Managing accounts payable (AP) can be a daunting, time-intensive task for businesses, with responsibilities ranging from data entry to supplier follow-ups and payment scheduling. Although Microsoft Dynamics 365 Business Central offers noteworthy functionalities, it still falls short in handling advanced AP operations. Managing these processes efficiently is essential for maintaining healthy financial operations, timely payments, and accurate financial reporting.To address these gaps, several third-party AP automation tools integrate seamlessly with Business Central, optimizing and streamlining the AP processes. The introduction of these tools has changed the landscape of AP management, making it possible for businesses to save time, reduce errors, and enhance all-around financial control.
Addressing AP Challenges
Accounts payable management extends beyond simple task execution, often involving intricate processes like 3-way purchase order matching and automated invoice handling. The complexity and time-consuming nature of these tasks necessitate more sophisticated solutions than what Business Central’s native capabilities provide.Manual processes and reliance on traditional AP management methods result in inefficiencies, higher operational risks, and increased risk of errors, making streamlined automation a vital necessity. Thus, the demand for specialized AP automation tools has risen among businesses seeking efficiency and accuracy. These tools offer robust features such as real-time data processing, enhanced reporting capabilities, and the ability to manage complex workflows seamlessly.Third-party AP automation tools effectively enhance Business Central’s capabilities. By leveraging these tools, businesses can automate invoice capturing, execute precise purchase order matching, and perform robust payment reconciliation. Integration with these tools leads to significant improvements in cash flow management, enabling better vendor relationships and financial planning.These enhancements lead to a more streamlined and efficient AP workflow, minimizing errors and reducing operational risks. By implementing advanced automation, businesses can shift focus from manual entries to more strategic financial management, driving growth and adaptability in dynamic market conditions.
Corpay Complete
Corpay Complete stands out as an all-in-one AP automation solution that covers purchase orders, invoices, payments, and expenses all under one roof. The solution’s scalability and versatility make it an ideal choice for businesses aiming to streamline their AP processes while maintaining robust control.Its notable features include AI-driven invoice matching and real-time API integration, ensuring accurate spend control and comprehensive reporting. This level of accuracy in matching invoices with purchase orders reduces discrepancies and speeds up the approval process. Corpay Complete’s centralized dashboard provides real-time visibility into all AP-related activities, enhancing decision-making capabilities by ensuring that all expenses are tracked accurately.This tool also offers benefits such as secure payment methods and rebate opportunities, enhancing both financial control and overall profitability. Leveraging secure methods like virtual cards, it reduces fraud risk substantially, providing peace of mind for businesses engaging in large volumes of transactions. In addition to its robust security features, Corpay Complete enables expense management across multiple entities, dimensions, and jobs, ensuring every detail is accounted for.The potential to earn rebates on transactions further incentivizes its use, turning everyday business expenses into potential revenue streams.
Mekorma Payment Hub
Mekorma Payment Hub is recognized for its superior integration with Business Central. Offering a mix of simplicity and robust security for AP payment processes, this tool sets itself apart by enabling businesses to define custom payment rules, enforce stringent vendor compliance, and maintain high security standards throughout the payment lifecycle. The capability to handle various payment options, ranging from traditional checks to electronic payments, makes Mekorma Payment Hub versatile in managing diverse vendor needs.By integrating seamlessly with Business Central, it ensures that all payment processes are synchronized, reducing duplication and errors.
Its comprehensive approach to security includes features like vendor validation and remittance overflow handling, offering businesses a high degree of control and confidence in their payment processes. The integration with Business Central means that detailed payment history and audit logs are readily accessible, ensuring transparency and compliance with internal and external regulations. Mekorma’s support for multi-entity operations provides a consolidated view of payments across the organization, making it easier to manage and reconcile payments promptly.This results not only in improved efficiency but also in stronger vendor relationships due to timely and accurate payments.
Rillion
Rillion is highlighted for its efficiency in eliminating manual bottlenecks inherent in AP processes, primarily through features such as intelligent OCR and AI-driven coding. The solution’s real-time integration capabilities allow for seamless processing of invoices, ensuring that no task falls through the cracks.With automated workflows designed to handle complex tasks like 3-way PO matching and payment reconciliation, Rillion ensures accurate, efficient, and visible AP processes. This level of automation not only reduces the likelihood of errors but also accelerates the entire AP cycle, providing businesses with timely and accurate financial insights.The flexibility of Rillion is further emphasized by its role-based access and multi-entity management functionalities. These capabilities cater to the specific needs of different departments within an organization, fostering a more collaborative and aligned financial operation. By providing a centralized platform for managing AP tasks, Rillion enhances visibility, allowing finance teams to track and monitor all stages of the AP process.The detailed insight and control provided by Rillion significantly reduce the risk of errors and fraud, while also ensuring compliance with internal policies and external regulations, thus safeguarding the organization’s financial health.
SignUp Software – ExFlow AP
ExFlow, a fully embedded AP automation tool for Business Central, focuses on streamlining and improving the efficiency of supplier invoice workflows. The tool’s detailed line-item capture capability ensures that all aspects of the invoices are thoroughly recorded and categorized.One of the major advantages ExFlow brings to the table is its AI-powered coding suggestions, which significantly reduce the time and effort required for coding invoices. The easy integration with month-end accruals and other financial workflows ensures that all transactions are accounted for accurately, leaving little room for discrepancies.A user-friendly web portal for invoice approval from any device further enhances ExFlow’s appeal, enabling staff to manage AP tasks even when away from their desks. Support for recurring invoices and multi-entity processing makes ExFlow a versatile tool that can handle the complexities of large and small organizations alike.By providing real-time visibility into invoice status and approval stages, ExFlow fosters better communication and coordination among finance teams. Its seamless integration with Binary Stream ensures that complex workflows across different legal entities are managed efficiently, resulting in a harmonized AP process that drives operational excellence.
TrinDocs
TrinDocs offers a flexible AP automation solution, notable for its early presence on Microsoft AppSource and attaining MS Dynamics World’s Verified ISV status. This endorsement highlights TrinDocs’ reliability and effectiveness within the Dynamics ecosystem. The tool is built around the principles of flexibility and efficiency, incorporating AI and ML-powered OCR technology to eliminate substantial portions of manual data entry.By using these advanced technologies, TrinDocs streamlines the data capture process, thereby reducing errors and increasing processing speed. TrinDocs also supports interactions from non-ERP users, making it accessible and inclusive for all relevant personnel.
Beyond simple AP automation, TrinDocs facilitates the creation of purchase requisitions, ensuring all procurement activities are documented and traceable.Its capacity to support multi-entity businesses through Binary Stream’s MEM integration further underscores its adaptability. The solution’s robust workflow capabilities ensure that all AP activities are seamlessly integrated and managed, resulting in an end-to-end solution that enhances overall business operations. By offering a unified platform for AP management, TrinDocs helps businesses achieve greater efficiency, accuracy, and control over their financial processes, fostering an environment of accountability and transparency.
Enhancements in AP Automation
The common thread among these tools is their ability to significantly reduce manual data entry and errors while enhancing the overall efficiency and accuracy of AP processes. Each tool leverages AI and machine learning for smarter automation, providing businesses with proactive insights and greater control over financial operations. This technological advancement transforms the traditional AP landscape by introducing intelligent systems capable of learning from historical data and improving process accuracy over time. Enhanced security and fraud risk reduction are additional shared benefits of these solutions, ensuring that sensitive financial information is protected.These five AP automation tools for Dynamics 365 Business Central collectively showcase significant potential for transforming AP processes through automation. By integrating AI and ML, they offer innovative solutions tailored to the evolving needs of finance teams. Each tool provides customizable, secure, and scalable options, effectively filling the gaps in Business Central’s out-of-the-box functionalities and supporting better business outcomes.The mutual benefits include improved cash flow management, streamlined AP operations, and enhanced vendor relationships, all contributing to a more robust and agile financial management framework.
Objective Conclusion
The tools compared in this showcase collectively demonstrated significant improvements in AP processes through automation. By filling the gaps in Business Central’s native functionalities, these third-party solutions offered customizable, secure, and scalable options that aligned with the evolving needs of modern finance teams. This further emphasized the necessity of integrating specialized AP automation tools to optimize operational efficiency, enhance control, and ultimately, support better business outcomes.The readers were left with actionable insights into the benefits of AP automation, guiding informed decisions in this critical area of financial management.
Final Remarks
Managing accounts payable goes beyond merely performing tasks; it encompasses complex processes like three-way purchase order matching and automated invoice handling. These tasks are intricate and time-consuming, requiring more advanced solutions than what Business Central alone can offer. Traditional and manual AP management methods lead to inefficiencies, increased operational risks, and a higher likelihood of errors. This makes streamlined automation crucial.As a result, companies are increasingly turning to specialized AP automation tools that provide robust features including real-time data processing, enhanced reporting, and seamless management of complex workflows.
Third-party AP automation tools significantly enhance the capabilities of Business Central. Utilizing these tools, businesses can automate invoice capturing, ensure accurate purchase order matching, and streamline payment reconciliation.The integration of such tools results in better cash flow management, fostering improved vendor relationships and superior financial planning. These enhancements pave the way for a more efficient AP workflow, reducing errors and minimizing operational risks.By adopting advanced automation, businesses can transition from manual data entry to strategic financial management, boosting growth and adaptability in today’s dynamic market conditions.