Prepayments between two parties are very commonly used throughout the nutritional supply chain. By committing to pay goods or services before you receive them, you are able to negotiate better contract conditions with your supplier.
Yet managing prepaid purchase contracts in the nutritional supply chain be particularly cumbersome when dealing with soft commodities, as these types of bulk deliveries often leave small open balances on a contract.
In order to report on prepaid purchase contracts, most ERP systems are rigid, and eat up a lot of additional time when trying to keep grips on proper administration.
That’s why Adifo has developed MILAS®, an ERP specifically tailored to the needs of nutritional industries. MILAS effortlessly handles the prepayment flow, and this extraordinary functionality is now also available in Dynamics 365 for Finance and Operations.
The process
With MILAS®, customers can benefit from an efficient and automated prepayment process. Our whole prepayment flow has been designed with one goal in mind: flexibility.
Firstly, MILAS users are able to effortlessly process both fully and partially prepaid contracts. Secondly, moving prepaid balances from one purchase contract to another is a real breeze.
Other than being a very flexible solution, Adifo’s prepayment process is also highly automated. When marking a purchase contract as “prepaid”, customers can choose whether a prepayment invoice needs to be generated, or if a payment journal needs to be created right away. Behind the scenes, MILAS® then adds links and references between these transactions, resulting in an easy follow-up.
Conclusion
Implementing an ERP supported prepayment management tool like “MILAS prepayments” offers the following the benefits:
- Eliminate manual labor on administrative tasks
- Eliminate human error
- Incorporate management of prepayments “cash flow management” (which has a huge effect on your financial situation)
- Handle vendor settlements more fluently
Supported Dynamics platforms
The described feature was already available in the previous version of MILAS, and now Dynamics 365 for Finance and Operations customers can also benefit from it.
Adifo adds value to your procurement process
In short, with MILAS (powered by Microsoft Dynamics 365 for Finance and Operations), Adifo offers best practices and great efficiency improvements to the procurement process in animal and human nutrition industries. The added value that this creates for the Microsoft customer community and its partner network neatly fits into our mission statement “Adding value to nutrition industries”.