Financial environments are fast-paced, and there is a need for timely cash application. On top of that, customer payments are becoming increasingly electronic, showing up as ACH and wire statement lines on your daily bank statement. Many times, these electronic payments come with minimal accompanying information in the bank statement itself. Meanwhile, the information needed to settle those electronic payments to the correct invoices is buried in your email inbox as remittance advice. Until now, bringing these two pieces of information together has been manual and time consuming. In order to keep up, automation is a necessity to stay away from tedious manual entries.
The Solution
SKsoft’s Payment Remittance Automation combines the valuable remittance advice in your inbox with the payment information arriving in your bank statement to highly automate the electronic payment settlement process.
SKsoft’s solution automates this task by using Tungsten Automation (formerly Kofax Optical Character Recognition (OCR)) to scan the image files and identify and store fields that are most common in remittance data such as payment amounts, dates, invoice numbers, customers, and customer accounts. The OCR engine monitors an email inbox and turns incoming remittance advice into data. Using the Treasury Automation Suite (TAS) and BankFabric, this remittance data is then transformed and stored in D365.
When a bank statement line is imported and a statement line is identified as a customer payment, SKsoft’s Payment Remittance Automation then uses that stored remittance data to automatically generate the settlement information for that payment.
The Embedded Advantage
Because SKsoft’s Payment Remittance Automation is embedded inside Dynamics 365 Finance and Operations, the solution has the same look and feel as the D365 interface and helps your team avoid logging into disparate systems to simply match your payment remittances. This allows your accounting team to be more productive and precise.
Supporting Data Flows
To support the automation BankFabric acts as the communication hub to push customer data to the OCR engine. This includes new customers and changes to existing customers. BankFabric and TAS are also used to pull the information from the OCR engine into D365 and transform the data into a proper format.
Precise Control through Configuration
Automating your payment remittance procedure calls for a high level of trust in the technology being used. After receiving the data from the OCR engine, the information gets sent back to D365 and through SKsoft’s Treasury Automation Suite (TAS). Through flexible configuration, TAS provides highly advanced matching and tolerance settings that can be configured and applied to the data so that the matching is precise. It can even catch discrepancies between amounts.
Depending on the size of the discrepancy, you can set tolerance levels to account for amounts being off by a small amount. This flexibility ensures that payments are accurately matched and settled, reducing the need for manual intervention.
The configuration also allows flexibility in determining which payments need manual intervention versus payments that processed straight through to posting.
Use Case: Multi-Company or Split Payments
Automating the simple payment remittances that are exact matches is helpful, but often there are more complex scenarios. For example, if a customer routinely submits payments that need to be split across customers or invoices in multiple legal entities, the system can properly handle these payments and assign these payments to the correct legal entity. Additionally, if there is an overpayment or even a mismatch between the invoice and payment amount, the software allows for partial settlement and the creation of additional lines in D365 to handle the remainder in a simple fashion.
Use Case: Handling Exceptions Efficiently
There can, of course, be times where a payment remittance does not automatically match to a bank statement line. In those cases, Payment Remittance Automation allows you to quickly see the transactions that need manual intervention allowing you to focus on just the exceptions. For instance, there are filters to help you quickly identify payments that did not link to remittance advice, payments that did not fully settle, or payments that are complete but are not yet posted. The system also allows you to view the original image to help you settle the payment. With the ultimate goal to achieve a settled and posted payment inside of D365, you have the option to add journal lines to account for exchange rate variances or written off amounts.
Integration with Bank Reconciliation
Payment Remittance Automation integrates seamlessly into SKsoft’s Bank Reconciliation. Because of this integration, when a payment is settled through the PRA process, it is automatically cleared in the Bank Reconciliation process as well.
By automating remittance handling using SKsoft’s Payment Remittance Automation this integration ensures precise financial records, efficient reconciliation, and secure data handling, making it an essential tool for modern financial environments. Embedded directly in D365 Finance and Operations you can reduce time spent on manual data entry and enhance accuracy through advanced OCR technology and automated data flows.
About SKsoft
SKsoft is a leading Microsoft Dynamics ISV, providing solutions and expertise in Banking and Treasury Automation for Microsoft Dynamics 365 Finance and Supply Chain, and Business Central. For 25+ years, SKsoft has pioneered the development of embedded banking and treasury automation software and is continuing to be a leader in the Microsoft Dynamics 365 channel.
Global Fintech Brand Introduces Bankfabric Connectivity and Advanced Treasury Solutions
SK Global, a world leader in embedded banking and treasury automation solutions for Microsoft Dynamics, is excited to announce its transformation into SKsoft, along with updated product offerings. This strategic rebranding marks a significant milestone in the company’s journey toward providing enhanced efficiency for the offices of CFO and treasury through automation and cutting-edge software solutions.
Over the years, the company has built a strong legacy in the Microsoft Reseller Channel, offering a range of banking and treasury automation products and services that have catered to the diverse needs of its clients. Today, with the changing landscape of technology and the emergence of next-generation software solutions, the company is evolving its product line to better serve its customers.
Embracing Next-Generation Solutions
The decision to rebrand is driven by SKsoft’s commitment to staying at the forefront of technology. With the introduction of two new improved product lines – SKsoft Banking and Treasury Automation Suite for Microsoft D365 Finance & Supply Chain and SKsoft Banking Automation Suite for Microsoft D365 Business Central – the company is aligning itself with the next generation of Microsoft Dynamics ERP solutions. These powerful platforms will enable SKsoft’s clients to achieve new levels of efficiency and innovation through automation.
Expanding Reach
Sksoft’s evolution is more than just a name change; it’s a strategic shift to a role as a global fintech provider. While the company maintains its strong partnerships with Microsoft and its Dynamics reseller partners, it is now poised to directly engage with a broader customer base via its global banking connectivity solution, Bankfabric, which is designed to work with any ERP or TMS. This expansion allows SKsoft to offer its transformative banking and treasury automation solutions to a wider range of businesses and organizations.
Clarity and Differentiation
Another driving force behind the rebrand is to eliminate confusion with entities sharing similar names in the market. SKsoft aims to provide a distinct and unmistakable identity, ensuring that customers and partners can easily recognize and engage with its brand. The company’s web address, sksoft.com, has been its corporate website URL since its inception and this will not change.
Positioned for Growth and Innovation as a Global Fintech
“We are enthusiastically ready to announce the evolution of SK Global Software into SKsoft,” said Scott Caudle, CEO of SKsoft. “This rebranding signifies our dedication to providing clarity of our vision and evolution into a global fintech that embraces the latest advancements in solution automation, including AI and low code API integrations, while building upon our legacy as the top global provider of banking and treasury automation solutions in the Microsoft Dynamics space.”
SKsoft is committed to ensuring a smooth transition for its customers and partners during this exciting transformation. The company remains steadfast in its mission to empower financial services businesses with software solutions that drive success and efficiency through automation.
For more information about SKsoft and its offerings, please contact us.
In the Total Economic Impact of Microsoft Dynamics 365 Finance article by Microsoft, they examine a study conducted by Forrester Consulting on the cost-savings and economic benefits of implementing the Dynamics 365 Finance Enterprise Resource Planning (ERP) System. The report assesses the potential return on investment (ROI) that companies may discover through implementing Microsoft Dynamics 365 Finance.
Businesses can choose to further maximize the ROI they receive from Dynamics 365 Finance through leveraging the additional automation offerings provided by Microsoft Independent Software Vendors (ISV). Microsoft ISVs offer solutions that further enhance the automation offered within Dynamics ERP systems. SK Global is one of the top selling ISVs for banking, finance, and treasury automation in the Microsoft Dynamics space.
Key Results from the Forrester Study
Forrester interviewed four businesses utilizing Dynamics 365 ERP system for the Total Economic Impact of Microsoft Dynamics study. The companies’ experiences and interview results were compiled to create a composite business for the purpose of the study.
The companies interviewed in the Forrester Study faced common challenges such as using old solutions with excessive maintenance costs, extensive customization of solutions, lack of uniform financial processes, dependance on manual procedures and common knowledge, and the absence of real-time visibility. These pain points led the organizations to seek out and purchase Microsoft Dynamics Finance to resolve these challenges.
The Total Economic Impact of Dynamics 365 study exposed the following benefits of implementing D365:
- Finance and IT staff efficiency improvements
- Legacy financial savings
- Real-time visibility and data which improved decision-making agility
- Improved regulatory compliance
- Greater system availability
- Integration with the Microsoft ecosystem
- Improved work life balance for finance employees
Considering all the results of the study, it was concluded that Dynamics 365 Finance brought a total economic impact of $3.41 million in cost-savings over three years. The total initial investment was $2.8 million and resulted in an ROI of 122 percent.
How SK Global can Maximize these Benefits
Businesses can maximize the benefits of their Microsoft Dynamics Finance ERP , through leveraging additional built-in automation. Through robust banking and treasury functionality, SK Global takes the financial automation provided in D365 Finance a step further. Our solutions are fully embedded into the Microsoft Dynamics 365 ERP System, preventing users from having to use disparate systems. Our software has the same look and feel as the D365 ERP system and are Microsoft certified. Our solutions are the preferred offerings by our partners and Microsoft. ISV solutions like our Banking and Treasury Automation Suite can deliver out-of-the-box functionality that would otherwise require extensive customizations.
Configuration vs. Customization
Our Treasury Automation Suite is designed to handle a variety of business types. By having robust and flexible configuration options, businesses can run their processes the way they want to through configuration versus expensive and time-consuming customization.
Vast Bank Format Library
Our Treasury Automation Suite has an extensive and ever-growing format library for Positive Pay, direct debits, vendor payments, customer reimbursements or bank to bank transfers. This allows our users to be able to send data to their bank in the exact format required by each banking institution, without having to build and maintain customizations of transforms.
Functionality Specific Pain-Points
Through seamless and secure automation our banking, finance, and treasury solutions works to resolve the following key pain-points directly in the F&O ERP system:
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Banking Integration
Through secure host-to-host connection and direct SFTP and API connectivity with over 140 banks, our BankFabric solution seamlessly transfers payment information to and from the ERP to the bank. This prevents the user from having to download files to their desktop or log onto a banking portal.
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Bank Reconciliation
Through advanced matching and mapping rules, our bank reconciliation solution resolves the challenge of being able to automate daily or monthly reconciliations.
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Vendor Payment Automation
Our APEFT solution resolves the pain-point of processing outbound vendor payments. When making payments globally, many times bank/payment methods require custom data fields not found in D365 F&O. To avoid the need to build custom extensions, our product provides data driven forms specifically designed for each payment method. These are all contained and packaged within each format. Validation rules within the solution provide payment method-specific rules to ensure that all the data needed by the bank format is verified before being sent to the bank. With APEFT you can streamline the process of building and uploading your payment files to the bank, sending response files to reject or approve payment lines, remit advice emails, and journal posting based on email or electronic bank response.
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Check Fraud Prevention
Our Positive Pay solution protects organizations against fraudulent checks. Through seamless automation, Positive Pay sends an outbound file to your bank to protect checks printed out of the ERP.
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AP Invoicing & OCR Scanning (powered by SignUp Software)
SK Global is the North American Distributor for SignUp Software’s ExFlow. ExFlow and ExFlow Data Capture resolve the pain point of capturing, validating, and processing AP invoices. When paired with SK Global’s APEFT and Positive Pay solutions, you can achieve a fully automated AP process in your D365 ERP system.
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Cash Application & Settlement Automation
Our AReSettlement module resolves the challenge of creating payments, settlements, processing lockbox files and other types of customer payment files and applying payments automatically to customer invoices.
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Direct Debit & Mandate Automation
For companies that can directly debit customer bank accounts, our solution automates the procedure through sending an outbound file to the bank with instructions to directly debit their account.
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Credit Card Processing
Our touchless PCI-Compliant credit card processing solution processes credit card information without exposing the credit card number to back-office personnel and automatically applies credit card payments to settle invoices.
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Taking Customer Payments
Our PCI-Compliant ePay Advantage solution is a customer-facing online bill pay portal where they can manage their own wallet and pay their bills through credit card or eCheck payments.
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Reconciling Credit Card Statements
Our Credit Card Reconciliation solution automates the process of ensuring that each settlement transaction on your credit card statement matches up with a recorded customer payment in the ERP.
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Centralize and Consolidate Complex Banking Footprints
Our In-House Banking solution centralizes cash and bank balances for all legal entities into one entity, preventing subsidiaries from having to deal with a separate bank.
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Reimbursing Customers
Customer reimbursement automation resolves the pain point of having to create a vendor record to reimburse your customer.
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Transferring funds between banks
Bank-to-Bank Transfer allows you to execute intra-bank or inter-bank transfers from within your ERP system. It streamlines the process significantly and resolves the challenge of having to log onto a bank portal to move your funds around.
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Supply Chain Financing
For companies using supply chain financing, our module allows you to automate communication with your supply chain finance provider through seamless payment instructions between D365 and the provider.
Key Results SK Global Customers Have Discovered:
Our expertise in developing banking and treasury automation solutions embedded into the Dynamics 365 Finance Operations and Supply Chain ERP system, has led to substantial positive business results for our clients. Here’s some of the key results you can expect when you implement SK Global’s robust banking and treasury functionality:
- Improvements in risk management procedures enabled through fully compliant processes
- Centralized financial processes allowing real-time visibility and reducing initial employee training time
- Substantial increases in efficiency and accuracy through touchless automation
- Significant cost-savings through more efficient and accurate procedures
- Efficiency increases allowing finance teams to focus on value-added activities
- Increased business agility and scalability
SK Global is proud to have robust software that can scale and work globally across any industry regardless of company size. Contact us today at sales@sksoft.com to see how we can enhance your Microsoft Dynamics ERP system.
SK Global Software is excited to announce that we will be sponsoring the Directions Conference as an exhibitor. As one of the top-selling Microsoft Business Applications Partners, SK Global Software is looking forward to attending the event with other Microsoft partners. Our team of banking and treasury experts and even our C-Suite executives will be at the annual Directions North America conference in full force.
As a reputable and award-winning Dynamics solution vendor since 1995, SK Global Software is excited to interact with other developers, implementers, technical experts, sales representatives, and executive owner representatives from across the country and beyond. The conference will be an excellent way to build new relationships, exchange ideas, and discover different ways to maximize the benefits of the Dynamics ERP systems.
Stop by Expo F6 to see the SK Global team!
Visit our booth Expo F6 to meet our team ranging from C-Suite Executives, technical experts, sales directors, and marketing managers. Our team will be ready to network, discuss ideas, or answer any questions. Here’s a list of who you can expect to see at the conference:
- Scott Caudle, Chief Executive Officer
- Tim Kahne, Chief Technology Officer, Co-Founder
- Rick Sandler, Chief Sales Officer, Co-Founder
- Aynsley Keller, Director of Sales & Operations
- Kevin Casselman, Software Development Manager
- Steve Locke, Senior Business Consultant
- Nathan Strong, Marketing Manager
- Morgan Peterson, Marketing Associate
Follow us on our LinkedIn and Twitter platforms for updates throughout the conference!
What to Expect from SK Global at Expo F6
Although we have an extensive product line for Dynamics 365 F&O and Dynamics SL, for the Directions Conference, our focus will be on our banking and vendor payment automation solutions for Business Central. New to the market this year, we released our Vendor Payment Automation and Bank Statement Integration modules for Business Central. These solutions are powered by our Banking Integration and Connectivity solution BankFabric.
BankFabric
BankFabric is our banking communications solution that works in conjunction with both our Vendor Payment Automation and Bank Statement Integration solutions to securely transfer payments to your bank. Through SFTP, API, or Web Services connection, BankFabric allows you to achieve seamless communication with the bank to prevent you from ever having to download payment files or log on to a banking portal.
Vendor Payment Automation for Business Central
Our new Vendor Payment Automation module for Business Central enhances standard payment journal processing by allowing you to process multiple types of electronic payments from a single payment journal. With flexible data driven banking entry fields, our solution eliminates the need to customize bank specific format requirements.
Bank Statement Integration for Business Central
Through embedded automation, our bank statement integration module allows you to easily map reconciliation fields for the bank statement data to support an efficient and precise bank reconciliation. Once the initial mapping is complete, you will not need to remap fields for future bank statements. The next time bank transaction data is imported the existing mapping will be utilized and the data will seamlessly appear in your ERP.
Coming soon Settlement Automation!
Ask us about our upcoming roadmap item for Business Central, Settlement Automation!
Visit our booth, Expo F6, to learn more about how our new banking and payment automation modules can achieve a more efficient automation process in Business Central.
Join us for our live presentation at Directions on Secure Bank Integration for Business Central!
ISV 708 – Tuesday April 18, 4:15 PM – 4:45 PM, Poincina A,B & C Secure Bank Integration for Business Central (Powered by BankFabric)
Presenters: Rick Sandler, Chief Sales Officer, Co-Founder & Steve Locke, Senior Business Consultant
Join us for our presentation at Directions on Secure Banking Integration for Business Central. Mark your calendars for Tuesday April 18th from 4:15 PM – 4:45 PM at Poincina A, B, & C. Our banking integration experts Rick Sandler and Steve Locke will be presenting on our new banking integration and payment automation solutions designed for Business Central. Find out how our solutions achieve secure and seamless bank communications to ease reconciliation and protect vendor payments.