In the fast-paced realm of business, it is crucial to prioritize efficiency and precision in financial transactions. Microsoft Dynamics 365 Business Central provides a solid solution to this requirement with its payment automation feature.

It’s more than just a convenience; it’s a strategic tool that offers many benefits for businesses of all sizes.

Integrating payment automation into a business’s financial strategy goes beyond simply staying current with technology; it involves proactively striving for operational excellence.

With the help of tools like Dynamics 365 Business Central’s payment automation, businesses can stay ahead in a rapidly evolving business landscape and gain a competitive edge. 

Small and mid-sized businesses can rely on Microsoft Dynamics 365 Business Central to manage all their business operations, including sales, services, finance, and operations. 

Here, we explore the benefits of using payment automation in Dynamics 365 Business Central.

Efficient Financial Operations 

Payment automation streamlines the entire payment process.

By streamlining routine financial transactions, businesses can significantly decrease the time and effort required for manual data entry and processing.

The result is a more efficient operation, enabling staff to concentrate on higher-level tasks and contributing to the business’s success. 

Improved Precision and Minimized Errors

Manual processes are susceptible to human error, resulting in discrepancies in financial records and potentially expensive mistakes.

Payment automation in Business Central reduces these risks by guaranteeing accurate transaction processing according to predefined rules and parameters, thus preserving the integrity of financial data. 

Enhanced Cash Flow Management 

Automated payment systems enable businesses to manage their cash flow effectively.

The system offers up-to-date insights into financial standings, empowering users to make better-informed decisions.

It also guarantees prompt payments to vendors, which can result in more favorable negotiation terms and discounts, further enhancing cash flow. 

Enhanced Security 

Payment automation in Dynamics 365 Business Central prioritizes security.

It enhances security measures by implementing secure transaction protocols and access controls, reducing the risk of fraud and unauthorized access.

That protects valuable financial information and offers reassurance to businesses and their clientele. 

Compliance and Reporting 

Adherence to financial regulations is a significant priority for businesses.

Business Central payment automation ensures strict compliance by meticulously documenting every transaction.

It also streamlines reporting, making it more convenient to generate financial statements and audits that comply with regulatory standards. 

Ensuring Customer Satisfaction 

Automated payment systems have the potential to enhance customer satisfaction. By prioritizing prompt and precise billing, businesses can bolster their image as dependable and professional.

That can boost customer loyalty and deliver a higher rate of repeat business. 

Scalability

As businesses expand, their financial operations tend to become more intricate.

Payment automation in Dynamics 365 Business Central handles increasing transaction volumes seamlessly, ensuring minimal errors and processing time.

This level of scalability guarantees that the system can accommodate business expansion without requiring substantial additional investment. 

Maximizing Savings 

With payment automation, businesses can save substantially by eliminating manual processing. It helps avoid hiring more staff to manage higher transaction volumes and minimizes the risk of expensive mistakes.

In time, savings can add up significantly, boosting the overall profitability of the business. 

Case Study

A mid-sized manufacturing company grappling with issues in its accounts receivable (AR) processes strategically shifted its payment processing to Microsoft Dynamics 365 Business Central.

Before the move, the company faced payment processing delays and high transaction costs caused by manual entry and a lack of interchange optimization.

With the implementation of an integrated payment solution, it optimized its AR operations, resulting in a 68% reduction in overdue accounts and a substantial decrease in processing costs.

The company improved its payment efficiency and financial management capabilities with this strategic move.

Conclusion

Utilizing the payment automation function in Microsoft Dynamics 365 Business Central can give businesses a distinct advantage.

It optimizes financial operations, improves accuracy, enhances cash flow management, enhances security, ensures compliance, increases customer satisfaction, offers scalability, and delivers cost savings. Companies can maximize their financial processes and prioritize strategic initiatives that lead to growth and success. 

In addition, payment automation helps with cash flow management by ensuring timely supplier payments.

That helps maintain good relationships with suppliers and opens the possibility of receiving discounts for prompt payments. 

Does Your Company’s Payment Processing Deliver the Results You Need?

Liberty Grove can help you use the many tools and services in Microsoft Dynamics 365 Business Central to optimize payment processing and streamline accounting processes.

Contact Liberty Grove for a complimentary consultation on how Dynamics 365 Business Central can improve your accounting processes and give your business a competitive edge.  

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About the author

Liberty Grove Software is an established Microsoft Partner that focuses on providing customers with sales, service, and support for Microsoft Dynamics 365 Business Central/NAV solutions and training and upgrades.

Over more than 25 years, Liberty Grove has assisted hundreds of customers with businesses ranging from small to mid-sized to Microsoft Partners in implementing, training, customization, and upgrading Microsoft Dynamics ERP solutions.

The organization is one of only a few companies worldwide that Microsoft recognizes as qualified to provide Business Central/NAV Upgrade Service Centers.

Legacy. It’s an interesting word. Depending on the context surrounding it, legacy can have positive or negative connotations.

On the positive side, we refer to the kind of legacy that is synonymous with a bequest, as in “She left us a legacy of a million dollars.” Or something transmitted by or received from an ancestor or predecessor or from the past, such as the legacy of the ancient philosophers.

On the negative side, legacy can refer to a candidate for membership in an organization (such as a school or fraternal order) who is given special status because of a familial relationship. “Legacies, or children of alumni, are three times more likely to be accepted to Harvard than other high school graduates with the same (sometimes better) scores.

Last but not least, we have legacy technology, meaning any old and outdated technology, such as computer hardware or software. Therein lies legacy ERP, meaning an Enterprise Resource Planning software system that is woefully outdated.

As we are about to bid goodbye to 2022, our advice to you is this:

Don’t Move into 2023 with Your Legacy ERP!

Some of you might be saying, why not? I’ve got a dozen (12) good reasons.

1. Legacy ERP software is slower than newer versions.
2. Legacy ERP software cannot communicate well (or at all) with newer technologies.
3. Legacy ERP software tends to break down frequently.
4. Therefore, legacy ERP software costs more to maintain.
5. Legacy ERP software is less efficient.
6. Legacy ERP software contains less functionality than newer versions.
7. Applicants for positions you’re trying to fill will balk at your legacy ERP software.
8. Legacy ERP software says something about you and your company.
9. Legacy ERP systems tend to provide fewer automations.
10. Legacy ERP systems tend not to have built-in Business Intelligence (BI).
11. Legacy ERP software will not help you maintain a competitive edge.
12. Ultimately, legacy ERP software will not support your company’s growth.

I rest my case!

I would also ask you: How often do you upgrade your cell phone? How often do you upgrade your laptop or your tablet? More often than your ERP software? What’s wrong with that picture?

If you’re from the “Show Me” state, we would be happy to show you just how much your legacy is costing you, not only in dollars and cents but also in working relationships with your clients and business partners, in your ability to attract top-notch employees, in time-consuming inefficiencies.

That’s why we implore you to…

Take the next step…

Contact Liberty Grove Software by calling 630-858-7388 or emailing nav@libertygrovetech.com.

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Poor, hungry Oliver Twist would have been shocked by the quantity and quality of the glorious food we put on our table, no less than three times a day! In 1830s England, even Charles Dickens would have drooled over these tantalizing dishes.

But neither Twist nor Dickens could have imagined, in their wildest dreams, how the has evolved over the last two centuries. Nor could they have imagined the computer software and systems that power our economy’s Food & Beverage sector.

Compliance and Regulation

Much like the Pharmaceutical industry, the Food & Beverage industry deals with products that are ingested into the human body and have expiration dates. Therefore, these industries must meet the strictest compliance and regulatory requirements, including the ability to track and trace their products down to the level of lot and serial numbers.

Both sectors are strictly controlled by the FDA, the Food and Drug Administration. Food, beverages, and pharmaceuticals cannot and do not appear on the shelves of supermarkets, grocery stores, health food coops, pharmacies, or drug stores unless they have been FDA approved. And the FDA approval process is rigorous indeed.

Due to the pandemic, the average person is considerably more aware of what is involved in the FDA approval process than we were a mere two years ago, in a more carefree pre-pandemic world. The media have educated us.

Before and Beyond Compliance and Regulation

The FDA cannot approve a product until it has been manufactured. Track and trace do not kick in until a product is shipped. In other words, the food you eat and the beverages you drink have to be manufactured and distributed like any other product that you can think of. To handle the manufacture and distribution of food and beverages, software is required, specifically, the ERP (Enterprise Resource Planning) software that is at work behind the scenes every step of the way. And…

The very best ERP software for Food & Beverage companies is: DynamicsFoodERP

The team at does not make that statement lightly. Our team has been implementing ERP software systems since 1996. So, I can safely say that, with 25 years of experience, we are intimately familiar with the very best ERP solutions. But it’s not just our experience that comes into play. Because DynamicsFoodERP is also built on the collective experiences of the more than 200 companies that run it today.

DynamicsFoodERP

DynamicsFoodERP is both Certified for Microsoft Dynamics (CfMD) and purpose-built for the food & beverage industry. It addresses the needs of both distributors and manufacturers in the Food & Beverage sector. Whether it’s quality control, container management, catch-weight, in-line scales, or labeling printing, DynamicsFoodERP covers it all. There are more than a dozen industry-specific functional enhancements incorporated in DynamicsFoodERP.

Those functional enhancements are not just industry-specific; they are also segment-specific. This is critical because the requirements of a company in the Fruit and Vegetable segment are vastly different than the needs of the Bread and Bakery segment or the Confectionary segment. DynamicsFoodERP incorporates functionality for six of the major segments within the Food & Beverage industry:

• Fruit and Vegetable
• Bread and Bakery
• Confectionary
• Dairy
• Fish
• Meat

Specific functionality has been added to Microsoft Dynamics 365 Business Central to ensure that the overall system seamlessly fits the business processes for each segment. Companies that implement DynamicsFoodERP benefit from this specialized functionality while still enjoying an orderly, fully integrated ERP solution.

Take the next step…

Contact today by calling 630-858-7388 or emailing nav@libertygrovetech.com or request a private demonstration.

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