Businesses are facing mounting pressure as the pace of competition continues to accelerate. The financial management of these organisations involves multiple entities, complex intercompany transactions, and a long list of national regulations to stay compliant. With growing complexity and less time to deliver results, the need to become more efficient has become a priority – but how long can businesses rely on outdated tools before they fall behind?

From Excel to AI

Imagine closing the books each month manually entering data – errors piling up, deadlines looming, and precious hours lost entering numbers, reviewing them and doing sanity checks. That’s the reality for many companies still heavily reliant on Excel spreadsheets. In fact, a recent report by Rossum revealed that 58% of finance departments across the globe still use Excel spreadsheets. Without modern solutions, outdated methods keep businesses stuck in repetitive cycles, exacerbating common challenges and pain points associated with low technological maturity, such as:

Scattered financial data
Manual data entry
Audit trail gaps and compliance risks
Lengthy and error-prone financial setup
Limited financial data insights due to lack of overall visibility
Inflexible reporting structures
Complexity in handling global transactions
High operational costs

Outdated methods like Excel spreadsheets and fragmented financial and data systems aren’t designed to handle today’s financial complexities. As businesses strive to improve speed and accuracy, stay audit-ready and reduce costs, they’re turning to unified solutions that can integrate and automate critical financial processes. One such solution leading the charge is Microsoft Dynamics 365 Business Central.

Streamlining business finance with Microsoft Dynamics 365 Business Central

Microsoft Dynamics 365 Business Central provides financial teams with a unified platform where they can manage all financial operations including accounts payable, accounts receivable, bank reconciliations, and fixed assets. Named “the Best ERP System” in 2024 by Forbes Advisor, D365 Business Central holds the status of the leading finance platform on the market.

Versatility is one of the main reasons behind this accolade. D365 Business Central goes beyond centralising financial operations – it integrates cutting-edge AI technology, powered by Microsoft Copilot, to help users automate repetitive, time-consuming tasks with ease. The platform also incorporates advanced analytics, delivering real-time insights like performance KPIs to support smarter, faster decision-making. By deploying D365 Business Central, users can unlock key advantages, including:

Comprehensive financial management across multiple business units and legal entities.
Automated routine tasks including payment processing and transaction postings.
Support for local legal requirements and business practices.
Enhanced collaboration and data sharing across departments.
Real-time insights and key performance indicators for strategic planning.
Reduced need for additional hires in finance and operations.
Seamless integration with Microsoft Office 365 and other applications.

By consolidating financial processes and automating key tasks, D365 Business Central enhances operational efficiency and ensures adaptation to changing business demands with minimal disruption. Another key benefit lies in its ability to seamlessly connect with Microsoft’s broader ecosystem, creating a fully integrated ecosystem that drives collaboration and data-driven decision-making across departments.

Building efficiency through Microsoft’s ecosystem integration
D365 Business Central’s native connectivity with other Microsoft solutions allows its users to work from a platform they are already familiar with and to access new capabilities, including:

Data analysis directly within Microsoft solutions like Power BI.
Financial dashboards in Teams.
Customer Insights in Outlook
Advanced Analytics shared to Excel
Document management via SharePoint.

The platform's extensive integration capabilities extend beyond Microsoft's solutions thanks to its robust API framework and AppSource marketplace. Financial teams can connect D365 Business Central with over 5,000 Microsoft-approved third-party add-ons including specialised banking software, payment-processing systems, and regulatory-compliance tools such as Continia Document Capture for Optical Character Recognition document processing, Continia Expense Management, Solver for extended Financial Planning and Analysis, and Tasklet to support warehouse operations among others.

Is your financial management structure as efficient as it could be?

Digital transformation is no longer optional. Businesses that embrace it thrive, while those that don’t are at serious risk of falling behind. Automation and AI have become must-haves for any company that adopts a digital-first approach, especially in financial management, a field that demands the highest level of simultaneous efficiency, accuracy, and real-time insights.

D365 Business Central is a key player in achieving these goals. Its scalability ensures that as your business grows, your financial management structure evolves with it, maintaining optimal efficiency and giving you the speed and agility you need.

Don’t let outdated financial processes hold your business back. Take the first step toward faster, more accurate financial management today by exploring how D365 Business Central can streamline your operations.

Contact our Financial Solutions team to learn how we can tailor a solution for you by emailing Laura Gilbank, Senior Business Development Manager, Financial Solutions for UK and Ire on lgilbank@codecsystems.co.uk.

To find out more about making the move to Dynamics Business Central, check out out recent webinar hosted by David Wyke, Practice Lead for Dynamics Business Central.