Introducing an intelligent ERP software for financial management can maximize profitability and help drive your business into an intelligent enterprise. Here, in this article we have discussed the due advantages of implementing Microsoft Dynamics 365 Business Central for your financial management.
Enterprise resource planning is the cornerstone of all organizations, be it enterprise level or small business. ERP software makes it easier for companies ready to face challenges and looking for ways to incorporate digital solutions into their business practices. Specifically, in the accounting and finance department, it can facilitate various modules to share information and eventually boost productivity and speed.
ERP is the backbone of the most successful organization as it has proven ways to bring transparency and streamlines operational benefits. It integrates applications from various modules into one system like project management, human resources, inventory management, finance, and accounting. Due to its immense benefits, it has undoubtedly become a part of modern businesses. Let's dive into the benefits of using an ERP solution for accounting and financial management.
● An integrated solution like ERP brings all the critical facets of the finance department into one single view. The financial team can rest assured as ERP software takes responsibility for minimizing expense overhead and improving profit margin. It helps to streamline financial operations and elevates the firm's value.
● ERP system consists of Customer Relationship Management (CRM), which helps monitor customer payment systems and manage and track credit across departments. You can quickly eliminate multiple window modules to make payments to vendors and employees whilst driving the cost expense of all business activities.
● As more companies are thriving, they are integrating all the business modules to have a deep insight into the functionalities. Finance forecasting can be done with the help of an ERP platform. Whether planning a long-term or short project, you can forecast your financial expenditure using the ERP tool. You can have a tab on your business financial goals, from calculating budget to allocating and assessing cash flow.
● As the finance department's responsibility is to ensure the smooth functioning of financial assets, the ERP system is designed to monitor your complex monetary policies. It helps prevent fraud by accurately managing internal liabilities and your business's guidelines. In the case of small businesses, a finance manager might not be available, so the ERP system helps verify financial solutions and the company's policies and laws.
● An ERP finance module eliminates huge volumes of spreadsheet and manual work by automating data across departments. It gives faster access to confidential data by safeguarding information from potential threats. You can generate financial reports from each department and have a cash flow projection of projects.
● With an ERP solution in place, it helps to avoid data duplicity and redundancy. It enhances data consistency throughout your accounting module by improving financial and operational activities.
Using a Modern ERP platform for accounting and financial management guarantees real-time decision-making and improves your business's overall efficiency and security. These features allow you to address your business's financial goals necessary. Furthermore, with an ERP, you can connect with your vendors or suppliers to keep an update on the price changes and have knowledge of profit margins. In this way, it will help you to minimize bottlenecks and make an informed purchasing decision.
Key Benefits of Using MS Dynamics 365 Business Central for financial management
We discussed above how a robust ERP solution for financial management can speed up time and be a game changer for your business process. And to meet your growing business needs, the best ERP solution to take charge of the financial aspect of your business is Microsoft Dynamics 365 Business Central. It is an integrated rich finance solution for small, midsize, and enterprise-level businesses. As a user-friendly platform with unique functionalities, you must consider MS Dynamics 365 for your financial sector.
● Process efficiency is increased using Business Central as it incorporates artificial intelligence (AI) and machine learning (ML) capabilities. Data loss is prevented by automating operational efficiency and enabling actionable insights into particular financial modules of different departments. Missing data can be easily traced, and the entire spectrum's security is under a single platform's watch.
● There are journal templates that can be used for monthly accruals. You can create transaction orders and the number of times transaction order has taken place. With accrual schemes, you can easily track payment records in detail, i.e., when the payment is completed or is pending. And you can do this activity by creating a debit and credit account.
● Business Central is so intuitively built that it can integrate with your other Microsoft Applications like MS Office Suite, Power BI, and many others.
This implies that if you have data loaded on excel sheets and manage and exercise your finance capabilities from there, it's time for you to make the shift.
● An end-to-end viewpoint is available on Business Central. Whether you want to glance at your finance and sales from the home page or take a deep dive, it gives you real-time updates using business intelligence. With centralized data, the ERP solution breaks down data silos and helps you make intelligent decisions.
● Financial forecast on revenues and expenses can be smoothly carried out using Business Central. It helps businesses to reach their financial target by using intelligent documents with mentioned due dates. Its smart notification displays will assist you in setting up a comprehensive cash flow forecast.
● As Business Central's user interface platform is like its existing Microsoft products, employees would get started immediately. It boosts employee productivity by eliminating mundane tasks and gives ample time for them to learn more from the platform. It also allows employees to share and access data when requested from the customer, which serves the business better.
● The general ledger module of Business Central helps to stay vigilant on the assets and liabilities of your business. With an in-built general ledger module, you can track and manage your transaction and analyze each year's financial quarters.
Almost all businesses have accounting software, but a functionally rich ERP software that caters to all components of the different departments is immensely beneficial. Business Central delivers robust financial solutions that can facilitate your decision and streamline your business process. Additionally, it is cloud-based. Hence you can access it from anywhere, anytime.
Grow your Business with Great Innovus
Working with Microsoft Dynamics 365 Business Central will enable your business to meet industry-specific standards. We at Great Innovus ensure you put flexibility in your business and have the edge over your competitors. We will help you by providing tailor-made solutions and assisting you through your ongoing business requirement.
If you want to know more about the power of MS Dynamics 365 Business Central, contact us here.