dynamics GP user, digitizing AP processing should be one of your best New Year’s resolutions for 2022. Fidesic is the go-to AP solution for GP. On top of that, Fidesic offers unparalleled functionality for multi-location payments, and best of all, it works directly within the GP with the tightest integration of any AP solution for Dynamics GP. learn more

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