Xtracta4Dynamics

We see a lot of Accounts Payable (AP) inefficiency in our consulting practice. Businesses receive a vendor invoice via email – which is then printed, or it arrives via a physical mailbox. Invoices then need to be matched against a purchase transaction, approved, and input into the system, which not only takes up a huge chunk of employees’ time is also open to multiple points of input error throughout the process. Not to mention the mundane repetitiveness of it all each month end.

For users of Microsoft Dynamics ERP products, Endeavour has developed a way to relieve this pain point. We’ve created a connector that hooks AP automation tool Xtracta to Microsoft Dynamics AX, D365 Business Central and Finance & Operations, automatically scanning AP invoices and credit notes.

Where you’d normally have to manually match an invoice against a purchase transaction, from a particular vendor, and it's scanned by Xtracta4Dynamics initially, it will learn the layout of the invoice. Once you've taught it these features the first time, it remembers for subsequent invoices from the same vendor.

This application rationalises the entire Accounts Payable process, and streamlines the business process, improving efficiency, and providing a fully transparent process to the organisation.

Xtracta4AX2012 and Xtracta4D365:

• Is based on three-way matching, which means it uses three different areas of matching to make certain that it has the correct vendor each time. These areas can include account code, name, telephone number, layout, address - anything that makes that invoice unique. This is key in reducing errors.
• Is a huge time saver and will ensure that AP resources can be better utilised.
• Identifies discrepancies so that the process only requires management of exceptions. Matched documents are processed seamlessly.
• Increases visibility of Invoices received and their status in the processing flow.
• Reduces errors and ensures greater accuracy in the matching process.
• Uses Dynamics in-built workflow approval process to manage approval required
• Improves data integrity, because it eliminates the need for manual data entry and validation. The quality of that data is going to be much higher if it's ever needed for analysis.

As Xtracta4Dynamics is trained, and learns more, it becomes increasingly robust, further reducing time and errors, and ensuring greater data validation integrity.

The documents are stored in a specified area if they ever need to be referred to again, and a copy is also kept within Microsoft Dynamics, so there's always a backup should the primary storage area be compromised.

The connector that has been developed by Endeavour is currently available on:

• Xtracta4DynamicsAX2012 – for Microsoft Dynamics 2012. Making this available for customers on AX2012 until it is no longer supported by Microsoft in 2022.
• Xtracta4Dynamics365F&O – for Microsoft Dynamics 365 Finance & Operations.
• Xtracta4Dynamics365BC – for Microsoft Dynamics 365 Business Central.

What's important to note is that this is an add-on developed to manage a complex invoice lifecycle process seamlessly. The ease of implementation means no high implementation costs as this can be done majorly by your IT department, with minimal assistance if required.  The system can be up and running in a matter of days.

If you have any questions about the Microsoft Dynamics products and how Xtracta4Dynamics works with them, check out this video on how Xtracta4Dynamics has been integrated with Microsoft Dynamics ERP products.