Accurate and efficient bank processes are essential for businesses, but handling these aspects manually can be restricting. Microsoft Dynamics 365 provides a simpler way to manage these processes. Read on to learn how advanced finance solutions can streamline your operations.

Microsoft Dynamics 365 and Dynamics AX for improved business applications

Microsoft Dynamics 365 and Dynamics AX work as enterprise resource planning (ERP) systems to improve financial processes and foster business growth. Essentially, an ERP system refers to any software that an organization uses to manage and mediate its main business operations. These systems are a source of potential for organizations, as 49% of companies stated an ERP implementation improved all of their business processes, according to a report from Panorama Consulting Solutions.

Leveraging an intelligent business application is becoming increasingly essential to not only optimize your systems and promote growth but also to maintain a competitive edge. As industries continue to evolve and grow in complexity, implementing advanced solutions will become a significant factor in how your organization adapts, responds and progresses in the long run.

Automation solutions provided by the Treasury Automation Suite

With manual processing comes lengthy and tedious data entry and inevitable errors along the way. However, advanced automation is an effective way to mitigate these common issues. In fact, a report from Salesforce found that 73% of IT leaders claimed automation success saved employees between 10% and 50% of time they had previously spent doing manual tasks. With Microsoft Dynamics 365 and Microsoft Dynamics AX, the Treasury Automation Suite offers automated solutions in key functional areas to reduce errors, save valuable time and empower your finance teams along the way.

These cutting-edge solutions include:

Cash management automation

With cash management automation, your business can benefit from unattended bank reconciliation. A bank reconciliation statement refers to the summary of an organization's banking and business activity that reconciles an entity's bank accounts with its financial records. While this exhausting and error-prone process has been completed manually for decades, advanced cash management solutions from Microsoft Dynamics 365 and Operations can streamline your system. With configurable matching and mapping, automatically imported bank statements and unattended reconciling transactions, you can substantially speed up and lower the cost of the process. Your organization can additionally leverage improved visibility across all bank accounts and entities while increasing security throughout reconciliation along the way.

Vendor payment automation

The vendor payment software is a feature-rich player within the Treasury Automation Suite, integrating and automating outbound payments to any banking platform in the world. You can easily enhance your financial processes with integrated and direct communication from your Microsoft Dynamics 365 Finance and Operations or Microsoft Dynamics AX system to your bank. While you enjoy advanced software features, you can rest assured your communications are seamless and secure.

Customer payment automation

Another powerful automation feature included in these systems is customer payment automation — which involves upgraded customer payment matching and credit card processing. With highly intelligent accounts receivable automation software, you can avoid a high number of unresolved transactions at the end of the period. By automating as many customer payments as possible, the software saves your organization indispensable time. This solution runs continuously in the background and flags discrepancies as they come up so you can manage transactions efficiently.

Risk management

Throughout these processes of automation and tight integration, you can rest assured that your data is secure with key risk management features. Not only do Microsoft Dynamics 365 and Microsoft Dynamics AX focus on improving security breach protection from outside attacks, but improving security measures in terms of internal fraud protection as well. This allows your administrators, managers, CFOs and CIOs to operate confidently.

The benefits of robust financial intelligence

Along with advanced automation, your organization can leverage embedded analytics and predictive insights to improve your global financial operations. These insights and predictive analytics are invaluable to your organization's oversight and management. Improving transparency allows your organization to understand its processes to the fullest extent, while insights help you to make better-informed decisions moving forward.

Moreover, embedded analytics may be a key factor in improving your customer service and cash flow. A report from Logi Analytics found that 96% of organizations claim embedded and predictive analytics contributed to their overall revenue growth and 94% reported advanced data lead to higher customer satisfaction. As businesses continue to work towards successful business growth, intelligent business applications will be essential to help you get there.

Organizing, automating and optimizing your enterprise's finance and operations

Poor financial management is often a detriment to the business process, but the robust financial intelligence offered by Microsoft Dynamics 365 ERP and Microsoft Dynamics AX can help you organize, automate and optimize your operations.

Age-old banking processes are just that — old. While a suitable solution for the past, manual finance practices are generally inefficient, costly and error-prone. It's valuable to consider advanced solutions for your enterprise's finance and operations to bring your systems into the present and keep pace with competitors and evolving industries. Moreover, a streamlined process is becoming progressively necessary to foster successful business growth and improve your organization's cash flow.

If your organization is ready to optimize its day-to-day financial processes, SK Global can help you get there. Schedule a demo and get started on your journey to more intelligent business solutions.