Finance professionals bring the bank to their Microsoft Dynamics 365 Business Central environment with FISPAN's bank-branded embedded app. FISPAN helps streamline daily treasury processes, allowing you to directly manage your payables, view all bank account and transaction details, eliminate manual uploads, automate your reconciliation, and more, all from within Business Central.
Meet Avery: The Finance Professional
[Avery’s] Day in the Life
Finance professionals like Avery wear many hats: from ensuring the organization has the necessary financial resources to engage in day-to-day operations, to assessing and advising based on the firm’s risk profile, their role demands they be up-to-date and poised to generate insights and recommendations.
On any given day, treasurers like Avery may engage in the following core treasury functions, among others:
Meeting Demands Through Technology
Manual (and often tedious) functions are still used by Avery to import data, ensure accurate records, analyze the firm’s financial well-being, and complete the day-to-day tasks of a treasurer. These manual interventions, repetitive entries, and rapidly-changing environments equate to human error, and divert time and attention away from high value-add activities. In a 2021 report exploring finance professionals’ sentiments, 64-69% of respondents noted there to be negative impacts towards their organization due to a lack of process automation.
Avery can turn to technology to increase productivity and elevate her role. In automating otherwise manual and tedious processes, team members save time for high-value activities and are able to quickly generate comprehensive data insights. Findings from softwarepath demonstrate the incredible potential offered by accounting software, allowing companies to nearly eliminate errors caused by manual data entry (by 90%).
ERPs: The Treasurer’s Bread and Butter
Wanting to drive more efficiency for her team, Avery opts to implement an Enterprise Resource Planning (ERP) system. ERP systems act as an integral component of any team’s operations. Acting as a centralized system across departments, cross-functional teams can better collaborate, integrate their data, and understand their organization’s standing. For Avery, this means she no longer has to navigate between reports to reconcile data, cross-reference transactions across departments, or manually pour over spreadsheets to generate valuable insights. In an ERP market facing rapid expansion, the accountant’s role is identified as the most integral ERP function (89%) for companies looking to purchase ERP solutions. It’s no wonder that the Accountant’s day is largely spent within these systems!
ERP Spotlight: Microsoft Dynamics 365 Business Central
Wanting to increase efficiency for her team, Avery uses Microsoft Dynamics 365 Business Central; a cloud-based ERP solution. The business management solution enables greater connectivity across departments: from sales, service, operations, and finance. Through Dynamics 365 Business Central, Avery can streamline her process workflows, take actionable insights with reporting tools, and gain greater visibility into her organization — crucial for eliminating manual errors and streamlining automation!
What’s Missing: The Solution to Avery’s Treasury Dilemma
While the adoption of an ERP system has undoubtedly increased efficiency for Avery’s team, pain points still exist within the treasury process (hint: it’s banking integrations!). When working through her treasury function, Avery finds herself needing to navigate between her banking portal and ERP system: going from tab to tab, checking bank statements and books to reconcile, and manually inputting data from one portal to another. For Avery, that manual entry equates to time that she could otherwise be spending on high-value activities.
FinTechs (like FISPAN) can help treasurers like Avery streamline their treasury management functions. FISPAN is the bridge between the finance professional’s bank and Business Central environment. Through APIs, core banking capabilities are embedded within the ERP environment. This connection enables finance professionals to conduct their treasury functions directly within their ERP: treasurers can view their ERP and bank data in one simple portal, streamline their reconciliation, and automate their treasury management process.
With FISPAN, Avery’s “day in the life” simplifies with streamlined treasury management solutions in her Business Central environment:
—
Interested in how you can seamlessly integrate banking capabilities into your ERP environment, like Avery? Learn more about FISPAN’s embedded app specific to Business Central.