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Tear up those paper checks! Dynamics 365 Business Central makes ACH easy

by Cynthia Priebe
Senior Trainer and Consultant, New View Strategies
February 24 2020

The 2019 Federal Reserve Payments Study reported that in 2018 for first time, the number of ACH debit transfers exceeded the number of check payments in the US. However, 80% of AP professionals surveyed by PYMTNS.com say they use checks in their organizations to pay supplier invoices with only 63% saying they are satisfied with this process.

fig8-trends-checks-written.png
2019 Federal Reserve Payments Study

From a cost perspective, the choice is clear: estimates for the median cost of sending a check transaction range from $3.00 to $10.00, and for receiving a check from $1.57 to $5.00, compared to ACH-based transactions at only $.26 to $.60 per transaction/payment. According to the Association for Financial Professionals most companies make the change to ACH first to increase efficiencies, second to reduce costs and finally for fraud prevention. Most of those surveyed are already in the process of transitioning their B2B payments from paper to electronic. If you have not transitioned yet, the time is now – or is it?

Why you may be stuck in the past still paying by check

Management accounting practices seem to change at a slower rate than other business improvements, maybe due in part to the nature of accounting professionals and the function they support within an organization. For example, accounts payable professionals have a responsibility to identify and assess risk and ensure correct internal controls to mitigate that risk. Translated one way, “if the current process works, there is no reason to make a change.” I have yet to find an accounting or finance department where everyone eagerly embraces change and ...

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About Cynthia Priebe

Cynthia is a Senior Trainer and Consultant with New View Strategies, the go-to source for actionable training and process efficiency in Microsoft Dynamics 365 Business Central. Cynthia is recognized for her ability to look at operational and reporting challenges with a fresh take and propose solutions using core features and functionality. Focused for close to 20 years on Dynamics NAV and now D365 Business Central, she adores helping clients and partners with solving problems, enhancing productivity, and finding The Righter WayTM to work in Business Central. She is a regular presenter at industry conferences, on the original team to write the MB-800: Microsoft Dynamics 365 Business Central Functional Consultant certification exam, a Microsoft Certified Trainer, and a certified Microsoft Dynamics 365 Business Central Functional Consultant. You can reach Cynthia on LinkedIn.

At New View Strategies, all our experts have “been there, done that” – we are experienced, former users who have walked in your shoes. We  work with frustrated Business Central/NAV users who struggle to use their system and find the answers they need. We teach them to truly understand how the system can support their business processes to make immediate and lasting improvements, and as a result get more done in less time, make better business decisions, and even love their system. In addition to helping end users, New View Strategies offers Consultant Accelerator programs to help get new-to-BC consultants up, running, and billing as soon as possible. 

We can help, drive real change via a custom class delivered remotely or at your site, or choose from over 40 online and in-person classes at  https://getyournewview.com/complete-curriculum/

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