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

by Cynthia Priebe - Microsoft MVP
Consultant and Managing Partner, MGC Group LLC

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 - Microsoft MVP

Cynthia is a Microsoft MVP, consultant and owner of MGC Group, LLC where she focuses on Sharing the Righter WayTM of working with and improving 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 solve problems, enhance productivity, and find the best of the many ways to work in Business Central. 

She is a regular presenter at industry conferences including DirectionsNA, DynamicsCon and Community Summit. On the original team to write the MB-800 Micrsoft Dynamics 365 Business Central Functional Consultant certification exam, a member of the DUG Mentorship Meetup Group, on the Programming Committee for Community Summit 2024, a Microsoft Certified Trainer, and a certified Microsoft Dynamics 365 Business Central Functional Consultant, Cynthia enjoys giving back to the community in thanks for all it has given to her.

You can reach Cynthia through LinkedIn

In addition to contributing her knowledge on MSDynamicWorld, ...

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