Do you use too many resources for the processing of your vendor invoices? Do you feel worn out, looking at the pile of countless receipts and thinking about the complex manual process? Vendor Invoice Automation is your rescue solution.
With Power Automate AI Builder you can easily manage end-to-end vendor invoice processing. The vendor invoice automation applications are merged with intelligent solutions that decrease cycle times and enable you to decrease time in invoice processing.
Fundamentals of Microsoft Vendor Invoice Automation
Here is the standard process flow of Microsoft Vendor Invoice Automation
The Power automate service does the job of automating the process. Businesses majorly focus on the efficiency of invoice processing. Microsoft Dynamics AX, Microsoft Dynamics 365 Finance, and Business Central are three different applications that can save your time and workforce.
Knowledge Perspective
At the end of this blog, you will get an insightful overview of Vendor Invoice Automation Applications by Microsoft. But if you want to consolidate your way in Dynamics 365, you can read our previous blog.
Vendor Invoice Automation Process Highlights with Microsoft Dynamics AX, Dynamics 365 Finance & Dynamics 365 Business Central
1. Vendor Invoice Automation with Microsoft Dynamics AX
The focus of Microsoft Dynamics AX is on uniformity and security of invoice processing.
Workflow Features-
Organizations build their fast-paced process to guarantee that invoices are constantly reviewed by the right delegates with automatic reminders. This helps in minimizing administrative expenses and workload.
All-inclusive procuration monitoring makes sure that only the right delegates can approve invoices. You can stock up invoices electronically and reclaim them with a solo click.
2. Vendor Invoice Automation with Microsoft Dynamics 365 Finance
This invoice automation solution is meant for large enterprises with a minimum of 20 users. It provides a standard interface that can accept invoice metadata for the invoice header & lines and also attachments that are valid to the invoice.
Invoice Automation Tasks performed by D365 Finance-
Submission of imported invoices to the workflow system
You can submit any type of invoice. It can be PO or non-PO. You have to define your business-specific regulations in the system for submission.
Matching product receipts to awaiting vendor invoice lines
You have to state the upper limit for the number of times that the system must match product receipts with an invoice line. The matching process executes until the matched product receipt number is equivalent to the number of invoices.
Simulate posting
You can opt for a single invoice or multiple invoices from the Pending vendor invoices page. The validation process ends with posting simulation and without updating the vendors’ accounts.
Workflow and automation history view
You can view a reader-friendly history of the automation process. Detailed information about any failed process is also provided.
Analytics and metrics
You will get to know which invoices got failed in the process.
Resume automated processing for multiple invoices
If an imported invoice is not submitted appropriately, the system eliminates it. Once you resolve the issue for all the failed invoices, you can resume the automated process from the Resume automated invoice processing page.
3. Vendor Invoice Automation with Dynamics 365 Business Central
Dynamics 365 Business Central is an inclusive business management solution for small-to-medium businesses with a strength of 10 to 100 employees, without any user limitation.
If you require advanced finance and accounting tool but you aren’t prepared to make a large investment in an ERP system, Dynamics 365 Business Central is the right fit for you.
Workflow–
Posting purchase
You can post purchase orders once you have entered all the information on the PO.
Review posted transactions
After posting PO, the account of a vendor, the item ledger, and the general ledger entries are updated automatically.
Multiple Invoice Receipts
Get Receipt Lines function is used for multiple invoice receipts. You can create a combined receipt only if you fill multiple purchase orders and post them as acknowledged but not invoiced.
Create a deferral template
To know revenue in a time frame apart from the time frame in which the transaction was posted, you can use the deferral template function to automatically defer revenues.
AI Builder Invoice Processing Prebuilt Model
You can minimize many issues of traditional invoice processes with AI Builder. AI builder accelerates the invoice processing time while delivering true value to your business.
Automation Examples of AI Builder
If you add an invoice to a SharePoint folder, the AI builder fetches the data and then saves it into an Excel file. It reads standard invoice components such as invoice ID, due date, tax amount, due amount, and further.
The data is fetched automatically from the invoice attached to your incoming email, and then it goes for an approval process. Only after approval, AI builder will save the extracted data into the ERP System.
The data fetched from the invoice attached to your incoming email is saved into the legacy accounting application. Then an email notification or a message on the Microsoft team is sent to the right parties.
Common Data Service sets up the process and does the supervision. AI builder is connected with more than 400 applications. The invoice automation process has become easier with the RPA aptitude provided through Power Automate Desktop.
To fetch the data from the invoices, AI builder combines the competency of robust OCR (Optical Character Recognition) with invoice-specific learning modules. If you have a license for AI Builder, Power Automate, and Power Apps, Microsoft offers you the starter kit at no extra cost.
Nutshell – Microsoft Applications & Vendor Invoice Automation
Microsoft applications help businesses to optimize their vendor accounting by automation and productive workflow. Apart from invoice processing, Microsoft Dynamics 365 can also make your financial reporting really simple. Don’t forget to explore Analytical Work space and Rich Interactive Reports in Dynamics 365.
Drop us an email at sales@dynatechconsultancy.com to share your business invoice process requirements. We can discuss the integration of potential Microsoft solutions in detail.
