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Business vs the pandemic - new challenges for companies - Marta Postek, Director of Transactional Banking Department in Bank Millennium

07.08.2020

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The pandemic has brought many challenges for businesses. One of the biggest ones is the cost reduction pressure, which is necessary given sales activity reduced by COVID. Thinking about reducing costs in the area of finances it makes sense to focus on quick wins, which will bring tangible process savings at short notice with the lowest possible expense. Digitalisation, automation and robotisation - it appears that this sequence of understanding change is the proper one. You cannot automate processes, which were not transferred to the world of virtual data, not to mention robotising them.

Unfortunately there are still many companies, which have financial accounting systems implemented many years ago, sometimes at the launch of their operation, in result of which they now have technical debt. Many processes, especially in the financial-accounting area, are manual. These companies are not suited to integrate their systems via network interfaces, they do not cooperate with e-commerce platforms.

Meanwhile for some years now corporate banking has been providing what is known as WEB SERVICE or API, Millenet Link in Millennium. It allows a fairly easy connection of a company’s financial-accounting system with the bank’s app. This solution may be such a quick win. Thanks to this service accounting departments get specific benefits such as automatic uploading of statements and transferring files to the company’s financial-accounting system without the need to log-on to the banking system, automatically downloading a history of transactions, at any time of day, any times in a day and automatic downloading of the account balance without the need to log-on, sending transfers automatically together with their authorisation directly from the financial-accounting system without the need to log-on to the banking system, without transferring files or entering transactions manually. This solution also allows i.a. automated sending of data about invoices purchased and to be purchased in case of using factoring.

Companies, which are not prepared for integration through network interfaces, can choose between various models of integration., starting from off-the-shelf solutions to bespoke projects and they can count on the bank’s support in the process. At the same time, because the bank cooperates with providers of financial-accounting systems, they will also not pay the cost of such integration.

Automation of accounting processes quickly leads to real process savings - time, speed, efficiency, accuracy, security. They are not always equivalent to reduction of the salary budget, but are done to use the same resources to do more or smarter.