Bank integration helps ELMAB simplify their payment flows
For ELMAB, a leading Swedish manufacturer of hydraulic cylinders and components, Monitor ERP’s Bank integration has been a significant success factor. Bank integration optimizes the finance department’s day-to-day work by automating payment flows, reducing manual input, and minimizing the risk of errors.
“Before we started using Bank integration, we would occasionally make manual errors which made it difficult to locate and look through files”, says Viktor Sandin, CFO at ELMAB.
Prior to the implementation, ELMAB worked the same way as many other companies and did not have a direct link between their finance system and the bank. For each payment, multiple manual steps were necessary such as downloading and uploading files to Monitor ERP and the bank’s portal, which was a time-consuming process. Any errors meant extra work and led to delays in the payment flow, leaving less time for the finance team to focus on strategic tasks.
Bank integration has given us quicker and more secure payment flows, full control, overview of our liquidity, and has reduced the amount of manual work we have.
“We wanted to go from manual work and go towards an automated workflow for more accurate management”, says Viktor.
Once Bank integration was implemented, ELMAB immediately noticed improvements in productivity and a more easily manageable workload for the finance department.
“Bank integration has given us quicker and more secure payment flows, full control, overview of our liquidity, and has reduced the amount of manual work we have. This has freed up a lot of time for the finance department. The development is in line with our ambitions as we continue to transform the finance department from doing administrative work to more strategic and profitable activities”, added Viktor.
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