Jun 21, 2022
Do you find your AP team stuck with getting accounts payable entered and paid on time that they are unable to focus on doing other finance processes in the company?
This results from inefficient bookkeeping workflow, skepticism in getting an accounting professional to work remotely, and transitioning to a paperless accounting system that affects your ability to close your month faster.
At New View Strategies, we ensure that when we step in and work side-by-side with our customers, we make it possible for them to maximize the BC/NAV system and train their AP team to become more comfortable with the paperless and remote processes.
Essential points covered in this episode:
✔️ A very strong AP person is the key to a really strong accounting department. Numerous transactions posted in your general ledger will come from purchase invoices or invoices from purchase orders. Suppose those are entered to the wrong accounts, incorrect amounts, or even the wrong dimensions — it can take a lot of fixing at month's end because first, you need to review and find all of those errors.
It is, therefore, crucial to have an accounts payable employee who is properly trained on what can be done with the Business Central/NAV system because a lot of people don't know what the functionality is. An accounting team that doesn't know what to do with the system will be ineffective and hurt your business in the long run.
✔️A BC/NAV feature that not many people use is Deferrals. NVS Accounting Manager Cari Corozza shares that this is her favorite function that immensely improves how users can process accounts payable. This helps eliminate the number of journal entries made at month end by doing it upfront on the purchase invoices.
✔️ Save time, frustration, and tons of paper. Corozza explains that once organizations learn to take little steps in making that transition, they will feel more at ease with how that process will look in the future. "We're taking into account all of the little intricacies or needs of that company to make sure that the process we're presenting for paperless is going to work for them. So just making sure that everyone's on board with that and then helping implement that process helps everyone in the company get a little more comfortable with the paperless and remote process."
✔️ By transitioning to more electronic payments, vendors are more than happy to help. Many businesses still rely on writing checks with a chance of them getting lost in the mail or getting late fees due to delivery delays. Companies that do this will face more challenges in the future unless they become paperless and pay vendors electronically; the accounting department stalls having more efficiency in their processes.
About Kerry Peters & New View Strategies:
Kerry Peters is the CEO of New View Strategies, a company known for solving mission-critical business problems and a straight-talking, experiential approach to training and process improvement for Microsoft Dynamics 365 Business Central and Dynamics NAV. Our relationships are long-term, and our clients report that they have boosted efficiency, solved business problems, and had fun in the process!
Let the experts help you tap into the true power of your BC / NAV system.
You're struggling with challenges, and you know your Business Central / NAV ERP solution can help, but you're not sure how. We do. Whatever you're challenged with or searching for, we've been there – as a user and partner. You won't find the level of no-nonsense, front-line experience we offer anywhere else, and we're here to put that experience to work for you.
✅ Why Choose New View?
With our team's average of 15 years of real-world BC / NAV partner and end-user experience, we know where to look and what to ask to discover how to make your BC / NAV investment work better for you.
Contact us today: https://getyournewview.com/services/