Successful businesses often experience challenges while trying to push boundaries for entry-level accounting systems. A basic accounting tool will only benefit a business for a while before its limitations start causing problems. Then accounting systems depend on spreadsheets for managing key data like payables, inventory, sales hiding accurate insight for CFOS. MCA Connect Manufacturing ERP, together with Microsoft Dynamics, can help a business integrate financial and operational data in ways that bring changes to a business and reveal opportunities for innovation. Below are some reasons why CFOs should choose Microsoft Dynamics 365 for the organization.
Simplifying the General Ledger and Charts of Accounts
As a CFO of a growing business, your responsibilities involve managing multiple company charts of accounts, merging, and acquiring other companies. Therefore, you may need to restructure your accounting structure to streamline the accounting operations significantly.
If you manage over two company structures and systems, you may duplicate efforts and cause manual data consolidation that’s time-consuming and prone to errors. Implementing Microsoft Dynamics can help eliminate several cash accounts. It significantly reduces the time for setting up and maintaining a new company, project, and location.
Robust Financial Reporting
Making decisions can be quite complicated with new locations. A district and a regional manager must be able to monitor performance and act swiftly.
Microsoft Dynamics provides several features, including dashboards, robust reporting, and different business intelligence features that deliver complete information to key decision-makers. A CFO should view the organization’s metrics and dig deeper into details to find the trends, understand exceptions, and discover new ways of driving growth.
Cost optimization is a top concern that CFOs have. Implementing a cloud-based ERP system allows a CFO to reduce the excessive investments of the legacy information technology infrastructure and any extra investment they need for installing hardware and software in the future.
Visibility And Tracking
With an ERP system, the CFO can get full visibility within the organization. It helps the CFO check if the organization is performing according to the KPIs, checking the results, determining the issues, and immediately taking corrective action.
Managing Fixed Assets
Microsoft Dynamics can help CFOs manage the fixed assets from when they acquire them until disposal using an inbuilt asset depreciation book. Microsoft Dynamics enables the setting up of various depreciation methods according to the needs of the company. Moreover, there are other available capabilities, such as adjustment journals and revaluations for handling the dynamic business environment.
Supporting international business growth
Expanding the business into the global markets can lead to significant challenges, especially because of the language barrier, in currency conversions, taxes, and tracking of new and diverse legal reporting requirements. A CFO needs a flexible accounting platform that allows quick expansion to support the challenges of international business growth. It is important to quickly incorporate additional data and classifications and gain the local user perspective if your global venture is successful and profitable.
Microsoft Dynamics comes in multiple languages and is available in over 30 countries worldwide. Therefore, as a CFO, you will not need multiple databases as one database can cater to multiple languages.