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Thursday, August 28, 2025
Global E-Invoicing Made Simple: Why Sysynkt is the Premier Solution for SunSystems®
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E-invoicing is transforming from a back-office efficiency project into a global compliance requirement. Across Europe, mandates are rolling out at speed. Germany, Denmark, Portugal and Romania already require businesses to issue invoices in strict digital formats. The European Union’s VAT in the Digital Age (ViDA) reform, which came into effect in April 2025, is driving all member states toward real-time reporting and standardised e-invoice frameworks.
The United Kingdom is preparing its own digital VAT reforms, with HMRC signalling increasing adoption of structured invoice formats and real-time reporting to close the tax gap. This puts UK businesses on the same trajectory as their EU neighbours.
Latin America, Asia and the Middle East are also accelerating e-invoice requirements. By 2026, at least seven more countries will have mandatory B2B e-invoice regulations in place.
The trend is universal: governments want greater visibility, faster tax collection and fewer fraud risks. Businesses that fail to adapt risk fines, penalties and compliance delays.
The Benefits of E-Invoicing
e-invoicing delivers clear advantages:
- One connection links you to more than 30 international frameworks
- Automated compliance with local tax standards and invoice formats
- Global scalability proven across 30+ countries
- Reduced costs and errors compared with paper or PDF invoicing
- Faster payments thanks to instant processing and validation
What was once an efficiency play is now a competitive advantage, especially for organisations operating across multiple borders.
Sysynkt: Built for SunSystems, Ready for the World
Sysynkt is more than just an e-invoicing tool. It is a finance automation platform designed for Infor SunSystems® users, delivering seamless out-of-the-box integration with the ERP system you already use.
With Sysynkt, you get:
- Sun-ready integration that ties invoices, procurement, reconciliation and expenses together
- AI-powered invoice capture that auto-codes, routes and posts transactions with minimal effort
- End-to-end purchase-to-pay automation covering requisitions, purchase orders, matching and approvals
- Open Banking integration for live bank feeds, real-time reconciliation and instant payments
- Full e-invoice mandate coverage across Europe, the UK and beyond
The Widest E-Invoice Coverage for SunSystems
Where other solutions focus on connecting to a single network or country, Sysynkt provides the widest e-invoice coverage available to SunSystems users. From the UK and EU to APAC and the Middle East, Sysynkt ensures your business can adapt quickly to local mandates without constant reconfiguration.
This means your finance team can stay compliant, reduce manual effort and focus on strategy rather than chasing regulatory updates.
Future-Proof Your Finance Operations
E-invoicing is no longer optional. It is becoming the standard for governments worldwide, including the UK. The winners will be the businesses that adopt solutions built for scale and compliance.
Sysynkt is the premier out-of-the-box e-invoice solution for SunSystems. With global mandate coverage, deep ERP integration and powerful automation, it ensures your finance team is ready for today’s requirements and tomorrow’s changes.
Monday, June 30, 2025
Sysynkt listed on the Infor Marketplace
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Sysynkt is proud to announce its official launch on the Infor Marketplace, marking a major milestone in our mission to modernise and streamline finance and operations for SunSystems® customers.
The Infor Marketplace is a centralized digital platform designed to connect customers with purpose-built applications that enhance the power of Infor’s cloud-based solutions. Sysynkt’s presence on the marketplace gives organizations direct access to Infor's tightly integrated suite of finance tools.
We're especially proud to be the first built-for-SunSystems product on the marketplace offering a comprehensive suite that includes first like:
- Bank Reconciliation – Automated and accurate reconciliation for effortless financial close, powered exclusively by Open Banking
- Expense Management – Intuitive expense capture, approval workflows, and policy compliance.
- Supplier Onboarding & Management – Digitized onboarding and oversight to minimize risk and maximize efficiency.
- HMRC MTD VAT Compliance – Seamless integration for UK VAT submissions, built to meet HMRC’s Making Tax Digital (MTD) requirements.
This integration underscores our shared vision with Infor: to empower users with powerful, flexible tools that meet complex and evolving business needs, without disrupting existing systems.
We look forward to helping even more businesses unlock the full potential of Infor SunSystems through our expanding platform on the Infor Marketplace.
Monday, June 23, 2025
Sysynkt achieves ISO/IEC 27001 certification
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Today Sysynkt announces that our platform has successfully achieved ISO/IEC 27001:2022 certification, marking a significant milestone in our commitment to maintaining the highest standards of information security and data protection.
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A Global Standard for Information Security
ISO 27001 is the internationally recognised standard for Information Security Management Systems (ISMS), developed by the International Organization for Standardization (ISO) and the International Electrotechnical Commission (IEC). It outlines a comprehensive framework for managing sensitive company and customer information, ensuring its confidentiality, integrity, and availability.
Achieving this certification signifies that Sysynkt has implemented rigorous security controls and systematic risk management practices across its infrastructure, operations, and services. The certification process was conducted by an independent, accredited auditing body following a comprehensive assessment of Sysynkt’s security policies, processes, and procedures.
Building Trust Through Rigorous Security
“With ISO 27001 certification, Sysynkt reinforces our ongoing commitment to safeguarding our clients’ most sensitive data,” said our CEO Kalev Kalamäe. “This achievement is not just about compliance; it's a reflection of our culture of security and the trust our customers place in us.”
Sysynkt’s ISMS covers a broad scope of its product and operations, including software development, infrastructure, customer support, and internal governance. The certification also validates Sysynkt’s continuous improvement initiatives, incident response readiness, and data protection policies, all of which are critical for customers operating in highly regulated industries.
Implications for Clients and Partners
For Sysynkt’s customers and partners, this certification provides assurance that the company adheres to globally accepted security practices. It also facilitates smoother compliance journeys for clients who must meet stringent regulatory requirements such as GDPR, HIPAA, or SOC 2.
“This milestone further strengthens our ability to serve enterprise clients and scale securely across global markets,” added Penny Phillips, our CCO.
Looking Ahead
Sysynkt views ISO 27001 not as a final destination, but as a foundation upon which to build even more robust security and privacy capabilities. The company remains committed to continually assessing its security posture and enhancing its controls in response to the evolving threat landscape.
Sunday, May 4, 2025
Real-time Budgets for Procurement with Sysynkt
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At Sysynkt, we’re constantly pushing the boundaries of process automation and financial clarity. We’re proud to announce the a major update to our live budget checking functionality, empowering finance and procurement teams to make informed decisions, faster.
Budget checking is a critical part of the procure-to-pay (P2P) lifecycle, and waiting for manual reports or batch updates simply doesn’t cut it anymore. With Sysynkt’s latest update, users can now check budget availability in real-time, directly against the actuals, commitments, and budgets held in SunSystems®.
This new functionality - what we call “Actual Actuals” - gives users an immediate and accurate picture of spend, with live commitment postings, reversals, and GRNNI fully reflected in their budget position. No guesswork, no delays - just clear, actionable insights at the moment of decision.
True Real-Time vs. Lagging Legacy
Unlike many competitor systems that rely on static, separate budget ledgers - where spend data and budgets are stored in isolation and synced only periodically - Sysynkt integrates directly with your live financial data. That means no more outdated figures or inaccurate comparisons. Your budget position is always in sync with what’s actually happening.
Even more uniquely, Sysynkt posts commitments and accruals directly to the ledger during processing, eliminating the need for month-end estimation, manual reporting, or delayed postings. Competitor platforms often require finance teams to generate manual reports at period-end and perform manual journal entries to reflect outstanding commitments or accruals. With Sysynkt, it’s already done, accurately and in real time.
By integrating live data flows into our procurement module, Sysynkt helps businesses tighten controls, reduce overspend, and streamline compliance, all without leaving the platform.
Experience the difference with Sysynkt.
Contact us today to discover how real-time budget visibility can transform your financial operations.
Thursday, March 6, 2025
Revolutionising AP Automation: Why SunSystems® customers are surging forward with Sysynkt
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Closing the books at the end of a financial period is always a challenge. For finance teams, this often means long hours reconciling invoices, chasing approvals, and ensuring compliance - all while juggling the demands of everyday business operations.
Yet, despite technological advancements, too many mid-tier organisations, NFPs and other SunSystems sites are still burdened by manual processes or outdated automation tools that don’t quite deliver. That’s where Sysynkt’s cutting-edge AP Automation comes in.
The Problem with Traditional AP Automation
Many existing AP automation solutions rely on Optical Character Recognition (OCR) and template-based text extraction to process invoices. While these methods can offer some efficiencies, they have significant limitations:
- OCR struggles with variability – Invoices come in many formats, and even slight changes in layout can cause OCR-based systems to misinterpret crucial data.
- Template-based extraction requires constant maintenance – Any change in an invoice structure requires reconfiguring templates, leading to ongoing IT overhead.
- Lack of contextual understanding – OCR can extract words, but it doesn’t truly understand the meaning behind them
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The Sysynkt Advantage: True AI Extraction
Sysynkt takes AP automation to the next level with true AI-powered extraction. Instead of relying on rigid templates, our AI-driven approach makes contextual sense of purchase invoices, intelligently recognising and categorising key data points - regardless of format or structure. This means:
- Higher accuracy – Sysynkt intelligently understands invoice details, minimising errors and reducing the need for manual corrections.
- No template maintenance – AI-driven extraction adapts automatically to different invoice formats, eliminating costly reconfigurations.
- Predictive Coding – Sysynkt learns as you process documents, meaning the system will predict coding, reducing the need for manual data entry.
- Fraud Prevention – Intelligently extract and cross reference data on invoices with government and commercial agencies, detect changed bank details and flag unexpected variances.
- Faster processing – Automated invoice recognition and approval workflows ensure payments are made on time, improving relationships with suppliers and cash flow management.
Why SunSystems® Customers Should Embrace AP Automation
For typical SunSystems® customers, be it mid-sized businesses, NFPs, hospitality or financial services, AP automation isn’t just about efficiency - it’s about staying competitive in an increasingly digital world. Here’s why Sysynkt’s AP automation is a game-changer:
1. Unlock Efficiency and Free Up Time
Automating AP processes eliminates tedious, repetitive tasks, allowing finance teams to focus on strategic initiatives like cash flow optimisation, supplier negotiations, and compliance oversight.
2. Reduce Costs and Improve Cash Flow
Manual AP processing is expensive, with costs adding up from labour, late payment penalties, and missed early payment discounts. Sysynkt streamlines the entire process, ensuring invoices are approved and paid on time.
3. Enhance Financial Visibility
With real-time insights into outstanding invoices, payment statuses, and supplier interactions, finance teams can make more informed decisions - rather than reacting to surprises.
4. Improve Supplier Relationships
Faster and more accurate payments lead to stronger supplier relationships, reducing disputes and positioning your business as a preferred partner.
5. Seamless Integration Without Disruption
Sysynkt is designed to work with existing ERP and finance systems, ensuring a smooth transition without costly or time-consuming implementation projects.
Future-Proof Your Finance Operations
The business world is moving towards AI-driven solutions, and finance teams that embrace these advancements will gain a critical edge. Sysynkt’s AP automation ensures that SunSystems® customers can operate with the efficiency, accuracy, and agility needed to thrive in 2025 and beyond.
Are you ready to streamline your AP processes and unlock the power of true AI-driven automation? Visit www.sysynkt.com to learn more.
Wednesday, February 5, 2025
Sysynkt & Core Financial Systems - a new partnership
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Core Financial Systems and Sysynkt - an independent software house providing the world’s only truly cloud-based Opening Banking & reconciliation solution for SunSystems® - have partnered to offer AI-assisted, business process automation for SunSystems customers new and old to the Ireland region and beyond.
The Partnership
By partnering with Core, Sysynkt brings to their Irish and global customers a partner with decades of knowledge working with SunSystems and also extensive finance system innovation and consulting experience, particularly in the aviation and public sectors. As an organisation with a particular focus on empowering customers to simplify their business processes, Core recognises that with Sysynkt they can now offer fresh, innovative and truly cutting-edge technologies to their SunSystems customer base.
Karl O'Leary from Core stated:
“At Core Financial Systems, we believe in simplifying the complex for finance teams—at speed. Innovation isn’t just about new technology; it’s about evolving with industry needs, compliance demands, and local regulations. That’s why strong partnerships are key.
We’re excited to announce our partnership with Sysynkt, a team that shares our vision for innovation and digital inclusion. With their cutting-edge Open Banking platform and tailored solutions, Sysynkt ensures that no company gets left behind as technology advances.
In the coming months, we’ll be rolling out new features — backed by educational sessions and webinars designed to empower Irish CFOs and finance teams to optimise their systems and drive efficiency. Together, we’re proving that you can innovate what you have!
Looking forward to working with Kalev Kalamäe, Penelope Phillips, and the entire Sysynkt team.”
The Solutions
Sysynkt brings SunSystems customers a suite of business improvement process modules built to leverage latest technologies, including file-less Open Banking and AI-assisted invoice automation and workflows. This new partnership allows Core Financial Systems to offer innovative solutions, more in line with its high tech ethos, to its SunSystems clients thus enabling them to be ready and prepared for the new digital innovations occurring in the region. Businesses can expect exciting solutions that address their business challenges, whether they are looking to optimise their operations to save time and money, improve the user experience, or innovate their business models.
Our Customers
With both organisations having a long SunSystems pedigree stretching back decades, our customers can expect high levels of service coupled with hands-on industry experience whether they are in public sector, not for profit, aviation or any other industry. Both organisations pride themselves on putting their customers first and centre.
Kalev Kalamäe from Sysynkt stated:
“As a passionate advocate for SunSystems, I’m delighted to welcome Core Financial Systems as our partner at this pivotal moment. With Sysynkt, we’re bringing cutting-edge, innovative solutions to the Irish region, enhancing the experience for SunSystems’ loyal user base. Karl and his team at Core Financial Systems have built deep, trusted relationships with their customers, making it an honor to collaborate with them as we introduce Sysynkt. Right now, customers seek certainty in their SunSystems investment, and together, we can provide exactly that.”
Website: Core Financial Systems
Monday, September 23, 2024
Sysynkt & DXC Eclipse – a new partnership
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DXC Eclipse - part of the global DXC Technology group, and Sysynkt - an independent software house providing the world’s only truly cloud-based Opening Banking & reconciliation solution for SunSystems® - have partnered to offer AI-assisted, business process automation for SunSystems customers new and old to the APAC region.
The Partnership
By partnering with DXC Eclipse, Sysynkt brings to their Australian, New Zealand and Pacific customers a partner with decades of knowledge working with SunSystems and also extensive business transformation consulting experience. This partnership also allows Sysynkt Ltd. even greater reach in the APAC market. As an organisation with particularly strong technology roots, DXC Eclipse recognises that with Sysynkt they can now offer fresh, innovative and truly cutting-edge technologies to their SunSystems customer base.
Michael Mardirossian from DXC stated:
“We are thrilled to announce the partnership between DXC Eclipse and Sysynkt. With this collaboration, Sysynkt is set to offer the first open banking solution for SunSystems, along with cutting-edge automation capabilities through digital transformation solutions. This provides our existing SunSystems customers with exciting new opportunities to further enhance their SunSystems product in the Cloud as well as on-premise, enabling them to leverage advanced features, improve operational efficiency, and achieve greater scalability.
"The team at Sysynkt, who are passionate advocates for SunSystems, have been exceptional throughout the initial stages of this process. Thanks to their dedication to the SunSystems solution, we are looking forward to working together to serve both our current and future customers.”
The Solutions
Sysynkt brings SunSystems customers a suite of business improvement process modules built to leverage latest technologies, including file-less Open Banking and AI-assisted invoice automation and workflows. This new partnership allows DXC Eclipse to offer innovative solutions, more in line with its high tech ethos, to its SunSystems clients thus enabling them to be ready and prepared for the new digital innovations occurring in the region. Businesses can expect exciting solutions that address their business challenges, whether they are looking to optimise their operations to save time and money, improve the user experience, or innovate their business models.
Our Customers
With both organisations having a long SunSystems pedigree stretching back decades, our customers can expect high levels of service coupled with hands-on industry experience whether they are in hospitality, financial services, not for profit, mining, oil & gas or any other industry. Both organisations pride themselves on putting their customers first and centre.
Kalev Kalamäe from Sysynkt stated:
“As a SunSystems evangelist I’m delighted that DXC has partnered with us at this disruptive moment. Sysynkt can bring exciting, innovative solutions to the APAC region and the loyal SunSystems user base there. Michael and the team at DXC have a strong, trusting relationship with their customers so it’s a privilege to be able to work with them while we introduce Sysynkt. At this time, customers want certainty in their investment in SunSystems and working together we can give them that.”
The Future
As the digital landscape changes with pace in the APAC region, with the uptake of CDR increasing dramatically and ever-expanding digital government and e-invoicing, DXC and Sysynkt are able to meet those challenges head-on and provide a guiding hand to their customers to help them navigate what could be fairly choppy waters. With Sysynkt coming to Australia in September and October, the Sysynkt team very much hope to meet customers new, old and just the plain-old curious at our upcoming Breakfast Briefings in Sydney & Melbourne. These and other joint initiatives we are planning will give clients insights into the latest trends and best practices for their own digital transformation.
Website: DXC Eclipse
Wednesday, August 7, 2024
Sysynkt Announces Deeper Partnership with Microsoft Azure
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Sysynkt is excited to announce a significant milestone in our product's evolution through a deeper strategic partnership with Microsoft Azure. This collaboration will bolster Sysynkt's infrastructure and services with Azure's cutting-edge cloud platform, delivering unparalleled scalability, security, and performance to our customers.
Leveraging Azure's cloud capabilities, Sysynkt will harness high availability, ensuring enhanced security, redundancy and reliability for our innovative solutions for SunSystems®.
Kalev Kalamäe, Founder and Managing Director of Sysynkt Ltd, commented on the partnership:
“Azure’s robust cloud services bring a multitude of benefits to our customers, reinforcing the solid foundation of the Sysynkt platform. As a trusted provider to many of our existing clients, Azure’s infrastructure will enhance synergies and drive innovation within our services.”
While Sysynkt has integrated with Microsoft’s services for several years, this announcement marks a pivotal transition of core services to the Azure stack. Although customers may not notice immediate day-to-day changes, all new Sysynkt instances will be automatically configured to use Azure. Several new customers are already live on the system and existing customers will gradually transition to Azure services over the coming weeks and months, ensuring a smooth and seamless shift.
This partnership underscores Sysynkt's commitment to delivering top-tier fintech solutions by leveraging the best in cloud technology. We look forward to the continued benefits this collaboration will bring to our customers and the fintech industry at large.
Thursday, August 1, 2024
Are you being Yoozed?
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Seen the hype around SunSystems(R) and Yooz lately?
We have too.
With iPOS not able to work with SunSystems Cloud, we could only assume that Infor needed a P2P solution to tick the box for new-business RFPs. Result: Yooz. A French company that's been around for about 35 years, our business analysts reviewed their capabilities (source) and came to the opinion that its very much geared for the low-tier and US market, great for small companies/retail-stores/motels with minimal, basic needs, but when it comes to the complex requirement that typical SunSystems users have, from what we could tell, it doesn't look like it quite hits the mark. We all know that SunSystems has complex features like Business Rules, its own Budgets & Currency Rates and these are MUSTs for any P2P solution.
If you're looking for a system that uses "old-school" text-based data extraction, then they have it. While Sysynkt leverages actual AI, Yooz instead use something they call "Semantic Analysis", which is just an intentionally fancy-sounding word for pattern analysis, basically searching a document's text (printed latin characters only) for key words like "Invoice Number" and calling it "Machine Learning" (we couldn't roll our eyes high enough!) Read more here; Watch out for our upcoming blog post about what Machine Learning actually is and how to spot false claims about it.
Batch or file-based transfers are fine for those with low volumes and requirements, but we struggled to see how that kind of system would truely integrate completely in real-time with SunSystems, while simple linear approval matrices are very restrictive and let's not forget that most organisations require some kind of line-level approval, because header-level alone just won't cut it.
All organisations we've ever dealt with would flat-out reject the concept of paying their suppliers via Virtual Cards or by transferring any amount to the software provider first who'd then distribute the funds to beneficiaries (source). We had to wonder how a solution that focuses on getting you to round out your P2P process by paying via American ACH or printing checks (yes, "checks", can you tell which market it's geared for?) is relevant for the typical SunSystems site.
As one of our long-time SunSystems users said after first use: "It looks like it's from 2008!" 🤷
So amid all the hoo-ha, is it built for SunSystems? We don't think so.
We're not even sure that Infor think it is either, based on some embarrassing comments published in a recent article by Enterprise Times:
"While Yooz states it is a preferred partner, its solution has not yet made an appearance in the recently launched Infor Marketplace [...] For Infor, this seems slightly less important. While SunSystems is a strong product and is now available in the Cloud, that there is no comment from an Infor spokesperson would seem to indicate how strategically important [it] is."
The SunSystems channel partners are being pushed to meet their sales quotas by putting forward Yooz, so if your account manager is suddenly wanting to give you a demo, make sure you don't get Yoozed!
Thursday, June 6, 2024
AcQuum Consulting and Sysynkt Working Together to Drive Digital Transformation
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AcQuum Consulting, a leading provider of management and technology consulting services, and Sysynkt, an independent software house providing the world’s first truly cloud-based opening banking solution for SunSystems® have come together to increase accessibility to digital transformation services for a diverse range of organisation's and industries.
Strengthening Expertise and Capabilities
AcQuum Consulting has a compelling reputation for its expertise in strategic planning, process optimisation, and technology implementation. By partnering with Sysynkt, AcQuum aims to enhance its digital transformation capabilities. Sysynkt brings to the table a suite of the latest technologies, including artificial intelligence, machine learning, and advanced data analytics. This partnership allows AcQuum to offer more robust and innovative solutions to its clients, enabling them to stay ahead in an increasingly digital landscape.
Comprehensive Solutions for a Digital Age
The partnership between AcQuum and Sysynkt will provide clients with a full spectrum of services, from strategic advisory to hands-on technology implementation. Businesses can expect tailored solutions that address their unique challenges, whether they are looking to optimise their operations to save time and money, improve customer experiences, or innovate their business models.
Commitment to Client Success
Both AcQuum Consulting and Sysynkt are committed to client success and have a passion for innovation. This partnership is rooted in a shared vision of helping businesses navigate the complexities of digital transformation. By working together, the two companies can provide more comprehensive support, ensuring that clients can implement and sustain their digital initiatives effectively.
Kalev Kalamäe from Sysynkt stated:
“It’s fantastic that AcQuum has partnered with Sysynkt at this exciting point in the evolution of SunSystems. Leon, David, and the team have been a pleasure to work with so far and it’s clear they have their customer’s interest at heart when putting together meaningful and valuable solutions. I’m incredibly excited at the opportunities the APAC region has and I’m confident that our partnership will bring a breath of fresh air to the SunSystems customer base as it has here in the UK. And as an Aussie, I’m immensely proud to have our product already being received so well by SunSystems users both old and new.”
Looking Ahead
The AcQuum-Sysynkt partnership is set to make a substantial impact across various industries, including healthcare, finance, manufacturing, and retail. As businesses continue to grapple with the challenges and opportunities presented by digital transformation, this collaboration offers a promising path forward. In the coming months, AcQuum and Sysynkt plan to roll out a series of joint initiatives, including webinars, workshops, and pilot projects, to display the potential of their combined expertise. These initiatives will give clients insights into the latest trends and best practices in digital transformation and practical guidance on implementing these strategies within their organisations.
Conclusion
As the digital landscape continues to evolve, this collaboration positions both companies to deliver exceptional value to their clients, helping them to navigate the complexities of digital transformation and achieve sustained success. By joining forces, AcQuum and Sysynkt are not just adapting to the digital age—they are leading the way.
Website: AcQuum Consulting
Wednesday, May 8, 2024
European Council on Foreign Relations (ECFR) Implements Sysynkt Purchase Invoicing for SunSystems to Streamline Financial Processes
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European Council on Foreign Relations (ECFR) Implements Sysynkt Purchase Invoicing for SunSystems® to Streamline Financial Processes
The European Council on Foreign Relations (ECFR) has gone live with a successful implementation of Sysynkt Purchase Invoicing, a cutting-edge solution designed to enhance accounts-payable and financial management processes.
Sysynkt Purchase Invoicing is a powerful tool that enables organisations to streamline their purchase invoicing processes, improving efficiency and accuracy while reducing the administrative burden. By automating the purchase invoicing workflow, ECFR aims to optimise its financial operations, allowing for greater transparency, control, and cost savings.
Sysynkt Purchase Invoicing for SunSystems offers a range of features designed to simplify and streamline the purchase invoicing process, including automated invoice capture, intelligent data extraction, configurable workflows, and seamless integration with SunSystems.
"We are delighted to support the European Council on Foreign Relations in optimising their financial processes with Sysynkt Purchase Invoicing for SunSystems," said Kalev Kalamäe, Director at Sysynkt. "By automating their purchase invoicing workflow, ECFR will be able to achieve greater efficiency, accuracy, and control across their regional offices, enabling them to focus on their core mission."
The implementation was conducted in conjunction with Touchstone FMS and Wave Consulting.
About European Council on Foreign Relations (ECFR): The European Council on Foreign Relations (ECFR) is a pan-European think tank with offices in seven European capitals. ECFR is dedicated to promoting a coherent and effective European foreign policy.
About Sysynkt: Sysynkt is a leading provider of financial management system extensions, offering a range of innovative products designed to streamline financial processes for Infor SunSystems customers and drive business success.
Thursday, February 22, 2024
No Business Left Behind — The Case for Digital Inclusion
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Common months for ‘closing the books’ (year-end) are December and March — which means many companies have just completed or are working on making sure their company’s finances are in order
As anyone who has ever been involved in this knows it is a stressful time with many finance teams finding themselves overworked especially when tracking down and matching invoices, payments, employee expenses — not to mention having to chase debts and ensure they are complying to the latest regulations while continuing to support the everyday running of a business.
For some businesses, the technology they have invested in means their finance teams can concentrate on the more complex issues and make better decisions (by analysing their data in near real-time) as they have automated many of the functions. But this isn’t the case for far too many.
DEI – Diversity, Equality, and Inclusivity
Promoting DEI is important to all at Sysynkt — and we don’t just mean concerning people! One way we do this is using our affordable software to enable digital inclusivity — which we see as making sure companies of all shapes and sizes have access to being able to transform and automate their finance operations and gain competitive advantages by doing so.
Software implementation costs and the scarcity of skilled resources plus the ‘user licence model’ have long been barriers to many businesses including NGOs, smaller companies, and startups being able to invest and benefit from software solutions that will make them more efficient and give them an opportunity to cut their overall operational costs.
In the challenging landscape of 2024, where many businesses are facing a tough start, it becomes increasingly crucial to create an environment that levels the playing field. Ensuring that every business has the best opportunity not just to survive but to thrive is of paramount importance. By reorganising and revamping finance functions using technology, companies can restructure their processes and procedures without having to completely replace their existing systems.
Advantages of Digital Finance Transformation
The advantages of automating your finance function are wide reaching including:
- Increasing efficiencies: automate the everyday, repetitive tasks so your team has more time to work on more complex or rewarding tasks (for them and the business) such as debt collecting, more 121 time with key clients and suppliers.
- Joining the Open Banking revolution: reach new customers, reduce late payments, manage real-time cashflow, access cost-effective finance, and streamline business administration.
- Accessing your valuable and relevant data so you can make better and more timely decisions.
- Making life easier for your team and suppliers. Your people can upload and ultimately get paid for expenses from anywhere in the world—gone are the days of returning from business trips with a stack of receipts to sort through. With a supplier portal your suppliers can onboard themselves, open their invoices, orders and update or validate their details.
- Improving your carbon footprint.
Save money. Save the planet!
For too long companies have been tied into user licenses for complete product suites where underutilisation is rife. This not only wastes money but is contributing to climate change as everything needed to power emerging technology, for memory systems and data centres takes up masses of electricity the generation of which produces vast amounts of GHG (Green House Gas) emissions.
53% of SaaS licenses go unused while companies use over 300 SaaS apps on average
(Ref: Productive, June 2023)
As Sysynkt was designed and built by consultants who wanted to stop such waste it was important to be able to offer unlimited users, the ability to select one or more modules—from banking to procurement to expenses—and to be able to give access to as many people as you need to, for as long as you want, and only pay for usage.
Technology Can Be Great, But People Still Matter
Even the best SaaS solutions won’t be effective if you don’t have the right team in place to help manage your business. No matter what the size and stage of your company is, you need to take a long hard look at recruiting the right people to ensure the financial health of your company.
There’s an increasing trend (and demand) for chief revenue officers (CROs). To some extent they carry out the role of the more traditional VP of Sales but, according to Gartner®, “A chief revenue officer (CRO) is a corporate executive responsible for all revenue generation processes in an organization. CROs are accountable for driving better integration and alignment between all revenue-related functions, including marketing, sales, customer support, pricing and revenue management. They are also responsible for overseeing the strategy for profitable revenue generation over the organisation's long term.”
When recruiting be mindful, as with filling all roles, that you employ a CFO or CRO that is the right fit for your business—if you are a startup or small company in the tech space going after a previous CRO/CFO of Google, Slack, or Stripe is probably not the best idea. The cost of such talent will of course be prohibitive but their skillset and mindset more than likely not what you need! You may also be better placed to recruit a CRO to help boost revenue alongside the CEO who can work with a strong accountant than invest in a CFO in the early days.
Four Key Takeaways
- Becoming part of the digital revolution doesn’t mean throwing out your existing ERP or other finance systems. However, if you haven’t been able to invest in any finance technology you can leap ahead at a fraction of the cost and hassle with systems such as Sysynkt!
- Save money and the planet by stopping paying for individual user licenses. Ensure you are only implementing (and paying for) the modules you need – if you only have a few suppliers, you may not need to invest in a purchasing module until you grow.
- Like all things in life, all SaaS systems are not created equally. Do your research and don’t be fooled by ‘shoehorned cloud solutions’. Look for those specifically designed and built for the cloud with embedded AI that has a purpose. Then get comparative demos and costs...
- Integration should not mean huge consultation costs, disruptive amounts of downtime, or a 12, 18 or 24-month project. Seamless integration should work smoothly with the existing system without inconsistencies whether on-cloud or on-premise.
It’s time to level the playing field. We’d of course like to help you! For more info www.sysynkt.com
Monday, January 8, 2024
New Year. New Feature
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As we kick off 2024, we're delighted to introduce another efficiency-enhancing feature to Sysynkt — welcome to the Preview Email functionality.
This latest addition allows you to effortlessly preview the email corresponding to your invoice document directly within the Sysynkt platform. Say goodbye to the hassle of toggling between your inbox and Sysynkt — now, with just a click of the 'View Email' button, you can seamlessly access and review the associated email alongside your other Sysynkt activities.
Don’t be left behind in 2024— we are ready, able and eager to assist with your digital finance transformation, regardless of your company's size.
If you’ve got a question or are curious to know more, let’s chat: hello@sysynkt.com
Monday, December 18, 2023
‘To Be Sysynkt’ Series of Chats—Pains in Your SaaS with Kalev Kalamäe
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If you’re involved in finance, into fintech, have an ERP (on-premise or cloud) that is tedious to use, or are looking to make savings and improve efficiencies, you may be dealing with a few ‘Pains in Your SaaS’. If the answer is yes to one or more of these, the following article on what Kalev Kalamäe had to say—in the first of our ‘To Be Sysynkt’ series of chats—is a must-read.
Q1: Hello Kalev—Sysynkt was officially founded in 2020 but you’ve been developing Sysynkt since 2016 - can you tell us a bit about your background and what started you on this journey?
A: It’s really something that was gestating for a decade; I'm a techy person by nature so when I landed my first accounting role out of university and had to use Sun, I naturally looked for ways to make all the tedious processes easier. I built some fun little apps using macros and VBA that did niche jobs for us, but they were quite basic. David Shahinian at Forpoint introduced me to the world of companion products, which is where I really cut my teeth with the Sun ecosystem, it was a truly fun and worthwhile time, but maybe because I was younger than your typical consultant I started to ask why there wasn’t much innovation, particularly when I saw clients doing the same, tedious processes that I used to have to do. All along I was expecting that products and software would evolve, but they never did, so one day I sat down and started building a solution—Sysynkt was born.
Q2: You mentioned you were frustrated—what from your experience would you say are your top three pains in your SaaS?
A: I certainly was frustrated—here’s why:
- We’ve seen a host of existing players launch “cloud” versions of their products over the years in a mad run to “tick that box” but there’s been a few common themes and pains that have ultimately meant that the whole experience has been less than ideal. Probably the most painful part is that the traditional player’s cloud offerings are simply just “ports”, simple web-enabled versions that ultimately just are the existing products with a new coat of paint. There’s been no innovation and the architecture is not fit for the 2020’s. All this means that the typical, modern user in a finance office expects modern speed and features that we get with all our other day-to-day apps, and that’s just lacking.
- Cost is also a big pain point, and that means a lot of things. With SaaS you don’t need to worry about infrastructure, maintaining servers or even the electricity! When it comes to patching and maintenance, SaaS does away with the need to schedule consultants to run patch updates—that’s if you can find a consultant that has any availability—with SaaS customers get immediate services and support. Put it this way: why is it that a 7 year-old kid can update all the apps on their phone with the click of a button, but finance systems need so many resources just to run on the latest version of Windows?
- Innovation – or the lack of it – is probably my final pain point. The world is moving rapidly, and technology is changing all the time. In the SaaS world, we can tackle this head-on by building systems from the ground up in such a way that we can embrace new technologies, trends, and practices and importantly deliver them to customers immediately. This cannot be said of the traditional players who are typically on a much slower cadence, often constrained by design decisions made for their software decades ago, before the internet was a thing!
Q3: It’s been estimated that a company with 1,000+ employees has between 150 to over 250 business process apps—of all the business process solutions on the market today —what makes Sysynkt different?
A: The number of business process apps companies have is unmanageable and unnecessary, especially in the Sun market where users must jump from app to app to app to do basic functions. Sysynkt gets rid of the need for so many separate single-function apps into a unified workspace, where modules and communicate with each other. The fact that we’re [Sysynkt] born in the cloud—true cloud—means that we can rapidly deploy to customers while also quickly respond to issues. And obviously the whole re-invented environment by its very nature is geared to embrace new technologies immediately.
Q4: I’ve heard you say that no company should be excluded from the advantages digital transformation can bring—what do you mean by this and what are you and #teamSysynkt doing to make a difference?
A: This is really important to me. Our unlimited-user and volume-based pricing model opens up opportunities that were otherwise prohibitively expensive, especially in the NFP and SME space. I remember one horror story of a customer who could only afford licences for half their staff, so they started sharing logins, meaning that the whole point of control and audit was lost. With Sysynkt we want the question of users licences removed completely; why should someone have to fork out some huge amount for a licence for an employee who only lodges one or two expense claims a year? I like to think that we are democratising cloud finance systems by offering access to everyone at a fair price that reflects a customer’s actual usage.
Q5: You mentioned AI—well Generative AI—tell us more about it and the enigma that is Audrey…
A: Our AI-Assisted Document Recognition Engine—or Audrey to her friend is fun, I like her a lot.
She’s lots of things. When people throw around words like “Machine Learning”, “AI” and “OCR” typically they don’t know what it really means and how it’s actually used. Audrey is the recognition that there are lots of models and approaches that can lead to desired outcomes, because no two companies operate in the same way. Audry leverages the broader strengths of massive AI models to intelligently recognise documents before applying more nuanced customer-specific actions.
Q6: Open banking—can you tell us a bit more - is it secure and safe to use? How do you make sure Sysynkt helps to protect your customers' data?
A: Most of us are using Open Banking already in our day-to-day lives when we are paying bills or splitting dinner at a restaurant. The advantages of Open Banking are twofold—first is that it’s entirely API, so there's no need for file transfers, FTPs, and other clunky—and insecure banking—it’s consent-based, meaning that you're in complete control of the data; everything happens at the bank itself, Sysynkt never sees your credentials, but the consent means that we do the heavy lifting for you.
The best part is that if a new bank started tomorrow, you’d have access to it in Sysynkt tomorrow. No software updates, no file formats, it will just be there ready to go.
Because Open Banking is still new, there’s a lot still to be implemented. Watch this space, particularly when it comes to things like Open Utilities, Open Billing and Variable Recurring Payments.
Q7: SaaS is one of the most important technologies in business success—what’s your prediction for tech developments in 2024—what excites you about Sysynkt’s plans/roadmap?
A: We’ve got a lot in our roadmap that I could talk about, but if I had to say what excites me the most it would be Passkeys. Yes, something as simple as logging in isn’t typically very exciting, but the adoption of Passkeys to me represents the industry-wide effort to secure people’s data and identity in a simple but secure way. If someone isn’t offering Passkeys as an authentication method in their applications by the end of 2024, then it will be a real indicator of how serious they are about security and innovation as a whole.
Q8: You talk about super-charging SunSystems - in no more than three sentences, how do you do this and can Sysynkt bring the same benefits to other ERP systems?
A: We make Sun fun again.
No, truly, we take pain out of the every-day processes that finance teams across the world are having to deal with when they could be spending time on more critical, value-add tasks. I hope people can see that Sysynkt is something written by Sun users, for Sun users. The fact that we’re true cloud and a new player means we are doing things differently, the days of “same old” are gone.
Q9: It’s a tough market for all businesses at the moment—and many tech startups are vying for funding. Why won’t Sysynkt be another flash in the pan?
A: We are different and here are four reasons why:
- We’ve been developing, testing and refining Sysynkt since 2016—plus it is a true-cloud system not a ‘port’ as I explained above in Qu2.
- We are not competing for the limited VC investments—we have a backer and mentor who not only believes in Sysynkt as a whole but brings his decades of business experience to help us grow in a sustainable way. We see this as a major competitive advantage!
- We’ve already got real-life customers with increasing daily transactions and a super healthy pipeline.
- Last but not least, we have attracted not only a bunch of talented Sysynkters but also incredible consultants and partners… and as far as the number of SaaS providers—there may very well be a shakeout but the indispensable ones that truly add value—like Sysynkt ;) won’t go anywhere.
Q10: When you’re not at Sysynkt, coding or travelling how do you like to spend your free time?
A: Ha, what’s free time? I hung up my rugby boots last year after being lucky enough to play alongside some great people; that was a really important activity for me over the last decade but now I'm using the extra time to enjoy local live music events or facetiming my nieces and nephews.
Got a pain in your SaaS? Want to know more about Sysynkt? We’re all ears and ready to help—send us an email and we’ll take it from there hello@sysynkt.com
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