Chances are, no matter how large your business, there will be a day-to-day need to manage finances, meaning you’re dependent on a financial system. Without an ERP for financial management, your business may struggle to handle important financial transactions, accounting records, and meet financial reporting requirements.
Do you ever feel like your current finance system is no longer supporting the needs of your growing business? This is an important question to consider, as an outdated or inefficient financial system can become a roadblock for your business’s productivity, growth, and profitability.
In this guide, we’ll identify the top 5 signs that suggest your current financial system needs an upgrade to Microsoft Dynamics 365 Business Central.
5 Signs That It’s Time to Upgrade Your ERP for Financial Management
Explore the 5 signs that indicate that an upgrade for your current financial ERP solution is overdue:
1. Slow Performance
As your business grows, so does the volume of your financial transactions. A traditional finance and accounting system may struggle to cope with the increasing volume, resulting in slower processing times.
Slow performance can turn simple tasks into time-consuming chores that can be incredibly frustrating for your team. Moreover, working on inefficient financial systems can lead to missed deadlines and reduced productivity.
When your team has to wait for extended periods to complete basic financial functions, it can affect morale and engagement. These minutes lost soon add up to time that could have been better spent analysing and interpreting financial information.
What your SME needs is an up-to-date financial ERP solution that can be easily scaled to handle greater transaction volumes without hassle. Microsoft Dynamics 365 Business Central is a robust and performance-oriented ERP system that Brookland Solutions can customise to suit your business’s financial needs.
2. Inadequate Reporting Functions
Accurate and timely financial reports and comprehensive insights give a clear picture of your business’ performance and help you make informed decisions.
Legacy systems often struggle to produce detailed profit and loss statements, balance sheets, and cash flow statements. Without these adequate reporting capabilities, you have to rely on manual data compilation, which is time-consuming and prone to errors. This can make it difficult for business leaders to understand their organisation’s performance and make the right decisions.
You need a robust financial ERP solution to resolve this problem. With features that compete with the best financial ERP software for small businesses in the market, Dynamics 365 Business Central includes robust financial reporting and analytics features with real-time access to financially accurate data that helps you make informed business decisions.
3. Poor Integration with Other Systems
Your SME needs to thrive in a market that’s becoming increasingly connected and competitive. You need a system that can effortlessly integrate with other business systems and applications to improve efficiency.
What your business needs is a modern ERP for financial management with integration potential for the smooth flow of information across your company. Microsoft Dynamics 365 Business Central’s ERP comes with a variety of extensions and APIs that allow you to integrate different systems with minimal setup. For example, if your accounting software is incompatible with the requirements for Making Tax Digital, Brookland Solutions can provide you with solutions that make your business fully compliant with this legislative requirement.
4. Limited Real-Time Insights
To keep ahead of the curve, your business needs to have around the clock access to up-to-date financial information. Relying on outdated financial records can slow down the decision-making process at the leadership level.
An ERP with financial management features provides real-time access to financial data, allowing you to assess your company’s financial position, address issues before they escalate, and make data-backed, strategic decisions.
Business Central is a cloud-based ERP that also supports mobile functionality, which means authorised personnel from remote teams can pull real-time data from the cloud anytime, anywhere. It works with third-party solutions such as Jet Reports, Cosmos and PowerBI, allowing you to access and analyse data directly from the system in real-time.
5. Little to No Automation
Manual finance and accounting systems are a huge disadvantage for modern businesses. When recording financial transactions, whether in ledgers or spreadsheets, consumes valuable time, requiring accountants to spend hours crunching numbers, cross-referencing receipts, and meticulously filling out spreadsheets.
Instead, tasks can be sped up using automation, and the saved time can be invested in financial planning. Without automation, you also impact other aspects of your business’ financial management, leading to delayed financial reporting and inability to adapt to changing compliance.
A cloud-based, centralised ERP for financial planning can automate most of the manual and recurring financial tasks within a business. Business Central supports a wide variety of financial automation solutions through third-party solutions, such as the Continia product suite. BC’s standard functionality reduces errors and streamlines efficiencies like invoice processing, journal entry, bank reconciliation, and general ledger management. These can be further enhanced through third party automation solutions, such as Continia.
The other signs to watch out for are:
- Limited ability to adapt to changing business needs
- Inability to track KPIs
- Buggy interfaces
- Frequent system crashes
It’s Your Sign to Switch to Business Central with Brookland Solutions
If these problems are affecting the way you do business, it’s time to switch to Microsoft Dynamics 365 Business Central, a more dependable, efficient and ERP system.
Brookland Solutions can help you make this switch effortlessly, with no chance of error. As your Microsoft Business Central partner, we can help you with a bespoke ERP solution customised with financial management features that seamlessly integrate with your business workflows.
That’s not all, we’re here to help you every step of the way with our comprehensive training and support. No matter which industry your business is in, our team of experts can support your needs.
That’s why our customers stay with us for the long term, whether they are implementing a new system, enhancing their existing deployment, or looking for a reliable Business Central support partner.
To learn more about our services, book a consultation with us today.
