Dynamics 365 Business Central and finance management

Published: 4 December 2023

Dynamics 365 Business Central can help you use your time and resources more effectively. By breaking down information barriers and consolidating data from finance, sales, service, and operations, you gain a precise business-wide perspective. Using real-time updates provides the chance to spot trends or potential problem areas before they escalate into significant challenges. Dynamics 365 Business Central, in its standard form, includes nearly all corporate financial processes and can even be tailored to align with the unique requirements of each specific company. Here are 10 benefits of using Business Central to manage your company’s finances. 

  • A Single Source of Truth for Data

    Microsoft Business Central provides a centralised space for all your business data, including finances, vendor, and customer records, and more. This single source of truth ensures that everyone in your organisation has access to the same data, enabling well-informed decision-making. 

  • Performance Tracking

    Business Central allows CFOs to keep a close eye on the company’s performance against financial and operational KPIs. Its built-in reporting features and compatibility with tools like Jet Reports and Power BI facilitate real-time monitoring and proactive adjustments. 

  • Compliance Assurance

    Financial compliance is vital for all businesses. Business Central offers up-to-date functionality and simplifies compliance with regulatory legislation, ensuring your company meets all necessary requirements. 

  • Multi-Company Consolidation

    If your organisation manages multiple companies or deals with various currencies, Business Central’s consolidation tool gives you a full view of your business structure and reporting hierarchy. This helps you analyse performance and make better decisions. 

  • Process Automation

    Business Central can be connected with the Microsoft Power Platform part of which is Power Automate which can be used to create powerful workflows. This automation saves time by handling repetitive tasks, allowing your team to focus on higher-value activities. 

  • Further Microsoft Integration

    As part of the Microsoft family, Business Central integrates easily with other Microsoft products like Microsoft 365 and Microsoft Azure, creating a unified business management environment. 

  • Enhanced Collaboration

    Integration with Microsoft 365 and Microsoft Teams fosters improved collaboration within your finance team and across the organisation. Built-in approvals and Power Automate streamline document sharing and processing. 

  • In-depth Reports with Categories:

    Microsoft’s product uses categories like departments or product lines. These categories can be added to transactions, making it easy to tailor your Chart of Accounts for better business analysis and quicker month-end reports. 

  • Faster Closing Times

    Business Central’s consolidated view of financial data, allows you to spend less time on month and year-end finances. Automation of approval workflows further accelerates these processes, saving time and resources. 

  • Collaboration with Auditors

    Provides flexibility to grant external experts, like auditors and accountants, limited access to your ERP system through an External Accountant license. This streamlines their tasks, allowing you to focus on your core responsibilities. 

Summary 

Dynamics 365 Business Central is an all-in-one financial solution. It centralises your data, ensuring everyone has access to the same, accurate information. Real-time updates enable proactive decision-making, while compliance is simplified. This platform offers multi-company consolidation, process automation, seamless Microsoft integration, enhanced collaboration, detailed reporting, faster closing times, and auditor collaboration. If you seek an efficient, tailored financial solution, choose Business Central and unleash your financial potential today. 

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