Switch to Online Payments with Electronic Fund Transfers in Microsoft Dynamics GP
With social distancing measures put in place and many businesses now operating remotely, tools allowing you to continue your operations are more important than ever. Electronic Fund Transfers (EFT) are one of those options. Not only do they allow you to pay your vendors and suppliers directly, they save you time and let you pay your invoices more efficiently.
You no longer have to print out cheques, create batches, look for an available signing authority, separate stub from vendor stub and cheque before finally mailing them out. Instead, you can simply pay your bills through Microsoft Dynamics GP. Implementing the module can take a little time: it’s important to have the right processes in place and ensure that your system is sufficiently secure to protect all payment information entered into Dynamics GP. Moreover, it’s important to note that with EFT batches, your bank will process all payments at once, while payment for regular cheque batches is usually spread over a longer time period.
However, having this system in place offers substantial benefits:
- You no longer have to worry about fraudulent copies of your cheques, having to keep track of outstanding cheques, and ensuring that the signing authority is available when you need to pay your vendors. And most importantly, the entire process can take place remotely, without having to get physical cheques signed and mailed out.
- If you work with subcontractors and freelancers, EFT payments can enhance your payment terms as they will not have to wait for your cheques before they can cash them. The process can be automated even further with a web-based timesheet such as TEDI: billable time entered is transferred automatically to the project management solution for approval and then invoicing.
- Automating and integrating the EFT process will also reduce the amount of work for your accounting team by facilitating the management of a high volume of invoices. You will also decrease the risk of potential errors related to hourly rates, number of hours worked for a given period, tax rates, and other common calculation errors.
Think Electronic Fund Transfers would be helpful for your organization? JOVACO Solutions is currently offering a special rate so that businesses can leverage the benefits of EFT as soon as possible, at an affordable cost. Contact us for more information.