Finding ways to streamline your financial operations is more important than ever. Luckily, the use of advanced solutions and evolving technology is growing across industries, which can make optimization significantly easier. If your business works with multiple legal entities, a multi-company EFT might be the capable solution you need to save valuable time, money and effort.
Read on to learn more about how multi-company EFTs for Microsoft Dynamics 365 can help your business simplify some of your most arduous financial processes.
Implementing multi-company EFTs
Over the years, the Treasury Automation Suite within Microsoft Dynamics 365 Finance and Operations has offered the functionality for automating vendor payments and direct debits — as well as streamlining the creation and communication of those payment files to the bank. This solution has been a vital feature for businesses, considering at least 66% of organizations have started to automate processes in at least one or more business functions, per a report from McKinsey.
However, the Treasury Automation Suite was missing a key aspect for businesses with multiple legal entities. Previously, these financial processes had to be done per legal entity, which involved creating and sending multiple payment files. This is inevitably expensive, time-consuming, tedious and error-prone.
Now, the Treasury Automation Suite's Multi-Company electronic funds transfer (EFT) can help eliminate the need for this monotonous process. With advanced solutions and robust technology in place, the module provides a means of combining payments initiated from multiple legal entities into a single file going to the bank. Additionally, this upgraded system fully automates the management of response files that are sent back from the bank — effectively streamlining this procedure significantly.
Built into Microsoft Dynamics 365
To simplify this process even further, our Multi-Company EFT solution is seamlessly embedded into your Microsoft Dynamics 365 ERP system. This upgraded module is a valuable way to keep all of your financial operations in one accessible location, making it easier for your business to:
- Effortlessly maintain accurate records.
- Centralize your file transfer process.
- Provide greater visibility for your finance team.
Supports any file format
When working with multiple legal entities, you need robust solutions that are equipped to handle multiple file formats. This efficient Multi-Company EFT upgrade is well-adept to support any file format you utilize with secure automation. This highly functional module is designed to support any file format around the globe such as ACH, BAI2, BTRS, and more.
Reduce transfer costs
If your organization works with multiple legal entities or financial institutions, there is typically a "per file" charge from banks on each file transmission. These costs are seemingly inconsequential at first glance, however, when you review your annual expenditure, these fees add up considerably! With a Multi-Company EFT at your disposal, your organization can eliminate these charges — allowing your team to better allocate these unnecessary file transfer expenses.
Key features and benefits
This robust solution not only offers key features that your organization can leverage moving forward, but also provides a host of valuable advantages as a result. The pivotal features and benefits of a Multi-Company EFT module include:
- The ability to combine vendor EFT payment journals, or customer direct debit journals, from multiple legal entities into a single file for transmission to the bank.
- Cost savings on "per file" charges from the bank.
- Allowing process owners of vendor payment and direct debit operations to be kept per legal entity.
- Centralizing and simplifying the administration of creating and sending combined files for separate legal entities.
- Validation functionally, to ensure only compatible payment types are combined.
- Working within the confines of any bank format where the financial institution supports multiple accounts in one file.
- Offering field validation of payment content to be done at the legal entity level — which allows process owners in those legal entities to correct exceptions.
- Automatically handling response files that are being returned from the bank.
Optimize your financial operations with SK Global
The Treasury Automation Suite from SK Global exists to empower your finance teams and optimize your systems in the process. Considering 50% of business leaders claim they're planning on accelerating the automation of repetitive tasks within their organization, per a report from the World Economic Forum, this automation will also be a necessity to keep pace with competition moving forward.
With our Multi-Company EFT solution for Microsoft Dynamics 365, your business can improve efficiency, eliminate the need for repetitive, error-prone tasks, and simplify your financial operations as a whole. Quickly optimize some of your most burdensome and unnecessary financial activities with SKG's embedded solution today!
For more information on how SK Global can help you intelligently streamline your financial systems, contact us today.