Paperwork, e-mails, follow up e-mails, re-do the paperwork, re-submit, e-mail for follow up approval, create a purchase requisition, supplier selection, price negotiation, purchase order creation, receive purchase, receive invoice, determine where to code invoice, determine who needs to approve, chase for approval, post invoice. Sound familiar? Here’s how Microsoft Dynamics 365 can help.
WHAT MICROSOFT DYNAMICS 365 CAN DO FOR YOU
Dynamics 365 splits the procurement to pay (P2P) process between multiple modules. With this split, it has the functionality specifically to meet the operational requirements of the procurement function whilst seamlessly integrating into purchase ledger and general ledger for the finance team.
Making use of a procurement hierarchy on purchase requisitions, essentially a set of parent and child of commonly used purchase categories such as ‘stationery’ removes the need to setup non-stocked items in your item listing, often avoiding clutter and duplication. Think about your own product listing. How many ‘Papers, PAPER, Printing Paper’, products do you have?
Against each hierarchy node, is the ability to select approved suppliers which default on the requisition based on what you are buying. Once the requisition is approved, the system can automatically create the purchase orders and send to the supplier for the already approved expense.
How does some of the described functionality help the purchase ledger department? With procurement categories, you can determine the ledger account per purchasing category. What does this mean? It means once a user selects the category they are purchasing, they are also coding the invoice for the general ledger. This approach removes the need for each non-stock invoice to be coded thereby reducing the time spent by purchase ledger to process the invoice.
With the above configured and the use of module specific workflows, the non-stock procurement cycle from requisition to purchase order, receipt, invoice and payment is an integrated process.
Discover how you can optimise your financial management with Microsoft Dynamics 365 and HSO. Contact our experts today to discuss your options.