6 Ways Integration Improves the Digital Experience for Finance

By Elyse Kent in Enterprise Integration, Finance Posted Nov 12, 2018

Business users are tired of manual CSV uploads, labor-intensive EDI, and costly integration. SMBs typically have one full-time employee that has to chase down vendors to collect payment and reconcile receipts—an inefficient process. Their time would be much better spent focusing on their core business. It’s highly valuable for these companies to automate these business processes with the power of integration.

So, if you’re a fintech or bank, it’s time to step up and provide your users with a streamlined experience that minimizes headache by connecting to their back-office SaaS ecosystem.

Here are six financial processes that can be optimized with API integration:

[1] TRAVEL & EXPENSE MANAGEMENT

Why it matters:
Gain accurate visibility and control of employee spending and streamline bookkeeping, budgeting and reimbursement processes. Replace spreadsheets, manual entry, and reconciliation with direct connectivity.

Who it matters to: Issuers, CFO’s office/ administration, Employee management

Trendsetter:

Finance Integration Trendsetter | Coupa

Customer Spotlight:

Finance Integration Customer | Concur

Coupa bi-directionally syncs with AMEX, VISA, and bank feeds back into accounting systems.



[2] PAYABLES & RECEIVABLES RECONCILIATION

Why it matters:
Have an accurate view of outstanding invoices to avoid fees, potentially receive supplier discounts, and free up trapped cash. Directly syncing with bookkeeping once payments provides a more precise understanding cash flow.

Who it matters to: Treasurers, Suppliers, Controllers

Trendsetter:

Finance Integration Trendsetter | Nvoicepay
Customer Spotlight:

Finance Integration Customer | Western Union

Nvoicepay bi-directionally syncs payment data with a dozen ERPs.



[3] FX PAYMENTS

Why it matters:
Cross-currency payments are on the rise, giving businesses the ability to execute payments in realtime rates and reconcile those rates accurately.

Who it matters to: CFOs, Accounting, Treasurers


Trendsetter:

Finance Integration Spotlight | Western Union Edge
Customer Spotlight:

Finance Integration Customer | Transfermate




[4] PROCUREMENT


Why it matters:
Accurately match invoices and purchase orders. Ability to manage purchase orders, invoices, expense reports, and payments from a centralized environment.

Who it matters to: Controllers, Procurement/Purchasing Managers

Trendsetter: 

Finance Integration Spotlight | Tradeshift
Customer Spotlight: 

Finance Integration Customer | Bottomline

Tradeshift integrates with ERPs/accounting systems to pass savings along to purchasers and ensure real-time transactions.


[5] FACTORING

Why it matters: Reduce risk by verifying revenue and gaining a factually consistent assessment of financial health. Gain ongoing access to financial reporting and reduce manual workload when determining credit worthiness.

Who it matters to: CxOs

Trendsetter: 

Finance Integration Trendsetter | BlueVine
Customer Spotlight:

Finance Integration Customer | Internex Capital

BlueVine integrates financial data with accounting systems to allow for real-time decision making.



[6] TAX AUTOMATION

Why it matters: Tax and compliance regulations are constantly changing, and global merchants have to stay on track. Automatically sync and update sales and use tax calculations within all business applications in real-time.

Who it matters to: CFOs, Legal, Accounting

Trendsetter: 

Finance Integration Trendsetter | Avalara

Customer Spotlight:

Finance Integration Customer | Vetex

Avalara integrates with ERPs/accounting systems to automate the compliance process, thus reducing errors and audit exposure.


You may have noticed a few common themes across these examples. Integration can:

    1. Eliminate errors

    2. Reduce risk

    3. Bring bottomline efficiency

BOTTOM LINE:

The time is now to do away with manual processes! With the Cloud Elements API Integration Platform, financial services, banks, and fintechs can create workflows based on particular eventing (i.e. invoice created, payment initiated) in any system involved in the integration chain. If you're ready to improve your digital offering, please contact us below. We would love to hear from you. 

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