How to cut costs and improve the bottom line with Dynamics GP Accounts Payables
Yes, we are in some strange economic times. Regardless of the industry and type of work that puts bread on our table, we are constantly seeking ways to cut costs and improve the bottom line. Even in the best of times, it’s an ongoing mission.
The trend toward reliable enterprise resource planning (ERP) and industry specific operational software has helped large and small companies become more strategic in their business planning and expense management. If you’re using Dynamics GP, you’re in great position to take advantage of operational efficiency and increase profitability.
The best news is that it’s not complicated or expensive. Simple improvements in Accounts Payable (AP) processing, which is still largely inefficient and paper based can make a significant difference. These improvements can:
• increase efficiency of internal processes
• positively boost the bottom line
• gain greater visibility and control over spending
How?
Electronic File Transfer (EFT) for Payables
Here are some of the ways you can realize improvements to process efficiency through the use of EFT for Payables:
• Eliminate the cost and time of purchasing pre-printed check stock
• Do away with the time of printing and stuffing checks
• Ensure timely and accurate payments to vendors
• Reduce or eliminate costs associated with late payments
• Better terms discounts: Suppliers may offer or consider discounts to buyers based on flexible needs.
Added benefits?
Improvements in reporting and regulatory compliance are additional benefits.
• Use the flexible query tools (Smartlist) and reports in Dynamics GP to determine which vendors to target for better terms and/or longer contracts if payment is made electronically.
• Improve customer relationships when customers are also vendors
• Enhanced compliance by increasing the transparency of the AP process, and foster greater compliance with company policies or procedures such as Sarbanes-Oxley (SOX) regulations.
Why?
The economic benefits of AP automation using EFT for Payables can result in annual cost savings through improved process efficiency and better overall expense management. So, why not!
Tags: accounts payable, Dynamics GP, EFT, electronic funds transfer, Great Plains, payables, vendors
