Posted by Louise Rock-West - Progressive TSL
Recently, Progressive TSL has seen increased interest in the complementary tools we offer alongside our core Infor SunSystems solution to streamline processes. Here we discuss the benefits of using BankLinks for Business (B4B) to save your business time and money when making electronic payments.
B4B is Professional Advantage (PA) product. We offer this along with other Professional Advantage tools – PAMTD (see our recent Making Tax Digital article for information) and Bank Reconciliations (discussed later on in this article).
When bank payments are made manually, there is always the risk of human error (I.e. the payment does not match the invoice, the payee's details are entered incorrectly, or an invoice is paid twice.) With Banklinks for Business (B4B), there is a single point of data entry – once an invoice has been entered into Infor SunSystems, there is no need for rekeying.
B4B pulls the invoice data directly from Infor SunSystems, matches with beneficiary bank details and provides a file in the bank format for payment – no need to re-enter data. If changes are required to beneficiary bank details, you can set approval to ensure that internal controls are met and bank details are accurate and secure.
Processing bank payments can be challenging for our oil and gas clients - particularly those that trade across several different countries or continents - as the banking payment procedures can vary significantly.
B4B supports global payment operations so that wherever your assets are, or wherever you run your business from, you can make international payments that comply with that countries' strict financial guidelines. B4B will also manage multiple currency, and multiple beneficiary account complexities, I.e. payments in different currencies for the same supplier, or payments to multiple bank accounts for a single supplier.
As part of the B4B client implementation, where necessary, Progressive TSL will develop new payment formats to adhere to a country or bank's specific requirements. To support the many Progressive TSL clients trading in Africa, we have established links with a number of key African banks and streamlined their payment processes.
While your payments are being taken care of by the BankLinks solution, your statements can be maintained by PA's Bank Reconciliation add on for Infor SunSystems. It's a one-step statement import that allows businesses to automate their reconciliation, and query non-reconciled items either on-demand or scheduled - without the need to convert to a journal or reference file - even with statements across multiple accounts. It provides a statement audit trail report on all your unmatched items so that you can complete compliance requirements and well as limiting unwanted duplications of statements.
Together these two tools can provide increased control over your bank processes from statements through to payments.
We have cultivated a great long-standing partnership with PA (In July 2019, we were named as their Sales Award partner for Q4 2018). We use our specific oil and gas expertise to tailor your financial processes to meet the intricacies of your business. Progressive TSL acts as an intermediary between banks and the PA software to facilitate the setup and running of bank links for oil and gas businesses.
To discover more about BankLinks for Business / Bank Reconciliation and how it will save you time and money through streamlined financial efficiency, drop us a line or contact your local Progressive TSL office.
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