According to a recent Gartner survey today’s chief financial officer (CFO) believes that 25% of their time is used improperly. Read our latest blog to find out how Business Central can help CFOs use their time and resources more efficiently and, as a result, be a more effective CFO and hence business leader.
- You have a single source of truth for your business data –With Business Central, you have a single, consolidated view of all your business data, whether it be financial data such as cash flow, bank reconciliations, fixed assets and budget forecasts, or general data such as vendor and customer records. This single view ensures that you and everyone in the business has the same data to hand and, as a result, are able to make crucial business decisions based on it.
- Enables clear visibility into company performance –With Business Central, an effective CFO can keep on track with how the company is performing against your financial and operational KPIs. Using Business Central’s internal reporting capabilities, plus additional reporting functionality if you use products such as Jet Reports and/or Power BI, will allow you to monitor how the company is doing and take corrective action as and when it is required.
- Ensures the company’s regulatory compliance – Financial compliance is essential for any business and a crucial component in most ERP systems. With Business Central you can be assured that it contains up-to-date functionality and is built on a platform that makes it easy for users to comply with compliance and regulatory legislation.
- Allows you to consolidate financials across multiple companies and foreign currencies –If you manage multiple companies, Business Central will allow you to create a consolidated company (by using the Consolidation functionality on the Accountant Role Centre). This is an excellent way to get a holistic view of your entire business’s structure and reporting hierarchy. It also allows you to analyse the performance of different sections of your business, providing you with an overview across your whole business to help keep you connected and make smarter decisions.
- Automates your business processes – With Business Central, you have the power to seamlessly connect to Power Automate and create powerful workflows that will automate tedious and time-consuming business processes. As a result, you and your team will have more time to focus on higher value business activities.
- Seamless integration with the Microsoft stack – Business Central is an all-in-one business management tool that connects sales, service, finance, and operations teams to help them adapt faster and deliver results. Moreover, as part of the Microsoft family, it also connects seamlessly with other Microsoft products, such as Office 365 and Microsoft Azure.
- Improve your team’s collaboration capabilities – Business Central’s integration with Office 365 and Microsoft Teams will also enable your finance team and CFO to collaborate more effectively, both within the team and also across the business in general. Business Central’s built-in approvals functionality, plus its integration with Power Automate, Teams and Office 365, will make it easier for documents and reports to be shared, approved and dealt with.
- Detailed reporting with Dimensions – Using Business Central means that you will be able to use the power of dimensions. If you apply dimensions (such as Department, Product Line, Geographical Area) to your transactions, you will then be able to easily filter your Chart of Accounts however you analyse and report on your business. This ability to slice and dice your financial statements in many ways will give you richer business insights and will save a lot of time when it comes to month-end reporting.
- Helps reduce month and year-end closing times –With Business Central’s consolidated view of accounts receivable, payables, and fixed assets data, it should take you less time to close out your month and year-end data. Its business process automation capability will also allow you to streamline approval workflows, thus saving you time and money when you need it most.
- Allows you to collaborate with your auditors and accountants – Business Central offers you the ability to give limited access to your ERP to external business expertise, such as accountants and auditors. With the External Accountant licence, they have easy access to Accountant Role Centre and the particular key areas of the business that they need to look at, leaving you with more time and opportunity to get on with your other responsibilities. And, once they are finished with the work, you can switch their access off.
This is a just a snapshot of the many ways that using Business Central can help an effective CFO become even more effective; as well as simultaneously improving the productivity of their teams.
How can TVision help you?
TVision is one of the largest and most experienced providers of Business Central and NAV in the UK. If you want to explore how you can find the right way to use Business Central to increase your business effectiveness and learn and how TVision can help you implement it successfully, please feel free to contact us to arrange a demo.