Managing Accounts Payable in a World of Change

"In any given moment we have two options: to step forward into growth or step back into safety." — Abraham Maslow

"Step forward into growth, while proceeding deliberately, mindfully and incrementally." — The Mekorma Team 😊

In today's business world, change is not only constant but tries to pull us forward at an overwhelming pace. We hear from our customers how important it is to be deliberate, clear, and methodical in adopting change. Many tell cautionary tales of the false starts that happen when moving forward too rapidly. So, we look at what changes are essential, and how we can work towards future goals in phases without wasting time, money, and precious personal energy.

In this blog, we’d like to provide some context around powerful yet incremental steps to help you manage accounts payable with 2023 technology while staying on Dynamics GP. This will prepare you for an eventual shift in ERPs and how Mekorma can help.

The Art of Zen for Today’s Dynamics GP User

At Mekorma, we encourage an unhurried, calm approach with a goal of simplifying even the most complex of tasks. So, take a deep breath, look around, and know that you’re in the right place – exactly where you are.

We’ll talk about 3 kinds of changes you can make in your AP right now, with minimum energy output:

• Get your paper invoices online
• Free up time by automating repetitive button clicks
• Outsource payments to, again, eliminate paper and STOP THE ENDLESS CHECK PRINTING!

Internalizing these strategies is a way of gradually adopting new technology into your existing system. When you eventually move ERPs, the move will be graceful.

Digitizing Invoices

Digitizing your invoice documents makes it easier to share and work on them remotely. Using digital documents can make it easier for teams to collaborate, as they can make changes and updates to documents in real-time without the need to print and physically distribute paper copies. Digital documents are also easier to search and organize, and they can be stored right in Dynamics GP, attached to your transactions.

Once your invoices are online, your team can approve transactions from wherever they are. Staff can be working remotely or enroute to a conference or meeting. Mobile approval technology lets them access the supporting documentation to approve.

Automating Repetitive Button Clicks

Many accounting tasks can now be automated to increase efficiency and reduce repetitive tasks. There are different approaches to this—some systems memorize button clicks and some let you configure rules that your system can follow automatically. Implementing one of these not only saves time but also reduces errors.

Outsourcing AP Payments

Outsourcing your AP payments is another way to eliminate paper and, wow, is it time for that! The drudgery of printing checks and stuffing mailers no longer needs to bog down your team. By implementing a remote payment service with your existing GP system, not only do you immediately benefit from cloud-based remote payments, but you are set up so that you can seamlessly continue paying when you move to your new ERP, whether it is Dynamics 365 Business Central, Acumatica or another option.

In the past, company leaders worried whether this kind of service was trustworthy.  Nowadays, using a service to pay has become the absolute norm, with every teenager paying their friends through Venmo and vendors wanting electronic payments because they are faster than checks.  And some outsourcing companies offer major risk reduction, like substantiating your vendor addresses or ACH account numbers and indemnifying you against fraud. Fraudsters are constantly adopting new schemes, so it’s very important that you find an outsource provider who will take these vetting processes off your hands and indemnify you.

Solutions for Now

Mekorma will help with these changes to your Dynamics GP system. These incremental improvements implemented over time add up to a truly automated AP process.

One way of digitizing invoices is with Mekorma Invoice Capture. Mekorma Invoice Capture automates invoice entry into Dynamics GP using Microsoft Power Platform and AI. Your team reviews the invoices after they show up in the system and ensures the coding is correct. Invoices are attached to the GP transactions with GP’s Doc Attach, so you’ll be able to see all invoice images inside your ERP system. Relief from paper and relief for trees!

By adding Mobile Approvals or Power Approvals, approvers do not have to be local to review invoice or payment batches. You can do it from a mobile device while on the run, or from your home office.

On the payment side of things, the Mekorma Payment Hub integrates fully with Dynamics GP and allows you to process payments with pre-configured business rules and flexible security configurations.  Built into the Payment Hub is a one-stop shop window for processing payments that can follow your pre-configured rules over one or many checkbooks and companies with a button click, reducing your team’s time frame on payment days by 75%.

You can also immediately improve AP by freeing your team from the grind of printing checks. Mekorma Remote Payment Services automatically connects with a third-party provider to transfer payment instructions on your behalf. The provider pays your vendors in each vendor’s preferred method, which could include ACH, checks, virtual credit cards, or wire transfers. In most cases, this service has a proven ROI in hard dollars and the ability to process payments from anywhere.

Preparing for the Future

At some point, you will most likely move to a cloud-based ERP system. The solutions mentioned above can help your AP team get used to mobile, digital, automated processes that these newer systems provide, while maintaining Dynamics GP as home base. When moving to your new system, you will want to maintain your digitized invoices and mobile approvals. And you will want to clarify how your new system helps you automate business rules over multiple checkbooks and companies.

If you have already implemented a remote payment service, you will easily be able to continue submitting your payment file to your provider. Even if the new ERP system does not provide automatic communication with the provider, it is easy to arrange an upload file transfer until a connector is built. This can provide peace of mind that your vendors will continue being paid on time and in the way they expect, despite the change in your systems. And you will retain the ability to pay from anywhere without having to configure checks and printers.

Mekorma is currently building remote payment connectors for two new ERPs: Dynamics 365 BC and Acumatica. We are committed to helping you configure your end-to-end process in these systems. And we are delighted to work with you to gain these new capabilities now that set you up for a strong future.

So again - take a deep breath, trust your process, and enjoy the journey! We’re happy to be partners along the way.