Implementing advanced software from SK Global is an effective way to manage and streamline your financial processes — specifically through the Treasury Automation Suite for Microsoft Dynamics 365. This includes your procedures for customer reimbursement. We’re taking a closer look into the reimbursement process and how the latest version of software available is mitigating challenges and complexity to ensure a more efficient system.

Customer Reimbursement

The reimbursement process originally involved removing the credit balance for the customer account and creating a balance due for the vendor account that corresponds to the customer. While this was a sufficient option to reimburse customers within Microsoft Dynamics 365, enhanced software and solutions from SK Global exist to simplify this process even further.

The main issue found was Microsoft Dynamics 365 customers wanted to avoid the hassle of setting up and maintaining vendor bank accounts to simply reimburse a customer. SK Global version 11 aims to help customers bypass these unnecessary steps to optimize their reimbursement systems.

Upgrading Your Process With Advanced Solutions in Microsoft Dynamics 365

The original procedure only supported customer reimbursement through the accounts payable process — which required both the customer and the vendor to be set up, with bank accounts maintained on both ends. This means if a customer changed their bank account information, it would be necessary to maintain that on the vendor side while pushing invoices or reimbursements from accounts receivable to accounts payable.

Advancements in SK Global’s software allow customers to reimburse directly from their own side, which is advantageous to evade the complications of involving the vendor along the way. Instead of pulling from a vendor bank account number and routing number, the information will be pulled from the customer.

The central features for an improved process in your SK Global software include:

  • Customer bank account approval for customer reimbursements.
  • Supporting inbound acknowledgment files.
  • Customer details and customer bank accounts are used.
  • No vendor is reacquired.

In the electronic funds transfer section of the software, you’re able to set customer reimbursement parameters in the Treasury Automation Suite. This allows you to establish your:

  • Default method of payment.
  • Default payment specification.
  • Minimum amount to reimburse.
  • Minimum days for reimbursement.

Specifying how your customer reimbursement will work can help you optimize your process even more. This section also provides you with the option to include customer invoices or allow overrides on payment proposals. After defining your general guidelines for these procedures, you can continue the process with the customer reimbursement journal in your accounts receivable section.

Creating and sending customer reimbursement files in the treasury automation suite can help you rest assured the process will be efficient and successful. Once a bank sends the inbound file back, the process will automatically complete in the software for you, and if there are any complications along the way, you can easily reverse the posted payment if necessary.

The Benefits of a Streamlined System

According to a report from Statista, the use of online and mobile banking is estimated to steadily increase from 2020 to 2024. Finding ways to make online reimbursements and overall financial operations more efficient will be extremely valuable in the coming years. Advanced solutions from SK Global and Microsoft Dynamics 365 are not only an option to streamline customer reimbursement, but also to save time and money in the process.

Evolving technology enables you to identify redundant operations that can be effectively diminished or cut off altogether. Direct customer reimbursement can help you save time and money while you avoid going between multiple accounts as well as the possible errors involved with a more complex system. While this improvement might seem simple in nature, the culmination of inefficient processes can cost companies as much as 30% of their revenue, as reported by Towards Data Science. Taking steps to employ the most efficient systems possible throughout your operations is the best way to maintain long-term success.

Optimizing Your Financial Processes With SK Global

With solutions from SK Global and the latest software update, you can easily and efficiently manage your customer reimbursements. This is a boon to your overall business, allowing you to avoid any unnecessary, arduous or time-consuming tasks to complete the process.

Moreover, with the Treasury Automation Suite add-on for Microsoft Dynamics 365, you can quickly automate and improve a majority of your most intense financial processes. Enjoy cash payment, vendor payment and customer payment automation, all while increasing your risk management for the most successful and efficient results. These upgrades and solutions exist to empower your finance teams in key functional areas where they might need help the most.

If you’re ready to streamline your customer reimbursement and host of other financial operations, contact SK Global today to get started.