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Introducing Sysynkt, Automation for SunSystems.

Last week we officially launched Sysynkt: the built-for-the-cloud Automation platform for SunSystems.

In this FAQ blog, we cover what Sysynkt is, what processes it covers, how it integrates with SunSystems and how it can benefit your organisation.

What is Sysynkt?

Sysynkt is a built-for-the-cloud, new and exciting automation platform for SunSystems that handles some of the most labour-intensive financial processes. Any finance professional knows how much time is spent getting transactions into SunSystems, making sure they are accurate and have been authorised. Whilst some of these can be uploaded from Excel or other systems, not all can. Using innovative technology, including AI and other algorithmic techniques, Sysynkt reduces the time it takes to carry out these processes, thus making the finance function more efficient and productive.

Why do I need it?

The business landscape is being transformed by technology at an ever-accelerating pace. One technology that has quickly emerged as a cornerstone of modern business operations is Artificial Intelligence (AI). As the digitisation of business processes continues to evolve, AI, coupled with automation, has become integral to modern Financial Management (FMS) software. Not integrating AI and automation into your FMS will ultimately lead to the Finance function falling behind the rest of the business and being unable to underpin the fast-paced decision-making required in today’s competitive environment.

What processes does it cover?

Sysynkt Banking uses Open Banking to link over 2,000 banks and payment bodies – allowing you to make payments quickly and securely, without moving files around. Using the same Open Banking link, bank statement transactions can be downloaded directly from your bank account into Sysynkt for auto-reconciliation against SunSystems.

Sysynkt Purchasing gives your organisation full control and complete visibility over the purchasing processes. From onboarding and managing suppliers through a self-service portal, to a full purchase-to-pay cycle (P2P). Using AI assistance Sysynkt Purchasing ingests purchase invoices, codes, and 2 and 3-way matches and, routes them for approval.

Sysynkt Currency Rate Automation for SunSystems simplifies and automates the process of getting exchange rates into SunSystems without the need to import and export files, and so it also reduces the risk of errors.

 Sysynkt Expenses gives you an easy-to-use expense management tool which can be used by your entire organisation. Using innovative technology and AI assistance, it can read receipts, regardless of source and automatically create an expense claim to be routed via its powerful workflow engine for approval, matching and posting to SunSystems.

How closely does it integrate with SunSystems?

The simple answer is 100%, whether your SunSystems implementation is hosted on your own servers, through a third party or you’re using SunSystems Cloud, Sysynkt will exchange information with SunSystems seamlessly and in real-time. Using its powerful APIs and SunSystems Connect you will see your chart of account codes, analysis codes and other reference data in Sysynkt. Postings are made instantly to SunSystems, and the journal number is returned.

How will it benefit my organisation?

Sysynkt can bring benefits right across your business. In the Finance department, it will save your team significant time in processing transactions – particularly the AP team. Purchase invoices can be ingested into the system and AI is used to harvest the header information, line level detail is read and coded and routed for approval using user-defined rules. Suppliers can be onboarded more efficiently using the supplier portal, where they fill in the details and your team validates them. The payment process is made quicker and easier, run generate payments in SunSystems and Sysynkt will take the data, attach the relevant invoices and send an instruction to the relevant person to review and authorise. There are many more examples, but in summary, you will save significant time, accuracy will increase, efficiencies will be achieved, and productivity will improve vastly.

How many people can use it?

One of the big limitations of a lot of systems is that they are licensed (and restricted) by user numbers, Sysynkt isn’t, instead, it is transaction based, and therefore your entire organisation can use it. Anyone with a login and relevant permissions, can raise a purchase request, upload their expense receipts, authorise a PO or invoice or issue a payment instruction, either from a desktop or mobile device.

How much does it cost?

As a cloud-based solution, we achieve economies of scale which you can benefit from meaning there are no expensive licences to buy. Instead, you pay a monthly subscription based on your transaction usage. Just as you would pay a monthly mobile phone tariff based on the calls, texts and data you use a month, with Sysynkt it is based on the number of transactions that will be going through Sysynkt monthly. If you exceed that threshold, then you pay a little more and if you continue to do that, we move you up to the next transaction band to ensure you get the best deal.

How can I learn more about Sysynkt?

To learn more about Sysynkt and its features, fill in the form below to schedule a call with one of our experts. Alternatively, why not join us on Wednesday 11th October 2023 at our in-person event: Automation for SunSystems, powered by Sysynkt. Find out more here.

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