Today, more and more are being digitized. For example, it is now possible to link your bank account with our system. Incoming payments are automatically processed in your system, and you can easily send outstanding payments to your bank. We are pleased to explain how it works.
Avoid manual work
Suppose your bank account and your ERP system are not linked. You have to manually process each debit and credit in your system. Bank statements must first be downloaded from your banking environment and then uploaded again in your ERP system. Payments that you have to make must be manually retyped and processed, which is prone to errors and time-consuming. The Bank Connectivity Engine extension offers a solution for this. Your bank account is linked to your Business Central environment.
How does the Bank Connectivity Engine work?
A bank connection means that you connect your bank account to your ERP system. This activates a collaboration so that changes in business bank accounts are immediately visible in your overview. These transactions are then recognized by the software and prepared for processing. From your accounting environment, you also have the option to send payments without leaving the platform.
In most cases, you have to approve a connection once via internet banking. In some cases, it is necessary to confirm the Bank Connectivity Engine in writing. This differs per bank. At this moment, the link works with all European banks.
Advantages of the Bank Connectivity Engine
An up-to-date accounting and overview
Thanks to the bank connection, transactions are processed daily in your business overview. Transactions are directly linked to invoices and processed as revenue or costs. You have insight into which invoices are already paid, and payment reminders are automatically sent. Your accounting is up-to-date at all times, providing you with a complete and better overview.
The automated processing makes accounting more manageable, and you have to perform fewer manual actions. You only need to check and process the transactions. Thanks to the Bank Connectivity Engine, you can make payments without leaving your Business Central environment.
Reduce error sensitivity
With the automation, you no longer have to retype incoming transactions. You no longer overlook payments. If one of your customers reverses a transaction, the system will automatically reopen the invoice.