Electronic Funds Transfer (EFT) for SAP Business One

A video on the features and benefits of Electronic Funds Transfer for SAP Business One can be found below.

Implement EFT to resolve inefficient processes

Issues with performing EFT directly from online banking:

• No remittance advice sent to business partner
• Increased reconciliation issues
• Redundant tasks
• Manual emails to reconcile or advise of payments

Issues with writing checks within SAP Business One

• Studies have shown $8.00 to get a check printed and mailed
• Printing costs
• Signing time and effort
• Mailing time and costs

Realize the benefits of EFT for SAP Business One

• Maximize cash flow
• Increased BP relationships
• Better control and easier reconciliation
• Streamline accounts payable and receivable processes
• Reduce payment processing costs
• Increase security
• Reduce days outstanding.

Some key features of EFT include the ability to:

Create bank transfer files formatted for your bank

EFT comes with pre-installed NACHA and CPA file formats to ensure compatibility for all banks in the US and Canada. You then have the option of customizing any of the pre-loaded templates using EFT’s configuration tool to edit, add, or remove data fields. You can even create your own templates by building record types and data fields that match your requirements.

Pay vendor invoices on time and reduce customer collection times

EFT’s Payment Wizard easily creates EFT/ACH payment transaction files. Set up both Vendor Outgoing Payments and Customer Incoming Payment transactions. With the click of only one button, you can create files to upload to your bank to complete the payment process.

Instantly notify your vendors when a payment is made

EFT’s remittance emails allow you to notify your vendors when a payment has been made. These emails are generated with one click and include an attachment with the invoice number, date, total amount, and purchase description. Any additional data from a user-defined field can also be pulled onto the invoice.

Enhance the security of your accounts AP and AR processes

With EFT, you no longer have to deal with checks being lost in the mail, stolen, fraudulently cashed, or securing check stock. EFT’s pre-note function validates vendor and customer payment information, making sure that the transaction is sent to the correct bank account.

Automatically keep a record of all your EFT Payments

EFT provides one centralized location for quick access to all of your EFT payments in a folder on your network. Easily view any EFT for verification purposes. In addition, you can review the audit trail at both the transactional and file-level!

Third Wave’s Electronic Funds Transfer allows you to do all this and more!

Talk to an expert today to get started

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Innovation at Heart

As the most experienced SAP Business One Gold Partner in North America, we help scale and support your business, every step of the way. Our expertise extends beyond SAP Business One and ERP. Our customers enjoy having a single provider for all their needs. No matter how your business system requirements grow and change, we are there to assist you.

Third Wave’s implementation process and consulting team has created a customer retention level average of 98.7% year over year and is the only partner to achieve 100% customer retention. We have a 95% implementation success rate. Contact us and see how we can help you get the most out of SAP Business One.

Talk to an expert today and discuss how we can help you get the most out of SAP Business One

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SAP Business One runs better with Versago and Bizweaver, our innovative portal and business process automation platform for modern operations.

Extend the power of SAP with a connected workforce and smart integrated eCommerce, CRM, EDI, and 3PL with SAP Business One.

Are you looking to reduce costs, maximize cash flow, and streamline your accounts payable and receivable processes? How much would your company benefit from a seamless process within SAP Business One that electronically transfers payments and cash receipts via EFT/ACH bank transactions? With Electronic Funds Transfer for SAP Business One, you can utilize the solution’s Payment Wizard to quickly create an EFT bank file, all while increasing security and reducing payment processing costs.

Some key features of EFT include the ability to:

• Create bank transfer files formatted for your bank –EFT comes with pre-installed NACHA and CPA file formats to ensure compatibility for all banks in the US and Canada. You then have the option of customizing any of the pre-loaded templates using EFT’s configuration tool to edit, add, or remove data fields. You can even create your own templates by building record types and data fields that match your requirements.
• Pay vendor invoices on time and reduce customer collection times – EFT’s Payment Wizard easily creates EFT/ACH payment transaction files. Set up both Vendor Outgoing Payments and Customer Incoming Payment transactions. With the click of only one button, you can create files to upload to your bank to complete the payment process.
• Instantly notify your vendors when a payment is made – EFT’s remittance emails allow you to notify your vendors when a payment has been made. These emails are generated with one click and include an attachment with the invoice number, date, total amount, and purchase description. Any additional data from a user-defined field can also be pulled onto the invoice.
• Enhance the security of your accounts payable and receivable processes – With EFT, you no longer have to deal with checks being lost in the mail, stolen, fraudulently cashed, or securing check stock. EFT’s pre-note function validates vendor and customer payment information, making sure that the transaction is sent to the correct bank account.
• Automatically keep a record of all your EFT Payments – EFT provides one centralized location for quick access of all of your EFT payments in a folder on your network. Easily view any EFT for verification purposes. In addition, you can review the audit trail at both the transactional and file level!

If you think EFT might be a good fit for your organization, contact Third Wave today! For more information, check out the video!

I have been at Third Wave for almost a year and a half.  I wish I knew about the ease of the certain accounting processes at my last job that I enjoy at Third Wave.  For example, Advanced Productivity Pack (APP) allows me to send many invoices to customers through the advanced delivery definition module with a few clicks of my mouse.  The emails are easily created with PDFs of the invoices and related service reports.  Also, an activity record is created so it creates transparency within Third Wave and allows others to see when the invoices were emailed.  Another example of streamlined accounting processes at Third Wave is the use of our Electronic Funds Transfer (EFT) module.  This module allows us to make vendor payments quickly and easily.  Once vendor invoices are selected for payment, they are processed in SAP Business One.  Then you generate EFT files that are uploaded to the company’s bank website and processed.  The last step allows you to utilize the advanced delivery definition to send emails to the vendors with an EFT remittance advice stating that payment was processed.  It takes about 15 minutes to pay 20 vendors and email them their remittance advice.  Nothing is easier than this process and who wants to spend hours a month processing vendor checks.

-Guest Blogger: Michael Cirillo, Controller