05 May Workflow Maintenance in AP
Accounts payable departments with manual processes have less accurate forecasting than those with workflow maintenance software and they are often unable to reap the benefits of early payment discounts, according to Wells Fargo Treasury Insights.
Ineffective partner relationships with suppliers and buyers coupled with slow processing times and lack of insight is a recipe for high costs in AP & AR.
In fact, about 59 percent of survey respondents cited cost reduction in AP departments as a top concern in a 2013 survey conducted by Accounts Payable News. The survey also showed that maintaining standards was considered a top AP priority among 55.4 percent. Implementing new technology in AP departments was cited by 54 percent as a top priority.
With could hosted software making even the most robust workflow maintenance features available to businesses big and small, there is no reason why AP departments should continue to struggle with workflow maintenance. A solution like Microsoft Dynamics GP for example can improve connectivity between you and your suppliers that will result in wins for both teams.
Microsoft is expected to release Dynamics GP 2013 R2 this month and some of the enhancements are sure to smooth out many workflow maintenance wrinkles. The new workflow system based on GP code has removed the dependency on SharePoint and replaced the prior workflow system with one that keeps the workflow experience within a GP window.
The Dynamics GP workflow maintenance feature also allows for high flexibility with built-in purchase order history and version management capabilities that are easy to access and provide deep insight with advanced analytics dashboards.
The new GP release includes four workflow in the new Workflow Maintenance Feature:
- Purchase Order Approval
- Purchase Requisition Approval
- Payroll Timecard Approval
- Project Timesheet Approval