74% of AP professionals cite manual data entry as the biggest challenge in both efficiency and accuracy. At the same time, automating AP processes also measurably increases the value of your ERP system by reducing both the processing time and costs.
KwikTag was created to address these AP-specific challenges and simplify the document management process. The software platform was designed specifically for Microsoft Dynamic ERP systems and offers three cloud-based Accounts Payable integrations: Accelerate for Dynamics GP, SimplyAP for Business Central, and KwikPayables for SL, each using artificial intelligence (AI) to leverage the data housed in the ERP to streamline the AP process.
Three key benefits of adding KwikTag to your Dynamics ERP include:
1. Real-time invoice indexing and validation
KwikTag simplifies the indexing and validation process by leveraging the data already present in your ERP. Through AI, an Optical Character Recognition (OCR) module can pull data from multiple sources in real time.
This capability eliminates the need for manual data entry, in addition to:
- Enabling a centralized invoice queue that makes visible all critical data needed for invoice processing
- Extracting and validating invoices and purchasing data
- Indexing invoices, including general ledger coding
- Intelligently routing invoices for project coding, task coding, and electronic review and approval
- Enabling a digital payment batch review occurs at the end of each AP cycle, eliminating the need to print invoices and backup documents.
2. Payment batch approval
Once batches are posted, KwikTag enables visibility into the payment type and status for all payment types. Invoices needing approval can be routed according to the approval threshold or by the designated approvers.
Purchase transactions are automatically created for 3-way batch instances, where the invoice matches the purchase order and receiving transaction. The ability to review the entire audit trail, including project comments and coding, makes the approval process simple, whether completed online or via email.
3. Electric delivery of vendor payments
Delivering vendor payments electronically increases both efficiency and security while also reducing costs associated with manual checks and other payment methods. With KwikTag, payments can be issued electronically upon batch approval.
Would you like to learn more about how KwikTag can take your Microsoft Dynamics ERP system to the next level? We’re hosting a KwikTag webinar on March 23rd at 1:00 EST.