The mechanisms built into EPICOR Kinetic ERP enable fast and easy integration with the banking systems of the institutions your company works with. Direct integration is also possible. This is the best way to avoid errors caused by manual data entry, while also saving time and money.
Both organizations using ERP systems and banks are highly digitized today. Therefore, automating processes related to sending, receiving, and posting financial settlements is becoming a natural step. EPICOR Kinetic ERP has built-in mechanisms that allow for easy integration with banking systems. Moreover, this connection works both ways. This allows you to generate payments in the ERP system and then transfer them for processing using a file containing all payments. Conversely, bank account statements can be imported into EPICOR and then assigned to individual invoices based on parameters of specific transactions, such as the sender’s or recipient’s name or the bank account number. Naturally, this applies to both customers and suppliers.
In some cases, clients choose a more direct integration—not via files, but directly with banking web services. This allows all processes to take place in a fully automated manner. There is no need to create, save, or transfer any files. In this case, the integration also works both ways.
What does all this mean for system users? Above all, significant time savings, which can be redirected to other, more important tasks that cannot be automated. Equally important is that this significantly reduces the risk of errors. No one has to manually enter a business partner’s account number or the correct amount.
It is worth noting, however, that such direct integration is not possible with every bank. It depends on whether a given institution provides web services. If it does not, only the indirect mechanism using files remains.
Direct import of data from bank accounts allows finance department employees to check their status as soon as they arrive at work without performing any additional actions. Simply click “post” and the matter is closed.
Furthermore, payment recognition can be intelligent. It can be performed not only based on the account number or organization name, but can also take into account whether and what kind of taxes, social security (ZUS) settlements, or loan or lease repayments are involved. In this way, all transactions are automatically posted to the correct accounts. Naturally, this requires some work—in cooperation between the consultant and the client—during the import configuration stage.
