Future proof your business with cloud Financial Management

In today’s challenging and competitive markets, business must continually adapt and optimise how they operate to ensure they stay ahead.

The author of this page: Deirdre Lysaght
Deirdre Lysaght, Marketing Executive Mar 11, 2021

To succeed, organisations must monitor costs, have clear visibility of capital and be prepared to adjust budgets in real-time. Embarking on a Cloud journey can be daunting but starting with financial management systems as a priority for migration would be highly recommended. An organisation's financial systems are at the core of business management and decision-making and the advantages and risk management achieved from adopting a Cloud approach are immediate and substantial.

Limitations of On-premise Finance Solutions

On-premise financial management and ERP systems are often outdated. Their functionality may be adequate for your standard or historic business needs, but there is not enough flexibility or headroom to evolve. It’s not easy to adapt an on-premise solution to new business propositions in an agile manner, to grow or reduce activities and headcount, or to add new functionality quickly and cost-effectively.

A modern, Cloud finance system like Microsoft Dynamics 365 Business Central wipes out overheads and offers you the precise resources and features you need in the current circumstances, with the potential to adjust and extend responsively whenever you need to. You can seize opportunities as well as managing costs, to reflect business demand.

Supporting Business Continuity

Your business is far more resilient if you can guarantee access to critical systems 24/7. You can rely on decision-making insight being available at all times, whether you’re in the office or working elsewhere. Essential finance management processes and reporting take place automatically, keeping your business records up-to-date with transactions, purchasing and invoices. You have a transparent picture at all times of your current financial position.

There’s no need to be on your business premises, staff can work anywhere, using any device. This appeals to staff who want to work for an organisation which offers flexibility and a modern way of working. Something rival companies may have already done to keep ahead of the competition.

The Microsoft Dynamics user interface is familiar, accessible and offers a consistent experience on mobile, tablet, desktop or laptop. What’s more, access is completely secure, because data and systems are stored in Microsoft’s own Azure Cloud, protected by the most current and robust protocols. There’s no third-party storage provider, hosting requirement or infrastructure management needed.

Room for Growth and Change

Having a finance management system in the Cloud, gives you full oversight of data from all your offices and international divisions or businesses. It’s a single, dependable source of truth.

Microsoft Dynamics 365 Business Central has more standard functions and features than ever before. As an all-in-one business management solution, it offers all the sophisticated functionality that modern businesses need to handle finance management. It connects financials, sales, purchasing, inventory, service and operations to streamline processes, improve customer interactions and enable better decision making. With so much out-of-the-box functionality, configuring the solution to match your business needs is straightforward.

If you have bespoke requirements and existing customised applications that feed into finance, they will still work perfectly. Business Central has a range of APIs to support robust integration with bespoke software from other vendors. Or you can select a specialised app written to integrate out-of-the-box with Dynamics 365, from the Microsoft App store.

Intelligent Data Insights

Access to intelligent data insights and comprehensive, accurate reporting is a top priority for businesses. With Microsoft Dynamics 365 Business Central you have access to 600 out-of-the-box reports as standard. Alternatively, data can be shared with Excel and reports created in the tool you are already familiar with. Additionally, if your organisation has invested in Power BI, Microsoft’s Business Intelligence tool for the creation of visual reports (charts, dashboards, KPIs and graphs). There are out-of-the-box reports within Power BI for your Business Central data or you can easily create your own. Microsoft has provided the tools to ensure the data you need is at your fingertips.

Automatic Access to Microsoft Innovation

A substantial advantage of Business Central is constant, automatic access to Microsoft innovation and the latest features. You don’t need to upgrade or buy add-ons but get the benefit of Microsoft R&D immediately, with automatic updates. In Business Central, expensive upgrade projects are a thing of the past. Hands-free updates, back-ups and disaster recovery provisions happen automatically rather than incurring cost, resources and system down-time.

Cost-Effectiveness

Cutting out maintenance and upgrade costs from your financial management system adds up to a substantial saving in overheads, compared to an on-premises system. Dynamics 365 Business Central is provided on a subscription basis. There is one per-user, per-month price, with no extras. That’s unusual in a market where hosting, storage and upgrades are routinely charged on top of subscriptions and fees.

Using Business Central also helps drive more value from your current Microsoft investments. There’s no need to adopt other productivity and communication tools: your team can continue using the Microsoft 365 apps they’re used to, from Outlook to Excel, with Business Central fully integrated.

Security and Resilience

Microsoft’s Cloud ERP solution provides the ultimate in security and resilience. With more threats online than ever before, Microsoft’s enterprise-level security provides strong and continually evolving protection from cybercrime. With Business Central, you get the application, the cloud platform and the security from a single trusted provider. As part of Microsoft’s global innovation platform, you can rely on market-leading connectivity, access, capability and security.

Core financial information and operational insight is the most important element to keep in the Cloud. To learn more about how your business could benefit, join our webinar 'Future proof your business with Cloud Financial Management' on Thursday 25th March 11am on Microsoft Teams.

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