Businesses can’t run without an ERP system. Without a system to automate many redundant tasks, businesses would be lost and unable to fulfill all of the sales made to clients. All of the information of the business it stored in one centralized system, the ERP, which helps a business continue to run every single day. This is why many businesses turn to Microsoft Dynamics GP to manage and run their company. Microsoft has long been a trusted company by businesses to ensure operations run smoothly.
As great as Microsoft Dynamics GP is for inventory management, operations, HR and accounting, the accounts receivable side of the ERP solution isn’t all that it could be. When it comes to managing and reporting on your accounts receivable, you are forced to go back and forth between multiple modules in the system to find the aging, reconcile, statements and invoices. Even with this robust ERP system, accounts receivable can still be made easier by using an accounts receivable software for Microsoft Dynamics GP.
So, how does accounts receivable software for Microsoft Dynamics GP make collections and reporting easier? We’ve covered the top 4 ways that your department will benefit from adding accounts receivable software to your ERP system.
AUTOMATION OF INVOICE PRESENTMENT
Currently without an automated accounts receivable solution in place, collectors are manually attaching invoices and sending out emails to customers to get them to pay on their bill. Some might even still be printing out invoices and sending them in the mail, which can be extremely costly. With accounts receivable software for Microsoft Dynamics GP, the team doesn’t have to send out any emails – it’s done automatically for them. This includes follow up reminders, credit applications, monthly statements and past due notices.
As mentioned before, the accounts receivable information is spread out across multiple modules in Microsoft Dynamics GP – and many other ERP systems. With an accounts receivable solution, all of the information you need to properly and efficiently manage your collections is in one place. You can access your aging, account information, contact information, communication history, notes, phone calls, follow ups, payments and more all from one screen.
ONLINE BILL PAYMENT
Not only can you easily send invoices and statements to customer without even sending an email, but customers can quickly and easily make a payment. Each automated email can contain a unique link for customers to make a payment on their invoices. The payment is then reconciled against the account, so there is no manual process that occurs. No more taking phone calls with credit cards or waiting for checks in the mail.
Currently, a lot of accounts receivable departments are keeping their reporting metrics in Excel sheets and sending them off to the executive team. Every month teams are taking a few hours out of their day to sit down and run through the numbers, arrange them in a way that makes sense and then presenting them to the right people. With automated accounts receivable software, this entire process is taken care of for you. The reporting data is already there, arranged in a visual representation and available to executives to access when they want and need to.
If any of this sounds like something your team needs, take a look at Anytime Collect an automated accounts receivable software for Microsoft Dynamics GP.