From Invoice Capture to Payment Processing with KwikPayables Accelerate in GP (Video)
The challenges that accounts payable and finance departments have faced in the past, such as invoice manual data entry, lengthy invoice processing times, payment errors, and data management issues, have been made worse by the pandemic and remote workforces. It’s time to work smarter with AP and payment automation solutions. AP automation with KwikTag can provide a completely digital, touchless invoice and payment process – no matter where the team is located.
Watch this recorded webinar to learn how to overcome invoice and payment challenges with an intelligent, cloud-based AP automation solution.
Here’s what you can expect during the recorded webinar:
- Assess the value of intelligent invoice capture and data entry
- Gain insight into invoice and payment data from within one automation system
- Learn how seamlessly and efficiently your vendors will be paid at little to no cost
- See a live demonstration of KwikPayables Accelerate for GP
Sherry: Good afternoon, and thank you for joining today. We’re just gonna give attendees another minute here to join us. We can see that people are just actively joining the GoToWebinar at this time. Thank you for your patience.
Sherry: Okay. I think we’re ready to get going. Good afternoon. My name is Sherry Bettencourt. And I am a customer service associate here at Encore Business Solutions. I’d like to thank you for taking time out of your day today to join the webinar. Today, we have invited KwikTag who will provide you with an overview of their KwikPayables solution for Microsoft Dynamics GP. But before I pass the baton over to them and they introduce who’s joining on their side, I would just like to remind all attendees that you are in listen-only mode today. So, if you have any questions that come up throughout today’s presentation, please type them into either the Q&A section or the chat section of the GoToWebinar, and we will do our best to try to answer them at the end of today’s call. But if we do run out of time, those questions will be captured and we will follow up with you via email. Today’s presentation is also being recorded. So, within the next day or so, you will receive a link where you can access today’s recording. And at this point, I’m going to pass today’s presentation over to Michael, and Matt, and Haley at KwikTag. Thank you.
Michael: All right. Thanks, Sherry, for having us. And thanks, everybody, for joining us. I’m Michael Sortino. I’m a partner manager here at KwikTag. And you see also Matt O’Neill is joining us. He is your dedicated account executive who will guide you through any type of questions you have, and find the best solution to meet your needs.
Matt: Hello, everyone.
Michael: Hey, Matt. All right. And then Haley from marketing is also on to make sure we don’t mess anything up. Right, Matt?
Matt: She always catches us.
Michael: Yeah. So, quick agenda, what we’ll go over, we’re gonna talk about some top AP challenges, and also on the payment side too, payment processing. Matt’s gonna run you through a demo of KwikPayables, and as Sherry said, that is our solution to automate these processes for Dynamics GP. We’ll talk about this a little bit later. We do have a path ready to go. If down the line you move over to BC, let’s say, we do have a great solution that’s coming out also that mirrors this in that area, and a great path for you there. But today we’re gonna focus on GP. And we’ll also show you a little bit about the payment processing side, and talk about some benefits, then leave some time for questions at the end.
Hopefully, you all saw or can see the area where you type in those questions. So, feel free to type those in and we’ll get to them time permitting. So, just to quickly go through some of the top challenges that people face. And this is industry data, but, hopefully, you’re here today because you’re like, “Hey, we feel the pain, we wanna make a change. And how can we… What’s the best way to do that, and what’s the best product that’s gonna help us improve our AP processes?” This is from level research. And as you can see at the very top, 74% of organizations say that manual data entry and inefficient processes are their biggest challenge. And then within that, it’s routing invoices around for approval.
There’s discrepancies, there’s typos, there’s exceptions that are caught, you know, receiving documenting by paper, losing those, and the amount of time it takes to not only enter the data in, get things approved, but if you lose one, then you got to go chase after the vendor for a new one, and the ability to approve invoices on time and capture, you know, those discounts for early payment as well. And those are a lot of the big ones. Decentralized AP process. I think that number would be a lot more now that a lot of us are working remotely and not in the office. So, I imagine if they ran that survey this year, that one would be bumped up the line. So, centralizing your AP process and having it all digital. Matt’s gonna show you how that can definitely improve your life on the AP side, getting documents in and approved on time, and your vendors paid on time.
Now, on the payment side, we added a great module that allows you to automate payment approval. Right? So, invoices are approved, and now I gotta cut my checks or send out EFT. So, I need that final approval on payment. Manually doing this is costing organizations money. So, this is… It’s research that is pretty surprising to me. In the U.S. alone, but I’m sure our friends in Canada can see that this is a similar situation with them, but issuing and depositing checks, the time it takes and the effort there is costing $26 billion a year. And then there’s a risk of fraud. Right? So, fraud management. I didn’t realize this, but over a million checks daily are being forged in the U.S. I don’t know, man. I always thought forgery was like an old-time thing that people did in the old days.
Matt: A million a day. It seems like it’s today as well.
Michael: Yeah, it’s crazy. So, having an automated system. And we have partnered with a great organization called CSI. And they can help…after you’ve gotten the approval through KwikPayables, they can actually help issue these payments now through them to reduce the risk of fraud. So, what you’re gonna see today, I’m gonna show you how invoices are brought in whether they’re digital or paper. We have an amazing new AI-based OCR system that will read those invoices just like a human will and extract the data, put it into the system. So, we can cut out the manual data entry. We’re gonna route them around for approval. That’s workflow here you see. And then it creates the process of creation. And Matt will show you it’s super easy in GP. And then at the end, if you want, you can also take advantage of the payment processing.
So, with that, enough of my talking, hopefully, you got your mind going, and we can certainly send you as much information as you need to build your business case. We’ve got plenty of that. We have ROI calculators as well. But I’m gonna turn the controls over to Matt and he’s gonna take you through a demo right now. And we’re gonna turn our cameras off so that we can…you guys can focus on what Matt is going to show you. Did you get that, Matt?
Matt: Yes, I did. Let’s see if I’m on the right screen.
Michael: There you go.
Matt: You can see it?
Matt: Awesome. So, thank you, Michael. So, yeah. This is KTX. This is our web client. As long as you have credentials and a browser, you can get in to the system here. We’re gonna log in. Today I’m gonna take you…we’re gonna follow the journey of a couple of different invoices, one invoice that is non-PO related. There’s no affiliated PO. And then one PO that has an associated…I mean, one invoice that has an associated purchase order. We’re gonna show an enter match workflow as well. So, the first workflow we’re gonna show here is payables, the non-PO workflow. And then I’ll give you a little navigation here. These are all invoices here in this grid that have come in. Invoices can come in a number of different ways. They can come into an AP inbox and the system can automatically grab them and begin the process. They can be scanned in and end up here. Or you can also just drag and drop from a desktop or from an email, there’s a lot of different ways to get invoices into this queue.
Over here on the left are the tasks. This is a demo environment, so there’s quite a few tasks here. Generally, a person would only have maybe one or two tasks. And in this case, the AP person would have maybe two or three tasks. And we’ll show those as we go through here. This opening screen is a default. So, if you are an AP person, you can default to this screen. If you are an approver, you can default to the review step which is more meaningful to your process and your day-to-day activities. Up here is a search bar. Everything that comes into the system is scanned via initial OCR scan for content. So, if you wanna put in a vendor name, a keyword, a document number, you can put it up there in the search bar and it will bring up every document that meets that criteria. You can also put in some filters to narrow down that search. Very powerful.
I’m gonna filter this to show some invoices that I’m working on. And one thing you’ll notice right away, we’ll look at this invoice, there’s already a lot of information here. We have not even laid eyes on this invoice. This invoice came into the AP inbox, the system automatically extracted it and began the process, put it through that initial OCR scan, and then also put it through KTIQ, which Michael was talking about, which is that second OCR scan, it’s artificial intelligence and machine learning. And that does the data extraction, the invoice and vendor data extraction. And we already have a lot of information for an invoice we’ve never laid eyes on. We have the vendor name, we have the document date, we have the document number, the amount, we have the vendor phone number. A lot of information was already gathered here.
So, we’re gonna open up one of these invoices. And as I do open it, you’re gonna see a warning, a duplicate’s warning. And that’s important because you don’t wanna pay invoices twice. If that document number is either in GP or KwikTag, the system will let you know that it’s already been used, and then you can decide what to do from there. When you open up the invoice, the invoice itself, the image is always on the right. And indexing fields here on the left. You’ll see that they are primarily pretty much filled out already. You have the company ID, the vendor ID, the vendor name, the document date, document type, document number, the amount. You have all this information that was on the invoice but you also have some information here, like the vendor ID that’s not on an invoice. How do we get that? KTIQ uses artificial intelligence and machine learning to communicate with GP, and it says, “Hey, GP, we have all this information from this invoice. Can you provide more information?” So, it’ll take the vendor name and the vendor phone number and determine this is the vendor ID number, and populate that. So, really handy there.
And then we have the GL distributions here. If you use the default GL coding from the vendor card, if you have that present in the vendor card, that will show up here. If not, you can go through and 10 Key like you do today. You also can make changes if there’s populated GL coding amounts, things like that. You can come in here and make changes if necessary. You can add rows, delete rows. And you also have live GP data, your chart of accounts. So, most AP people know these accounts, like, at the back of their hand, but if there’s one that you don’t use very often, you can type in, say, “main” and it will pull up all of the maintenance accounts. So, that’s pretty handy there. But this all looks good.
We’re gonna say OK because the GL codes look fine. And then we’re gonna move to the approver. The approval process can be handled in a lot of different ways. We can do approval by threshold. We can do approval by selection here. You can do multi-tiered approvals. In this case, I’m gonna select myself, so it’ll be able to show this progress in the process here and will be able to show you the approval process where they have two different user experiences. Approvers can either come into this system, KTX, login and handle their approvals here in the system, or they can also just do it in their email. And we’ll show both user experiences here. We’ll say, okay, Submit.
So, once that’s submitted, it goes into the review process. And we’ll go here to Payables Invoice Review. And this is the invoice that we’re working with here. As we’re talking, you’re gonna notice a black email notification show up in the lower-right-hand corner. That is the email experience that I’ll show you right after this. So, from here, you can approve an invoice, you can reject an invoice, you can delegate an invoice to someone else. You can show the GL codes. You can actually view the document yourself. And then also you have access here and visibility of all that information that KTIQ brought over. So, if this is an invoice that you’ve seen a million times, you can just come in here and say Approve. All good. And there’s that email there. I’ll show you that email approval experience. But here we just approved that invoicing in KTX. If you’re approving invoice, there’s no need for workflow comments because it just goes into the system and marks it as approved, and it’s waiting to be put in a batch in the workflow in the work queue, and I’ll show you that. If you reject the invoice, you should put some workflow comments in there because it goes back to AP and you wanna tell them why you rejected it.
So, that’s the approval process inside of KTX. If you have a company email, you can also use this user experience, all of the information is here, the invoice is attached to the email, the image of the invoice. And you can see here, all of the geocoding is done and the workflow history is here. And you can either reject or approve. And again, if you approve, there’s no need for workflow comments. If you reject you have to put in workflow comments. But this one’s already been approved, so we’re gonna…
Michael: And Matt, don’t most people use the email function here? I mean, I love they can do this on their phone if they get their work email on their… They don’t have to actually log in.
Matt: Yeah, especially people that travel a lot, things like that. If you’re in an airport and you need to approve it, and you don’t wanna be a bottleneck, you can just approve it on the fly. We find that most of our end-users, that’s what they’re doing.
Michael: Yeah. It’s great.
Matt: So, in this demo, we also have a step. It’s not a mandatory step, but it’s called Payables Invoice Final. And the Payables Invoice Final is so that AP can have one last check, one last review of the invoice before it goes into GP. Some of our end-users start off with this. Some of our customers start off with this. But they contact us shortly after and say, “Hey, we don’t really need it anymore. Can you remove that step?” And we do. So, just gives them one last chance to view everything. And actually, we should make this document number… This has already been approved, Michael, so I shouldn’t make the document number unique now. I should just go with it like this. Correct?
Michael: Yeah. Just keep it. Yeah.
Matt: Okay. All right. So, yep. Everything looks fine. We’ll say Submit. So, once the payables invoice final is complete, the approval process is complete. And we can go into GP to go to Transaction Entry. And this is where you’ll see KwikTag in GP for the first time. So, here, it’s in the additional menu. We have Tag Documents, which means attach documents. We have View Documents, which means view any documents that have previously been attached to this transaction. We have Search Documents, which is that search functionality that we showed you and discussed it before. And we have the Work Queue. The work queue is what we’re going to go into now. And the work queue is where all of the approved invoices show up are staged.
Here, this is the one that we’re working on. I’m gonna say Create. But you can select the one invoice, you can select all of the invoices. It’s up to you. Here for this demo, we’re just gonna do one. I’m gonna say Create, and we’ll put it in a batch. You can create a new batch on the fly or you can put it in an existing batch. And here we’re gonna put that in an existing batch. And there, it is in GP. So, now we’re gonna go here and open up that batch. And you’ll see all the information has come through, the document number, the date, the amount, the distributions have come through. And one cool thing is now you can go to View Documents and you can see the attached document. And you never really had to do anything to get that attached. It’s just part of the workflow.
Michael: Yeah, I remember that, Matt. So, we don’t require anyone to do, like, an export to this file type and import. It’s just seamless, and I love how that flows over right away.
Matt: Yep. A lot less steps. So, in a little review here, we opened up the invoice. Most of the… Everything is populated. We just checked the geocoding. We selected an approver. It went through the approval process. The approver had two different user experiences they could use to get that approved. And then it ends up in the work queue here when we brought it into GP and the images attached to the transaction in perpetuity, and all the information is there as well. So, that’s the non-PO-related invoice or the payables invoice. I’m gonna erase this or delete it here because it’s a demo environment.
And as promised, now I’m gonna show you another invoice and its journey. This is a different type of invoice. This would be a three-way match invoice or an EnterMatch invoice with a purchase order related to it. Again, I’m gonna filter to some of the ones I’m working on. And, again, you’ll see all of this information is gathered here. It’s an invoice that we haven’t even laid eyes on yet. And KTIG worked its magic again and provided us with all of that information. Here we’re gonna open up this invoice and we’re gonna, once again, get a warning that it’s a duplicate because we use this document number all the time. And before I forget, I’m gonna… Encore January 25. I’m gonna make that unique just so we can follow it through here. But as before, you see here the vendor ID is the result of KTIQ and GP communicating to come up with that. And the invoice date is here, the document number is here, all of this information, all looks good. Nothing we have to do except come down and check out that purchase detail, purchase line, the PO detail.
And here, you’ll see we ordered 200, we received 200, and we were invoiced 200. So, that all checks out. If needed, you can come in here and make changes if the unit costs changed. Also, if there is any PO detail missing, you can come here and find all open to detail for that vendor available straight out of GP listed here. And you can select what’s missing. So, this all looks great, we’re gonna just submit it. Because this is a three-way match, the majority of our end-users with a three-way batch workflow don’t have an approval process because they ordered 200, they received 200, they were invoiced 200. That handles the approval right there. So, now in this workflow, we’re ready just to walk right into GP and pull up the EnterMatch.
And as before, we are in the additional menu. And we can go to the Work Queue. And here is our invoice that we have been working with. And we’re gonna put this in an existing batch called EnterMatch. And show that. Like before, all of the information has come through including the GL distributions that were from GP. And in this case, what’s cool is instead of just having the invoice attached, you can come in here and say View Documents. And you’ll have the invoice, the purchase order, and the receiving transaction all associated with this transaction forever. So, you’ll have all those right at your fingertips whenever needed. A pretty powerful stuff. We didn’t actually have to even ever lay hands on that invoice. It just kind of follow through the workflow and ends up in the right spot. So, that is the three-way match or EnterMatch workflow there. And if you have any questions, you can always type them into the chat, and we’ll try to get to those today. If we can’t get to them, we will certainly reach out to you and provide any answers you may need. Here+, I’m gonna delete this.
Michael: And Matt, if you can switch over back to me or change presenter to me. I’ll talk about payment processing, I have a couple of slides there.
Matt: All right. Will do. Change presenter. There you go.
Michael: Thank you. Okay. So, hopefully, that got your mind going as far as your particular situation. There’s plenty of… Everybody does it their own way. This hopefully covers, you know, 80% of generally how people do it. But we’re happy to take your questions and set up other times to go through your specific scenario. On the payment processing side, what we do then is we take the batch or batches that have been created, and then we… I won’t show you the whole process because we only had a half-hour for this. We’ll create a workflow around those. And so you can create a payment approval workflow easily. You just select whatever batches you wanna include, it sends a notice to check our payment batch approver, whether it’s a CFO or a controller, they don’t…you no longer have to print things up and stick a file on their desk. They’ll get an email, they’ll click in, and they’ll get to see all of those supporting documents. And then later on when you…and then they can approve and you can pay as you normally do, or if you wanna use our service that we partnered with CSI. As I mentioned, that’s an option too. We can help you evaluate.
And then the great thing is, is that all that information is put back here into KwikTag. So, as you can see on the right-hand side, the payment number, payment method, payment date, those are usually big questions that people ask our vendors when they call back in and say, “When did that check [inaudible 00:26:32] electronic payment or whatnot?” So, it’s really easy to find and do that search, like Matt said, on the vendor name or a document number or whatnot. You can quickly pull that up on the other side. And yeah.
So, we are winding down here. Just hopefully you got to see some of the end-to-end automation benefits here. We have an intelligent AI-based indexing that goes on so you don’t have to manually enter in. People say that it reduces their overall AP cost by up to 80% in the time that you save. We’ve had customers, you know, who had, like, two or three-week processes go down to, the best case, a day, sometimes two or three days. You get complete visibility. You’ve got that audit trail. And you see how we seamlessly integrate. And those are all the gray. On the blue side of things is benefits that you can receive if the payment side is something you wanna look for too, access to millions of vendors that accept virtual payment cards. And that’s something that we can talk about further down the line one-on-one, as if you convert all of your payments, or as many as you can over to virtual payments, there’s plenty of great rebates that you can take advantage of, and that can oftentimes offset the cost of your overall solution.
Okay. So, lastly, I mean here, you know, we are a Microsoft Dynamics partner. And here are some of the other systems that we integrate as well. We’ve been around for many years now. We started in Phoenix, Arizona. We’re spread out all over, but your customer service is definitely based here in the U.S. And we have tons of experience. We were the first to integrate with Microsoft Dynamics ERP systems, NAV, and GP, and a lot of innovation on our sites that we’re happy to share with you as you continue your exploration of solutions and ideas to help your company. So, I can’t see the questions here. But did we have any typed in along the way, Sherry?
Sherry: We don’t have anything at this point. So, I think we can probably conclude for today. As I mentioned, there will be a follow-up email to attendees and for people that registered and weren’t able to make it, but it looked like everybody was attentive throughout. So, I wanna thank you for the overview and introduction to KwikPayables, Matt and Michael. And I definitely can see how that would automate the AP processes.
Michael: Yeah. Super. Thanks for having us.
Sherry: Oh, wait a minute. There is a question here right now. “How does the pricing work out?” We will follow up on that. It’s just they… I’ll get in touch with your account rep, and we will follow up on the pricing information.
Michael: Yeah, definitely. Yeah. Happy to spend further time with anyone who wants to go deeper.
Sherry: Okay, great.
Michael: All right. Thanks for having us.
Sherry: Thanks again.
Michael: Thanks for this.
Sherry: All right. Have a great rest of your week.
Matt: Thanks, everyone.
Michael: You too. Bye-bye.
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