Streamline payments in Dynamics 365
The payment systems of many companies have become increasingly complex in recent years. Where retailers first only had to process payments from shoppers and suppliers, now products are offered through various online channels. Online stores represent an important channel, but products are also sold through resellers and via market places. Customer and supplier payments therefore flow in and out of the organization through various routes.
I see that it is difficult for many clients to process payment transactions in an efficient and accurate manner. We see that payment traffic has increased at companies working in retail, as well as at financial service providers, trading and manufacturing companies. In fact, every business – to a greater or lesser extent – has to deal with the ever-returning and often time-consuming work involved in processing digital bank statements. Additionally, some companies experience peak loads due to seasonal influences – for example.
The complete processing of bank statements – including the debiting of payments with open items – is and remains a time-consuming process within standard Dynamics 365, which is very demanding on the financial administration.
The solution: Extended Banking
At Broad Horizon, we reviewed how we can help our customers with these challenges. The solution is Extended Banking, a product developed by us n which is an intelligent system that is fully integrated within Dynamics 365 Finance & Operations. This enables our customers to process bank statements quickly and automatically, with the option to include the automatic processing of reversals. This saves them a lot of time and saves significantly on costs.
In a sense, the payment process is streamlined in Dynamics 365. For example, Extended Banking reads transactions without human intervention and processes them efficiently and accurately. Bank transactions are automatically linked to the correct supplier or reseller. Full processing of reversed direct debits is also taken care of. Throughout the process, fewer manual operations are required. This means that your administration will always be up to date and there is less chance of errors in the movements.
Want to know more?
Extended Banking relieves the burden on financial administration and provides increased productivity and significant time savings. Do you also want to offer your colleagues in the finance department a solution that further streamlines payments in Microsoft Dynamics 365? I would be happy to tell you more about Dynamics payments en Extended Banking options.
If you are interested or just want to discuss the possibilities, my colleagues and I would like to hear from you.
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