As companies are continuing to experience accelerated growth, it is more important than ever that they have the tools to optimize their working capital and their financial processes. That’s why SK Global is excited to share that we have been ranked as one of the top AR automation providers by Emergen Research. This is a […]
If it is a manual process, can files/data be tampered with? With BankFabric, your business can select between three options to automate and secure the process; SFTP, APIs or, through Web Services.
SFTP (SSH File Transfer Protocol) is a proven communications technology. It is supported by most banks, enabling automated communications. With SK Global’s solution you can initiate payments from within either Microsoft Dynamics 365 Finance and Supply Chain or Business Central to the bank. BankFabric eliminates the need to login to a bank’s website. Our solution ensures validation and secure file transfer to any bank and enables automated import of bank data for auto-reconciliation. BankFabric will allocate bank files correctly within your Dynamics F&SC or BC environment, across any number of legal entities. SFTP functionality is built directly into BankFabric which allows you to enjoy a direct Host2Host communication line with the bank.
While not yet supported by all banks, this will likely prove to be the future means of communication to/from banks! APIs do not rely on files to transmit banking data, but rather just a stream of relevant information. They are highly secure since there is no file that might be left in an unprotected location. APIs are very easily setup and administration is minor. Once the API has been developed between the ERP and the bank, it’s smooth sailing.
Web services have been used for a number of years. They do not have widespread adoption and generally have only been supported by banks in Northern Europe. Just as with APIs, Web Services allow for fully automated communications between you and your bank. You will have a tighter integration as Web Services contain both a security certificate exchange, and the exchange of files in the same process. Web Services require more extensive coding to initially develop but are easy to set up and administer.
If you prefer to upload/download bank files manually, this is also supported. You can drop files into BankFabric and still enjoy all the added automation and features within our Banking and Treasury Suite, within Microsoft Dynamics 365 for Finance and Supply Chain.
In a Microsoft Dynamics 365 for Finance and Supply Chain production system there is no access to the underlying virtual machine and external data transfer. With this pain-point in mind, we created the BankFabric solution to provide direct bank communications, file encryption and APIs between your Microsoft Dynamics 365 system and your banks. With BankFabric, you can automatically and securely connect directly to any bank in the world to process and match payments, reconcile statements, handle Direct Debits, and more. BankFabric can be configured for automated bank communications across all legal entities within your Microsoft Dynamics 365 Finance and Supply Chain ERP system, to as many banks as you are working with, globally.
Secure and automate your bank communications and start optimizing essential financial operations activities today!
Call our experts today and hear how you can empower your Accounting Team!
We are the leading Microsoft Dynamics ISV, providing solutions and expertise around Banking, Treasury, and Payment Automation for Microsoft Dynamics 365 for Finance and Supply Chain. Our Microsoft Dynamics 365 solutions and services help organizations worldwide save time and money by automating key processes, increasing efficiency, and reducing risks.
– Microsoft Dynamics Certified ISV
– Our software serves an extensive customer base world-wide
– Scalable solutions that automate financial processes in any industry
– Our solutions are used in more than 80 countries
– Providing global bank communication
Contact us today to learn why companies, small to global enterprises, choose SK Global Software. Call our experts today and hear how you can empower your Accounting Team!
SK Global Software EMEA +45.20.61.45.75 US +1.301.963.7300 Sales@sksoft.com www.sksoft.com
Before implementing a Microsoft Dynamics 365 F&SC Enterprise Resource Planning (ERP) system, there’s a lot of planning your organization should do to ensure a smooth implementation. An important consideration is whether your business will need to add additional automation.
Before deciding whether you will need to add software aside from what’s included in the standard version of Dynamics, it is recommended to first determine your teams’ requirements or expectations from the ERP system. Pinpointing the specific features, functionality, and performance that your stakeholders expect can be a challenging process. The most efficient way to determine your key requirements is through conducting a requirement analysis. To administer a requirement analysis, we recommend following these five steps:
To verify that you receive all the important input needed you must first ensure you distinguish all key decision makers and users.
Once you have determined who the essential stakeholders are, we recommend deciding how you would like to collect the requirements. Whether you decide to hold one-on-one interviews, use focus groups, leverage use cases, or build prototypes you should ensure that each important stakeholder and end user provides feedback. Axia Consulting provides a great guide in their article: Requirement Gathering Techniques.
To achieve an organized overview of the requirements we recommend categorizing them. Starting with two major categories of functional and non-functional then further organizing the requirements into smaller sub-categories.
For each requirement on the list, we recommend the following:
Before moving forward with a finalized list of requirements, it is important that all key decision makers can come to an agreement. It is suggested to have a final meeting to decide on this as a team.
After finalizing your requirements, you should conduct a gap analysis comparing the features included with the ERP with what’s on your requirements list. If there are gaps you must decide how important they are to your business.
For gaps between the ERP and your automation requirements, you must decide whether you want to resolve them with an embedded solution, bolt-on solution, or paying a developer to build custom automation.
When considering the cost of developing something custom, there are some hidden costs that also need to be factored in. For instance, as Microsoft keeps making changes to the base software, what will be the cost of maintaining customization to keep up with these changes? For packaged solutions, it is the responsibility of the author (ISV) to keep up with those changes. Project delays are also very common. According to KPMG Information Technology, 85% of software development projects go over schedule. Most of the time, you can find the needed functionality within a built-in or bolt-on solution. However, on the rare occasion that you have a very specific automation requirement that is not offered by a software vendor, hiring a developer to build a custom solution would likely be your best option.
Bolt-on automations are separate systems from the main ERP system. In other words, these bolt-on’s sit outside of the main ERP system and frequently require custom integrations to be created and maintained. These bolt-on solutions have a different user interface, resulting in a different overall look and feel from the ERP. There are three main downsides to bolt-on solutions. For one, they are difficult to integrate with the ERP at times and may have connectivity issues with the ERP. Second, the software sits outside of the ERP requiring employees to learn two different interfaces. This often leads to additional employee training time. Lastly, they often have duplicated features that are already included in D365, leading to a higher price point with no real benefits.
Embedded automation is built-in and designed specifically for the ERP. Opting for this type of automation allows for robust data synchronization, reduced employee training time, and centralized finance and accounting procedures. For more information in our recent article Bolt-on vs Embedded, we provide a detailed comparison between these two types of automation.
Whether you’re in the midst of an implementation, shopping around for the right ERP, or have already implemented Microsoft Dynamics 365 Finance and Supply Chain, it is important to continually evaluate and weigh your options for adding further financial automation. To extend upon the capabilities included in the Enterprise Resource Planning (ERP) system, many companies turn to Microsoft Independent Software Vendors (ISV) to meet their additional automation needs. . From the top selling electric car manufacturer to the number one tech media company in the world, we have worked with a wide variety of companies in all different industries. With over 30 years of experience building and selling embedded add-ons for Microsoft ERP market, we have assisted Dynamics customers worldwide in further automating their financial processes. Below are some of the most common enhancement needs, we see year after year:
Are you looking to further automate your financial processes within your D365 ERP? Join us on our weekly interactive demos to learn more about our most popular embedded solutions.
When Kayne Capital, the leading alternative to investment management firm, decided to move forward with a Microsoft Dynamics 365 Finance & Operations implementation they turned to SK Global’s Treasury Automation Suite to take their financial automation a step further. Prior to their implementation, Kayne Capital struggled with the following pain-points:
Download the full case study to see how SK Global’s Treasury Automation Suite for D365 F&O resolved these pain-points directly in their ERP system.
Complex banking structures can make it incredibly difficult for large multinational companies to control their cash and manage affiliate relationships. For large global companies, in-house banking is an ideal solution to that problem. In-house banking is a way to centralize treasury functions into one entity, which minimizes subsidiaries from having to deal with their own bank.
As the Association of Finance Professionals notes, the benefits advantages of an in-house bank are immense. Companies that leverage in-house banking have discovered benefits like centralized control of cash, cash visibility, less reliance on external funding, and more. With the use of a shared services arrangement and in-house banking software, a company can have complete control over their bank accounts, handle netting of funds between business units, minimize FX costs, lower wire fees and other bank transaction fees, and track cash and balances all in one centralized place.
In-house banking has never been easier with the rise of in-house banking technology, which can significantly streamline IHB management. There is a plethora of solutions to choose from. However, it is very important your treasury team knows what to look for when shopping around.
To implement in-house banking, your company must choose a tech solution that will execute the functions of the bank. Having an in-house banking solution within the ERP centralizes intercompany payment process where in one place, your company can clear accounts and automate clearing of intra-company and inter-company payments and loans. Most importantly, when you automate these activities all in one place, your team can view data relevant to in-house banking in one place, helping your team highlight problem areas.
Within an in-house banking solution embedded into your ERP, your company can execute intercompany payments and auto-settle them against your in-house bank accounts within one solution. Embedded IHB solutions should be able to easily automate the netting of AP and AR invoices across legal entities, which can significantly reduce the transaction fees involved with actual wire or other payments back and forth between those entities. Robust IHB solutions should be able to generate and process IHB statements to decrease the time they spend on reconciliation. Loans can also be managed internally where some embedded in-house banking solutions allow the subsidiary to send loan payments to the parent within the ERP.
Through the use of payment factory automation, you can automatically pay on behalf of subsidiaries. When done within an embedded in-house banking solution in the ERP, these payments also trigger auto-generation of journal postings. Payment-on-behalf-of and receivables-on-behalf-of services are also a part of many in-house banking tech solutions where some providers can auto-aggregate payments then route them.
For those looking to enhance their company’s liquidity management, an embedded in-house banking solution can create a centralized cash pooling center all within the ERP. To reduce gains or losses associated with actual cash settlements across currencies, embedded in-house banking solutions often offer ways to eliminate extra FX exchanges across currencies. From the ERP, treasurers can have complete visibility over their cash, which can guide them to determine if they need to deposit cash or withdraw funds according to their company’s financial health.
Lastly, the most important component of a good in-house banking solution is its fraud prevention framework. Approval processes are incorporated throughout these solutions so that payments are not executed without the approval from the necessary individuals. Since an embedded in-house banking solution is built within the secure ERP which heavily incorporates security roles and permissions, your in-house banking processes will be insulated from potential fraud. For global companies, payment risks are also minimized since cross-border payments can be made within the ERP instead of going through in-country payment processing.
After educating yourself on the benefits and functions of an in-house banking tech provider, your team now has the difficult job of choosing a provider. A good IHB technology provider should cut the time it takes to manage your in-house bank, aggregate relevant data such as AP and AR data, and automate routine tasks. If your company already uses an ERP, you should consider solution providers that work inside your ERP so your treasury team can have real-time data synchronization and connectivity. This allows for the most-to-date information on your company’s cash and banking activity. To pick a solution that best works for you, it is highly recommended to work with an external consultant that guides the selection process.
If your company currently uses Microsoft Dynamics 365 Finance and Operations and are looking for an in-house banking solution, SK Global Software has a best-in-class in-house banking solution with robust features like intercompany netting for invoices, real-time maintenance of bank balances, automatic bank statement generation, reconciliation of external and intracompany transactions within one system, and more.
If you are interested in learning more about our solution, contact our sales team at sales@sksoft.com.
