Speeding up the invoice to cash cycle is becoming an increasingly important area of focus for businesses; because in the end, you cannot pay bills with an invoice. The invoice to cash cycle spans your entire organization, from the moment your customer decides to purchase all the way through delivery and accounts receivables and there is a lot to do to complete the process. Many companies think they can handle it all on their own with the tools found in their MS Dynamics ERP system and while it’s not impossible, it’s not effective either.
When you rely on manual processes and limited functionality, there are many places where processes ‘get stuck’ and even more places for compliance risk to hide; some of these places are more common than others. Luckily there are proven integrations available on the market to help you enhance your MS Dynamics GP system and start getting that cash to the bank faster. Here are some of the most common places for processes to get stuck & what you can do about it:
Sales Tax & Compliance: According to estimates by Wakefield Research, audit costs for the average business at more than $96,000! Compliance isn’t cheap or easy, it’s complicated and constantly changing. If you’re managing sales tax manually, that means spending endless hours researching tax rates and rules, updating all of that information in the tax rate tables, and then doing it all over again as things change on local, state, and federal levels! The answer to all of this drama is automation with AvaTax by Avalara! AvaTax easily with Microsoft Dynamics GP to deliver a robust sales tax automation tool. If you are a business running Microsoft Dynamics GP, it’s easy to automate your sales tax compliance process using AvaTax. Learn more here.
Shipping: If your shipping process is manual and disconnected from your ERP system, then you’re doing a lot of data re-keying. Not only is re-keying information tedious, it ruins productivity and is prone to human error that can lead to much larger problems. Think about it, if your customer does not receive their shipment on time, if it’s incorrect, if it gets lost, or something else goes wrong due to data-entry error or a slow process, that customer is not going to want to pay their invoice until things are settled, right? And even a few days of trying to fix whatever happened to their shipment can tip your delicate cash flow balance in the wrong direction. By integrating shipping software with your Dynamics GP system you can go above and beyond your customers shipping expectations for optimial customer satisfaction and a faster invoice to cash process. Once again, the answer to this comes with automation. StarShip shipping software by V-Technologies combines parcel and freight support into 1 user interface. The bi-directional interface streamlines the entire workflow to gain immediate efficiencies in shipment processing, accounts receivable and customer service. Learn more here.
Accounts Receivable: Managing invoices and getting paid on time is hard; if you’re using a combination of your MS Dynamics GP system, spreadsheets, aging reports, and emails to track and manage credit information, you know what we’re talking about. Not only do these practices make managing A/R completely overwhelming, it is an error prone and time consuming process that can cause severe cash flow problems.
Credit and collections automation software like Anytime Collect extends the basic A/R management functionality in MS Dynamics to automate, simplify and streamline the entire processes to make managing A/R faster and easier, even if you have multiple entities. Advanced features and powerful workflow automation in Anytime Collect will replace your manual processes and allow users to automate payment reminder emails, prioritize collection activities, archive customer email conversations, automatically schedule follow up activities, manage disputes, evaluate credit risk, more accurately forecast cash, centralize critical information, track performance metrics, and much more. Learn more here.
If you have a problem in one or more of these areas, we invite you to attend a live webinar where representatives of all three of these companies will come together and teach you how you can put all of this on auto-pilot, speed up the invoice to cash process, and help you get paid faster than ever before. Click on the button below to learn more and save your seat!