Automating the accounts payable (AP) function is of paramount importance for businesses utilizing Microsoft Dynamics 365 Finance. Manual AP handling can be laborious and rife with errors, leading to delays, inaccuracies in financial records, and strained supplier relations. Rillion’s AP Automation solution addresses these issues by integrating seamlessly with Dynamics 365 Finance, enhancing efficiency and accuracy in handling invoices.
Automatic Data Capture
Leveraging OCR and AI for Data Extraction
Rillion employs Optical Character Recognition (OCR) and Artificial Intelligence (AI) to automatically extract data from incoming invoices. This advanced technology eliminates the need for manual data entry, thus saving significant time and ensuring precision. The system captures data at both the header and line levels, making the entire process quick and precise. By automating this step, businesses can reduce the time staff allocates to data entry, allowing focus to shift to more strategic activities. This not only enhances productivity but also ensures that the captured invoice data is ready for the next steps in the AP process with minimal delay.
Reducing Manual Errors
Automating data capture with Rillion significantly reduces the risk of human error. Manual data entry is inherently prone to mistakes, which can lead to incorrect financial records and subsequent operational delays. With Rillion, businesses ensure accurate and up-to-date invoice data, which in turn improves overall financial management. Consistent accuracy in financial records fosters a more reliable foundation for financial reporting and decision-making. The minimized errors also contribute to a smoother relationship with suppliers, as timely and correct payments are more assured.
Real-Time PO Matching
Streamlining Invoice Reconciliation
Rillion’s automation solution excels in matching invoices to purchase orders (POs) in real-time, capable of performing both 2-way and 3-way matching. This robust feature ensures that invoices are accurately reconciled with corresponding orders and goods receipts, thereby eliminating the need for manual reconciliation. By handling this crucial task automatically, businesses can reduce discrepancies that typically result from human error. Moreover, real-time matching confirms that invoices are accurately associated with the correct orders, ensuring clear and consistent records across all financial documentation.
Expediting the Matching Process
The real-time matching capability of Rillion significantly accelerates the invoice processing cycle. Automating this essential step allows businesses to avoid delays in payment approvals, thereby maintaining healthy and dependable relationships with suppliers. This efficiency is paramount for sustaining a smooth and reliable supply chain. Faster invoice matching translates to quicker payment cycles, enabling companies to take advantage of early payment discounts and avoid late fees. Suppliers benefit from prompt payments, which in turn reinforces trust and fosters long-term partnerships.
Approval Workflow Automation
Routing Invoices to Approvers
The seamless integration with Rillion allows invoices to be automatically routed to the appropriate approvers based on predefined rules. This automation removes unnecessary bottlenecks from the approval workflow. Approvers can review and approve invoices from any device, thus making the system more flexible and efficient. The timely routing of invoices ensures that they do not linger waiting for manual assignment, thereby minimizing potential delays in the approval process. Consequently, this streamlined approach allows for quicker approvals and faster processing of invoices.
Enhancing Approval Efficiency
Automated approval workflows ensure that invoices are processed promptly, reducing the time spent on manual approvals. This not only minimizes the risk of delayed payments but also improves overall efficiency in financial operations. By improving the approval process, businesses can maintain better control over their cash flow and financial health. With less administrative overhead, companies can reallocate resources to more strategic financial activities, enhancing overall productivity. The automation of approvals additionally provides a clear audit trail, contributing to improved compliance and internal controls.
Recurring Invoice Management
Automating Recurring Invoices
Rillion automates the handling of recurring invoices, such as those for utilities or rent. The system processes these invoices based on preset rules, eliminating the need for manual entry each month. This reduces the repetitive workload on the AP team, allowing them to focus on more critical tasks. By removing the monotony of processing repeated invoices, the AP team can direct their efforts towards improving financial strategies and strengthening supplier relationships. This automation also ensures that recurring invoices are consistently processed on time, avoiding lapses in payment that could disrupt operations.
Reducing Repetitive Workload
Automating recurring invoices with Rillion frees up valuable time for the AP team, enabling them to work on more strategic tasks. This not only improves overall efficiency but also enhances job satisfaction by reducing the monotony associated with repetitive tasks. The AP team can shift its focus to tasks that add more value to the business, such as analyzing spending patterns and negotiating better terms with suppliers. This strategic reallocation of tasks contributes to a more dynamic and efficient financial department, ultimately supporting the company’s broader financial goals.
Seamless Integration with Dynamics 365
Real-Time Data Exchange
Rillion ensures a seamless integration with Microsoft Dynamics 365 Finance, which facilitates real-time data exchange between the two systems. This integration keeps data consistently updated across platforms, thereby minimizing the need for manual data entry and preventing discrepancies. The consistent and accurate flow of data between Rillion and Dynamics 365 ensures that financial records are always up-to-date, which is critical for making informed business decisions. This integration also minimizes the risk of data silos, ensuring that all financial information is accessible and reliable.
Maintaining Data Consistency
With seamless integration, businesses can ensure that their financial data is always accurate and up-to-date. This consistency is crucial for making informed business decisions and maintaining compliance with financial regulations. Accurate and consistent data helps businesses to quickly identify and address discrepancies, enhancing overall financial control. The integration also supports real-time financial reporting and analysis, providing management with the information needed to steer the company effectively.
Audit-Ready Invoice Archive
Digital Archiving for Easy Retrieval
Invoices processed through Rillion are stored in a searchable digital archive, simplifying the retrieval of any document quickly during an audit. This feature significantly reduces the time spent searching through physical records or disorganized digital folders. An easily accessible and well-organized archive also facilitates better document management, enabling companies to respond swiftly to audit requests. By having a comprehensive digital archive, businesses can maintain transparency in their financial processes and ensure compliance with regulatory requirements.
Enhancing Audit Preparedness
Having an audit-ready archive ensures that businesses can respond promptly to audit requests, thereby saving time and enhancing the credibility and reliability of their financial records. The streamlined retrieval process helps auditors verify data more quickly and efficiently, reducing the overall duration of audits. This preparedness not only complies with regulatory requirements but also instills confidence among stakeholders regarding the company’s financial integrity. Maintaining detailed, well-organized records supports better governance and internal controls.
Automatic Coding and Routing
Intelligent Invoice Coding
For non-PO invoices, Rillion’s system automatically codes and routes invoices based on predefined rules. The solution improves its coding accuracy over time using AI, thus making the process more intelligent and efficient by learning from previous decisions. The automated coding ensures that invoices are assigned the correct account codes, reducing errors and inconsistencies. By leveraging AI, Rillion constantly refines its coding processes, leading to more accurate and efficient handling of invoices over time.
Streamlining Non-PO Invoice Processing
By automating the coding and routing of non-PO invoices, Rillion significantly reduces the manual effort required for these tasks. This streamlining ensures that all types of invoices are processed efficiently, thereby minimizing delays and errors. The reduced manual intervention speeds up the overall invoice processing cycle, allowing for quicker approvals and payments. This automation helps maintain consistency and accuracy, ensuring that non-PO invoices are managed with the same level of efficiency as PO invoices.
Supplier Insights and Analytics
Detailed Supplier Analytics
Rillion provides detailed analytics on suppliers and invoices, helping businesses identify process bottlenecks and evaluate statistics for each supplier. This data-driven insight allows companies to pinpoint areas for improvement and make informed decisions to optimize the AP workflow. With comprehensive analytics, companies can assess supplier performance, negotiate better terms, and enhance purchasing strategies. The insights also support continuous improvement in AP processes, leading to more efficient operations and better financial outcomes.
Improving Supplier Relationships
With comprehensive analytics, businesses can better understand their suppliers’ performance and address any issues proactively. This leads to stronger supplier relationships and more efficient supply chain management. Proactive management of supplier relationships can result in better terms, improved service levels, and reduced costs. The ability to quickly identify and resolve issues also fosters trust and collaboration, contributing to long-term partnerships and a more resilient supply chain.
Payment Automation
Automating the Payment Process
Once an invoice is approved, Rillion can handle the payment process automatically. Payments can be made through various methods, such as ACH or virtual credit cards, while ensuring compliance with security standards. Automating the payment process minimizes manual tasks and helps avoid late fees. Timely payments improve supplier relationships and can even lead to favorable payment terms or discounts. This automation ensures that the company’s cash flow is managed efficiently, contributing to better financial stability and planning.
Conclusion
Automating the accounts payable (AP) process is crucial for businesses that use Microsoft Dynamics 365 Finance. Handling AP tasks manually can be time-consuming and prone to mistakes, which can cause delays, inaccuracies in financial records, and damage relationships with suppliers. However, Rillion’s AP Automation solution can resolve these issues by seamlessly integrating with Dynamics 365 Finance.
By automating AP functions, businesses can significantly improve efficiency and accuracy when dealing with invoices. This automation minimizes human error, speeds up processing times, and ensures that financial records are kept accurate and up-to-date. Additionally, it helps to maintain better relationships with suppliers by ensuring timely and accurate payments, which encourages trust and reliability.
Rillion’s AP Automation offers a streamlined solution that benefits both the operational and financial health of a company. The integration with Dynamics 365 Finance is designed to be smooth, ensuring that the transition from manual to automated processes is as seamless as possible, offering a significant upgrade to traditional AP handling methods.