While organizations continue to navigate changes and uncertainty across industries, the need to put more efficient systems in place is quickly becoming a priority — and your financial operations are no exception. With Microsoft Dynamics 365 and Microsoft Dynamics AX, your organization can take advantage of valuable automation tools to keep efficiency and productivity high, while providing you with a significant leg up on the competition.
Read on to learn more about payment matching and how automation can optimize your systems and benefit your financial teams overall.
What Is Payment Matching?
Payment matching typically involves processing and posting payment files, which are statements from a bank or other source that contain financial transaction data. This often includes data for accounts receivable transactions, such as payments or payment cancellations.
Traditionally, payment matching entailed a hefty manual workload for your accounts receivable team. Not only is this work arduous and time-consuming for your financial operations, but there are inevitable errors along the way. However, as digitization and automation continue to increase across industries, there's a better way to elevate and streamline your payment matching process.
Improving Your Process With Payment Matching for Microsoft Dynamics 365
With advanced solutions from SK Global, you can quickly optimize and automate your payment matching process. This software instantly recognizes customer payments and applies them to the correct invoices within your Microsoft Dynamics 365 or Microsoft Dynamics AX system. Automating your payment matching can significantly increase your efficiency by helping your financial teams avoid time-consuming and tedious manual processes that were a necessity before. This effectively provides the opportunity for your employees to focus on what's most important while letting SK Global software do a great deal of the hard work for you.
The amount of data and information handled by your financial teams can quickly become overwhelming and is inevitably error-prone without an intelligent system in place. However, with help from automatic matching payments, your accounts receivable team can easily and competently handle large volumes of incoming data.
It's important to keep in mind that achieving significant automation can be difficult, considering your systems or processes require the ability to manage a multitude of exceptions. These might include customers providing limited information with their payment or working with a payment amount that doesn't match. To most financial teams' dismay, the possibilities of exceptions are endless and varied.
This means implementing a robust and intelligent financial system that can adequately handle and process large volumes of payments, along with any exceptions, is more important than ever. Luckily, payment matching in the Treasury Automation Suite has the capabilities your organization needs to do this successfully. Your teams can manage considerable amounts of data and configure the automation rules down to a customer-specific level with one upgraded solution.
Rest assured that you can apply this solution across any number of bank accounts in which you receive customer payments, and this automated payment matching in your Microsoft Dynamics 365 software will process incoming payments according to your own configured rules. Not only will this greatly reduce the manual workload on your accounts receivable team, but it also can provide your organization with a host of advantages as a result.
Key Benefits of Automated Payments Matching
According to Camunda's State of Process Automation report, 51% of automation initiatives are aimed at boosting efficiency, and this certainly includes your payment matching. While a seemingly simple solution at first glance, automated payments matching with SK Global is a major boon to your performance and productivity while providing a number of other key benefits along the way.
The main advantages of advanced payment matching from SK Global include:
- Automatically importing large volumes of payment files from any number of banks or bank accounts in your Microsoft Dynamics 365 enterprise resource planning (ERP) system.
- Instantly processing incoming payments you receive, which are mapped and applied to the correct customer invoice in your system.
- Specifically configuring your automation rules to deal with typical exceptions.
- Significantly increasing your efficiency through automation.
- The coverage of any bank and any bank-specific file format — along with ongoing maintenance across any bank integration type.
The culmination of these benefits is an effective way to save your accounts receivable and financial teams valuable time in the long run. In fact, Salesforce has found that 73% of IT leaders report automation technology saving employees between 10% and 50% of the time they previously spent doing manual tasks. By alleviating the burden of manual work done by your workforce, they have the ability to focus on the work that truly requires human attention and intervention.
Solutions from the Treasury Automation Suite in Microsoft Dynamics 365 are also an effective way to give your organization a valuable competitive edge when you might need it most. Efficiency, productivity and accuracy are always a priority, and utilizing advanced options for automation is a great option to get you there. Unlock your team's full potential with help from SK Global.
Implementing Advanced Solutions From SK Global
Solutions from SK Global provide your teams with the robust financial intelligence you need to optimize your payment matching. Substantially increase your efficiency and save valuable time, all while mitigating the manual burden on your accounts receivable team. With automation, you can quickly streamline your payment matching process.
The Banking and Treasury Automation Suite add-on for Microsoft Dynamics 365 and Microsoft Dynamics AX is advantageous to more than just your payment matching. Enjoy a host of invaluable automation tools for cash management, vendor payment and customer payment, and rest assured your data is highly secure with top-tier protection included. Implementing automation and improving your systems is more important than ever to keep pace with demand and competitors, and solutions from SK Global exist to empower your finance teams with seamless integration and to drive your operational efficiency moving forward.