• We are fully extended ahead of time
  • Release in January supporting Dynamics 365 7.3 (Fall Release)
  • Product enhancements with latest release

Fully extended on Microsoft Dynamics 365 Version 7.3

With our most recent product update, released in January 2018 the Banking and Treasury Automation Suite is now fully compatible with the Microsoft Dynamics 365 for finance and Operations 7.3 update, also known as the “Fall Release”.

In addition to that, our solution is also now fully extended – ahead of schedule!

With the 7.3 update, Microsoft will allow overlayered code which will produce warnings, but is still allowed. Also known as a soft seal.

But with the next 7.4 update, also known as the “Spring Release”, the general Microsoft Dynamics 365 ERP solution will be hard-sealed meaning that ISV solution can no longer leverage overlayering.

We are very pleased that we are ahead of the curve. With this, SKsoft continues to be at the very front of staying completely current with Microsoft Dynamics 365 releases.

Enhancements to the Banking and Treasury Automation Suite

As with all public releases from SKsoft, we keep improving the solution. The January public release, TAS 9.3.1 is available to Certified Resellers via our Partner Portal and includes enhancements to several of our Banking and Treasury Automation Suite modules, with examples such as:

  • Bank Statement Automation (BankRec)

→ Enhancements to filtering of unmatched transactions, for processing bank statements

  • Vendor Payment Automation (AP EFT)

→ Enhancements to the Reversal of posted payments functionality

  • Direct Debit Automation (AR EFT)

→ Enhancement to the Reversal of posted payments functionality

  • Advanced Cash Application (AR eSettlement/Lockbox)

→ Improvement of the navigation from the Payments Workbench

  • Credit Card Advantage (CCA)

→ Updated support to PayFabric v. 3 for Gateway/Credit Card processor communication

For a full list of enhancements, we kindly refer to our Product Manual and Installation Documentation, also available via our Partner Portal.

Digital transformation’s impact can be felt across virtually every department, from IT and human resources to asset management and finance. One area which is occasionally overlooked in this discussion, but which is prime for improvement via automation, is the accounts payable department. To see these gains, though, organizations must first understand how AP automation can deliver powerful time savings.

Expensive, inefficient and resource-intensive

As Spend Matters pointed out, the accounts payable department represents one of the top consumers of time and resources in many organizations, and much of this has to do with manual processes for invoices.

“It took nearly 10 days for the average organization to process a single invoice manually.”

According to a 2016 study, two-thirds of companies are still using manual strategies to receive, process and make payment on their invoices. This includes receiving paper or faxed invoices, processing them by hand according to the company’s own rules for matching, validation and approval, and completing payment via check, wire transfer, or another payment network.

Research from the Aberdeen Group discovered that these efforts aren’t just time-consuming, but costly as well – in 2015, it took nearly 10 days for the average organization to process a single invoice manually, coupled with a cost of more than $15. And that’s just for one invoice – most businesses today see anywhere from 500 to 5,000 invoices in need of processing every month.

This type of AP landscape doesn’t just create risks for companies to fall behind in comparison to their competitors, but can cause internal struggles, as well.

“The outdated paper process and lack of well-designed AP technology is costing companies dearly,” Spend Matters noted. “In order for the accounts payable function to keep up with the other silos of business that have been automated or digitized by technology, CIOs and decision makers need to work to implement paperless processes and automated software into the day-to-day application of AP.”

Time-saving benefits of AP automation

Bringing automation into accounts payable processes offeres considerable advantages for enterprises, particularly in terms of time-savings. An automated solution eliminates the previous manual work that was required from AP employees, ensuring that invoices are correctly matched with work orders, validated and approved in record time.

This translates to quicker payments to vendors and customers, thereby supporting the best partnerships and experiences possible.

In addition, best-in-class automated solutions also take into account the most current regulations. Invoices are processed and paid according to overarching industry rules, ensuring security as well as compliance.

But the advantages don’t end here. One study found that automating accounts payable can also reduce the cost of invoice processes by as much as 50 percent.

“For an enterprise, the potential saving is substantial, and that’s without mentioning the number of resources that are freed up in the finance department,” SignUp Software’s Henrik Garvner for The Record.

To find out more about the time and resource savings your organization could realize with accounts payable automation, contact us at SKsoft today.

Because any friction within the supply chain can heavily impact customers, it’s imperative that activity and transactions taking place between an organization and its vendors, including invoice payment, runs smoothly. To that end, automation can prove an invaluable boost to vendor payment workflows, while a lack of automation can lead to significant delays and complications.

Studies prove inefficiency results in late payments

“16% of businesses admitted that their payments are consistently late.

One issue that can negatively affect business-vendor partnerships is delayed payment on a contracted invoice. According to recent statistics included in The Friction Index from Tungsten Network and the Institute of Finance and Management, nearly half – 47 percent – of organizations have failed to meet agreed-upon payment terms in 10 percent of all supplier invoices.

Worse still, 16 percent of businesses admitted that their payments are consistently late, and only 5 percent of companies noted that their invoices are always paid on time. Reporting on the study, Business Cloud contributor Muhammad Aldalou noted that one in 12 businesses have no processes in place to monitor their payment practices.

Overall, researchers found that the chief reason behind these late payments are slow, manual processes being leveraged as opposed to more efficient automation.

“Our research shows that when it comes to late payments, clunky internal processes and slow paper-based systems are the predominant causes, leading to friction in the supply chain,” noted Tungsten Network CEO Richard Hurwitz. “Identifying instances of friction within the procure-to-pay work stream is the first step towards removing them and in many cases, technology can do away with these cumbersome and menial tasks taking up precious time and instead boost productivity and efficiency.”

Additional inefficiencies impact invoice payment schedule

According to the study, slow internal processes were identified as the top supplier payment challenge by 64 percent of companies, and 39 percent of businesses pointed to a lack of automation.

Other challenges included:

  • Errors on the part of administrators (27 percent).
  • Struggles involved with managing the volume of invoices (20 percent).
  • Cash flow management issues (16 percent).

Supporting supplier relationships with on-time payments

Businesses that consistently make late payments to vendors put these important relationships in jeopardy, and risk falling behind competitors able to provide better experiences to customers. In order to better support vendor partnerships, businesses should automate their accounts payable invoice payment processes, ensuring that payments are made according to contracted deadlines.

“39% of businesses identified a lack of automation as a leading supplier payment challenge.”

Automation can eliminate the kinds of time-consuming, manual processes that heavily contribute to slow payment processes. In addition, this level of reduced human interaction also decreases the chances for costly errors.

“Late payment impacts working capital and economic production,” Hurwitz noted. “Arranging invoice payments can be a complex task, particularly if it’s cross-border and involves ensuring compliance with local tax laws. Businesses should feel supported, not pressured, in ensuring that their suppliers can be paid on time.”

A best-in-class automated solution can resolve common payment struggles, while streamlining partnerships between businesses and their suppliers. To find out more about the benefits of automated accounts payable processes, contact the experts at SKsoft today.

Manual accounts payable processes present more than a few hurdles for enterprise accounting managers. Not only are they time-consuming, but any errors or misplaced documents can carry a hefty price tag.

Recent research from Canon found that, on average, more than 3 percent of all invoices contain mistakes. What’s more, finding a lost invoice can cost a company $125, and replacing an invoice costs around $225 on average.

“More than 3 percent of all invoices contain mistakes.”

Thankfully, robust automation has provided an ideal solution for common accounts payable issues like these. Automated accounts payable processes help companies push through accurate invoices more quickly, resulting in faster payment to vendors and customers.

But these aren’t the only advantages automation can provide. Security, particularly fraud, is an increasingly critical priority for accounting managers, and represents another arena in which automation can help.

Today’s top invoicing scam

The accounting department is a top target for cyber attackers, as this section is in charge of sensitive payments and other valuable information. Threats aimed at enterprise accounting processes are nothing new, but recent scams are becoming increasingly sophisticated.

J.P. Morgan recently reported on a popular wire fraud scam which preys upon businesses’ invoices processes. Attackers utilize an email that mirrors a recognized partner’s name and brand in order to make the message appear real, and ask for immediate payment on an invoice, requesting funds to be wired to a specific account. Due to the legitimacy of the initial message, the recipient submits the invoice and completes the payment. However, the victim overlooked a small difference in the name or branding that can point to a well-crafted fake.

“By finding individuals who haven’t enabled privacy features on their social media accounts and then using that publicly-available data to craft believable, fraudulent emails, criminals trick businesses into quickly sending funds by creating fake, urgent situations,” J.P. Morgan explained. “Frequently, victims don’t realize they’ve been duped until they confirm the transfer of funds with a vendor or manager – when the money is already long-gone.”

Over the shoulder view of a business man in a suit filling out paper invoice in a binder with silver pen. Manual accounts payable processes create security risks.

Where automation comes in: Validated security

More often than not, successful attacks rely on the fact that businesses utilize manual processes for their accounts payable activity. In this way, the email recipient – a specifically-chosen target in the accounting department – can be tricked into invoice payment.

An automated solution, however, can stop this type of fraud in its tracks. Automated accounts payable technology comes with numerous advantages, including the ability to automatically match payment requests with the company’s internal invoicing information. In other words, before payment can go through, the technology ensures that everything matches according to dates, accounts, payment references, deposit or check numbers, and other data. This is information that even the most advanced phishing message wouldn’t include, adding a extra layer of security before invoices are paid.

In addition, automation means payment processes are centralized, enabling internal IT teams to have full control over security parameters and the transmission of sensitive data.

These added security measures bring protection and peace of mind for your accounts payable stakeholders, helping them guard against today’s most pervasive threats. To find out more, contact the experts at SKsoft today.

Increasingly innovative processes and new, consumer-facing capabilities have disrupted the financial services sector in recent years, and these trends aren’t poised to stop anytime soon.

As a banking and treasury organization, you must remain on the cutting edge. Here are a few of the changes coming next year, and the best ways you can make preparations now:

Advanced IT becomes the “new normal”

With so many changes seen in fintech recently, there is simply no room for legacy systems that can’t keep up with enterprise and consumer needs. By next year, financial service providers must ensure that their IT operating model is up to date, as PwC notes that this type of advanced structure will become the “new normal.”

“Financial service providers must ensure that their IT operating model is up to date.”

“By 2020, your operating model is probably going to look quite stale, even if it is serving you well today,” PwC stated. “That is because what your financial institution offers to your customers is almost certain to change, in ways both large and small. This will require important changes across, and around, the entire IT stack.”

While it’s likely cost prohibitive to complete every needed update at once, now is the time to take a look at your current infrastructure, paying special attention to legacy systems. If these platforms are causing service delays or don’t align with current customer needs and industry requirements, it’s time to start thinking about creating room in your IT budget for necessary upgrades.

Pairing humans with automation

Automation will also become a bigger part of banking and treasury processes next year, with special focus on the automation of vendor and customer payments, as well as cash management to support streamlined and error-free services.

Advanced automation must also be expertly paired with customer support that includes the human touch. PwC found that 60 percent of great client experiences center around the work done by internal staff. Financial service providers should balance their automated technologies with the skills and capabilities of their employees to provide the the best support for customers.

Custom illustration of customer service person sitting at desk with headset on. Automation should be paired with human interactions for the best possible customer service.

Faster payment reconciliation

One of the biggest changes coming to the banking and treasury sector next year is the increasing transition toward real-time payments. The Clearing House’s Senior Vice President Steve Ledford noted that by the middle of next year, the goal is to have a substantial number of financial service providers supporting RTP technology.

Eventually, all service providers should have the ability to process RTPs, so the earlier your organization prepares, the better. RTPs can help close gaps that exist in current payment systems, while enabling anytime payments for consumers. As RTPs will become the global standard, it’s imperative to examine your existing infrastructure and update where necessary now.

To find out more about the technologies and processes your banking or treasury organization needs to support emerging needs, contact the experts at SKsoft Software today.

Become part of a global ISV team – Specializing in Banking & Treasury Automation for Microsoft Dynamics 365/Dynamics AX

Do you thrive in a fast-paced working environment, and do you enjoy being in demand, providing value to clients? If you would like to join a team where your input and experience matters, now is a great opportunity.

SK Global Software is a well-recognized Microsoft Dynamics ISV providing solutions and expertise within Banking, Cash Management, and Treasury Automation for Microsoft Dynamics customers world-wide.

Please submit resumes to CAREERS@SKSOFT.COM

Job Description

As an SK Global Business Consultant, you will use your expertise around Banking and Finance in Microsoft Dynamics 365 and Microsoft Dynamics AX to help lead and guide our customers through the planning and implementation stages of our Banking and Treasury Automation Suite for Microsoft Dynamics AX/D365.

You will be part of our overall Services Team, working with some of the largest Microsoft Dynamics AX implementations in the world. You will have plenty of opportunities to work on both local and international projects.

Your expertise will be needed around presales activities, implementations, project management, product support, as well as providing input and feedback to our Product Development Team to constantly improve our solutions.

As a Consultant, you will be working closely with the Services Team, the Product Development Team, Support Team and Sales. You will be reporting to our Services Manager/Director of Sales & Marketing. You will take over direct customer engagements that need immediate attention in our US Market.

Your Profile

Personality matters. You are a driven person, capable of working independently and one who will not sit around and wait for instructions. In other words, you are a self-starter who loves challenges.

We are looking for an individual with at least 2-3 years’ working experience with Microsoft Dynamics AX/D365 Financials areas, either as a Consultant or as an End-user. We will train you within our solutions, and do not require experience with specific Banking or Treasury systems.

Experience with one or several of the following areas of Microsoft Dynamics AX Financials is a plus;

  • General Ledger
  • Accounts Payable/Vendor Payments
  • Accounts Receivables/Customer Payments and Collections
  • Bank Statement, Reconciliation and Closing Period experience.
  • Bank & Cash management, incl. Bank Communication
  • Dynamics 365, Dynamics AX 2012, or Dynamics AX2009 experience.

“Finding a global player was very important to us, as we are a global player as well,” 

– Camilla Tornø, MCI.

Maersk Container Industry (“MCI”) develops, manufactures and provides an array of different container types and sizes for Maersk and is active in business on a global scale, including within the U.S., China, the Netherlands, Singapore, South Africa and beyond.

When it came time for the container producer to select a new enterprise resource management system, it
had several critical requirements that needed to be addressed.

SK Global Software is one of the first and only banking service providers to offer cloud-based Banking Automation services for Microsoft Dynamics 365.

Challenge

“SK Global made everything easy,” 

“We look forward
to a direct relationship. 

– Camilla Tornø, MCI.

Before partnering with SK Global Software, MCI used a legacy ERP system that hadn’t been updated for seven years. The company didn’t have the option to upgrade the older software and instead needed to find a beneficial replacement.

 MCI executives had to make the decision between using the basic features provided by the out-of-the-box Microsoft Dynamics software or work with SK Global Software to ensure that the ERP could integrate and function with the global banks MCI had partnerships with.

The company’s legacy software had never been fully implemented within the organization, and employees had to leverage manual workarounds using paper spreadsheets alongside the digital system.

Solution

Because the solution is cloud-based, MCI now enjoys consistently fast performance at all of its locations.

In order to address these needs, MCI turned to SK Global Software and its Banking Automation Suite for Microsoft Dynamics 365.

Initially, MCI rolled out SK Global’s Microsoft Dynamics 365 Banking Automation Suite at two of its
production locations in China, with subsequent deployments taking place in Chile and at the company headquarters in Denmark.

Currently, Vendor Payment automation capabilities are live at two of MCI’s China sites, as well as in Denmark.

Results

“ They no longer have to worry about what bank they work with locally – all they have to do is point out the bank, and SK Global Software will take care of establishing the integration,”

-Jonas Andersen, SKG 

As a worldwide organization, finding a solution provider that could offer the required ERP features and help facilitate streamlined integrations with local and global banks was a challenge.

Thankfully, MCI found everything it needed in its partnership with SK Global Software.

Download and Read the full Case Study

Feel free to download the full PDF version of the Case Study via the link below.

PDF: CASE STUDY -Maersk Container Industry – SK Global Software – 2017

Book A Demo Below

Are you interested in seeing the solution for yourself, and understand how we can support your organization around Banking and Treasury Automation for Microsoft Dynamics 365 and Dynamics AX?

Then please fill out the Contact Form below and an SKG representative will be in touch with you soon.

Contact

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AFP 2017 Treasury & Finance Conference
15 – 18th October 2017, San Diego, CA.

Schedule an appointment to get to know us, our solutions and expertise. We are specialists in Banking & Treasury Automation for Microsoft Dynamics 365:

  • Treasury Automation Suite for Dynamics AX + Dynamics 365 for Finance and Operations
  • Banking Automation Suite for Dynamics AX + Dynamics 365 for Finance and Operations
  • Banking Essentials Dynamics AX + Dynamics 365 for Finance and Operations
  • Revenue Automation for Dynamics AX + Dynamics 365 for Finance and Operations

Will you meet us at this years AFP 2017 Conference in San Diego, Califonia? The AFP 2017 Conference will be held from the 15-18th October in the San Diego Convention Center. Join thousands of treasury and finance professionals at the San Diego Convention Center for inspiration, education, and connections that will transform your career and your organization. The AFP 2017 program is created by a group of corporate practitioner peers, with the goal to create an educational agenda that addresses the challenges, trends and innovations in the Treasury and Finance profession. Sign up for AFP 2017 here, AFP 2017 San Diego.

What is waiting for you at this event? The newest trends and insight to innovations around key topics such as;

  • Payments
  • Global Treasury and Finance
  • Financial Planning & Analysis
  • Treasury Management Systems
  • Risk Management, and more

We will meet with 6,500 other peers. If you are interested in joining this year’s AFP 2017 Conference, you can see the Cenference Overview, Sessions and Track events, Here.

If you want to be sure to get an Onsite Demo while at the Conference, sign up below now!

Are you interested? Book an appointment with SK Global NOW!

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The SKsoft Banking & Treasury Automation Suite is updated, ready and compliant with the newest Release for the Microsoft Dynamics 365 Operations “Spring Release”.

Do you have access to our Partner Portal? Here you may find the newest release ready for download.

Look for the Treasury Automation Suite Version 9.1.2.72

If you don’t have access to our Portal, let us know and we will help you.

What’s new or changed in Dynamics 365 for Finance and Operations?

For a full review of What’s new or changed with the Spring Release, please see Microsoft’s Statement here.

Do notice that with this update, “Dynamics 365 for Operations” is being renamed to “Dynamics 365 for Finance and Operations, Enterprise Edition”.

Staying current with the Banking and Treasury Automation Suite

As a Microsoft Global Strategic ISV its a core policy for SKsoft to stay current with Microsoft’s general releases and updates. Our aim is to target a supported release of our software within thirty days of a major Microsoft release, where the release requires a new compatible build of our product.

Want to see what our solution can do for you? Schedule a Demo today!

See our new features for yourself – our feature releases in 2017 will take your Accounting, Finance, and Treasury Team to the next level of automation.

The newest Banking and Treasury Automation Suite features are available for Microsoft Dynamics 365 for Finance and Operations and Microsoft Dynamics AX 2012.

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In SK Global Software we are pleased to announce, that we have got, in recognition of our outstanding achievements in sales and service excellence, to be part of the Microsoft Inner Circle 2017.

 

Why is this an honor?

It is a great honor because this membership recognizes the Microsoft Dynamics partners from around the world, not only based on an outstanding sales performance, but also the critical impact on the success of customers. Inner Circle members have performed to a high standard of excellence by delivering valuable solutions that help organizations achieve increased success with Dynamics solutions.

 

What is the Inner circle?

The Microsoft Dynamics Inner Circle represents an elite group of the most strategic Microsoft Dynamics partners from around the globe, with sales and delivery achievements that rank them in the highest 1% of the global partner ecosystem, which SK Global Software is now part of.

 

Innercircle Summit

We are glad to inform, that with this new membership, SK Global Software is participating in the 2017 Innercircle Summit, where only the top 60 global partners and the Microsoft Executive Management share visions, ideas and experiences.

The summit takes place in Quebec City, Quebec from 17th – 20th September 2017.