Almost all industries and companies are plagued by a simple question in their accounts payable department – how to increase finance management efficiency in Dynamics AX? Being such a “petty” problem, issues such as inefficient invoice processing, voice collation from different suppliers, risk of errors due to manual entry and a complete lack of control and visibility are quite common. Therefore, more and more companies are now switching over to automated invoice processing. Apart from a whole lot of other benefits, it saves a lot of time and manual labour. Automation is a process that can be incorporated easily into any company’s processing, within its rules.
1. What are the benefits of using Financial Management capabilities?
First of all, we need to understand to make an assessment of your company’s financial performance and the current trends in the market. Though you are expected to understand the financial aspects of your project which includes components such as engineering, services, construction projects, compliance, quality management and distribution, your enhanced business will do more than enough to improve financial management capabilities in your Microsoft Dynamics AX. Some of the benefits of using financial management capabilities include –
a) Be assured of transparency as you start working on your past, present and future projects, production, services and business.
b) Ensure that your financial gains and impacts remain accurate, no matter what the business conditions are at the moment.
c) Improve your business performance by minimising unnecessary administrative work of your financial professionals.
d) Expand your services and products, which would also improve your profitability and revenue generation in return.
e) Makes sure that your financial regulations and reporting requirements are well-maintained, especially when you work with the public sector.
f) Common financial processes such as vendor invoice approvals and billing are handled smoothly.
2. How can we enhance Finance Management inside Dynamics AX?
Apart from saving time and money, financial management capabilities can be resolved with the help of the following techniques –
a) Customising your system which can be configured as per the company’s needs with options regarding intake, validation, approval and tracking.
b) Helps in increasing the efficiency and accuracy of finance management as there is no hassle regarding paper invoices and manual data entry.
c) Acceleration of invoice processing which will help in early payment discounts and improve relationships with vendors and suppliers.
d) Simplifying invoice processing by using automatic approval and posting techniques, which would leave your Finance Management staff free for other tasks.
e) Helps in increasing profits and revenue generation, along with product margins and service offers.
f) Forecasts financial gains and impacts, according to the transient business conditions. It also helps in increasing accuracy to business processes such as vendor invoice approvals and billing.
g) Enjoy complete transparency regarding invoices, approvals and communication by the means of approval time statistics, invoice histories, visibility of emails and documents, and filtering and reporting options.
h) Maintain approval participation by automatically notifying and delegating assignments to substitutes, by designing sequential, parallel, and individual and group approvals, and remote and mobile stakeholders to increase approval capabilities through the web.
These solutions can be easily customised according to the workflow, and the concerned team can easily be notified and delegated tasks to, even when they are on the move. They integrate easily with Microsoft dynamics AX company, therefore can be implemented and configured according to your business needs. Therefore, you would be working in a computerised environment, with invoices available in different data forms, have accurate information regarding approval actions, invoice and related communications, and quickly handle your documents in time.
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