Business Central for Accountants: A Quick Guide

Are you looking for an ERP Solution to simplify your complex business accounting operations?

If yes, your business should switch to an all-in-one cloud-based Business Central Accounting software as soon as possible. Microsoft has developed this Business Central for Accountants for businesses to smoothen their financial operations. Aside from this, it has also been successful in enhancing the productivity of businesses no matter what size.

What is Dynamics 365 Business Central Accounting?

Business Central is a comprehensive suite of advanced capabilities or functionalities enabling a business to automate the entire financial & accounting process.

For example, we can experience automation in the general ledger, accounts payable & receivable, inventory management, sales order fulfilment, financial reporting, etc.

This guide focuses mainly on the features of Business Central for Accountants. As we all know, businesses keep evolving, which creates a dire need for accountants to stay current on market trends.

They should know all the ins and outs of the trending tools or technologies enabling your accounting team to manage a client's finances more precisely. And nothing could be better than Business Central, which offers accountants various powerful tools to oversee financial data more effectively. The platform also helps you with real-time insights into the performance of your accounting department. As a result, the entire process becomes streamlined.

We have developed this step-by-step guide to provide a comprehensive analysis of how Business Central optimises the accounting process, its workflow, & its costs. We also shed light on how to avail of Microsoft Business Central Accounting Services in Australia.

So, whether you are a solo accounting practitioner or part of a larger multinational accounting firm, this guide is worthwhile reading. It is a solid foundation to revolutionise your accounting operations using Business Central. Let's get started:

Key Capabilities in Business Central for Accounting Software

Accounts are a crucial aspect of a business as they help it stay ahead of the pack and on track. And it is highly recommended to use the right tools or technologies to manage the operations of the account effectively.

Unfortunately, earlier businesses had substantial financial losses due to a lack of automation, artificial intelligence, or machine learning capabilities. But onwards, they can access their functionalities in Dynamics 365 Business Central, which is known as the perfect solution for performing accounting tasks more efficiently. 

List of features offered by cloud-based Business Central Accounting software

One Click Access to Financial Data

Accountants wish to get immediate access to the business financial data using just one click. Not getting quick access to various ERP software available in the market frustrates them. Also, it degrades their productivity.

But all thanks to Dynamics 365 Business Central Accounting!! Using this platform, accountants access important financial data at the drop of a hat. 

Let's check how: 

• Business Central enables accountants to create an accountant-focused, role-tailored homepage. This gives them access to crucial financial data, including cash flow, cash management, cost accounting, etc. Additionally, they can also incorporate role-specific information on this page
• They also get access to the charts & graphs indicating the financial performance, list of vendors, forecasting etc., on the homepage itself. It enables accountants to visit the specific data set directly from the homepage
• Out of hundreds of crucial workflows incorporated in the created homepage, you can easily export the reports of data sets immediately using this platform. Accountants no longer need to perform various clicks to generate reports
• Accountants can export the generated reports to any file format, including Word, PDF, Excel etc. 

Tax Management

The emergence of Microsoft Business Central Accounting Services in Australia helps accountants in Tax management in the following manner: 

• Dynamics 365 Business Central has an in-built tax engine that calculates the tax automatically, adhering to the predefined rules
• It saves accountants enormous time & protects them from the risk of errors while calculating tax
• It enables accountants to generate tax reports periodically for numerous tax authorities with ease
• Accountants can seamlessly integrate Business Central with various third-party software to add functionalities such as automated payment processing & tax filing

Better Multi-Currency Management 

Your accountants can seamlessly manage the multi-currency transactions proactively using Business Central in the following manner: 

• The platform automatically calculates the exchange rates based on upgraded market rates, ensuring all the transactions are accurately recorded in the right currency
• It enables business accountants operating globally to manage multiple bank accounts holding numerous currencies
• It allows your accounts department to generate financial reports in different currencies for enterprises dealing with international customers
• This way, you can give them access to the financial reports in their local currencies, leaving a good impression on their mind

To know its more features, Request A Free Demo with Dynamics Square!!

How Does Business Central for Accounts Make a Difference to Your Business? 

Business Central can transform your entire accounting process, from automated financial reports, cash flows, and budget forecasting to automatic payment processing in multiple currencies. It enables your accounting team to be more efficient and productive. Your business & client's financial data sets will be error-free in response to automation & machine learning capabilities. 

Additionally, it helps eliminate redundancies and boosts the accounting process. Consequently, your business saves enormous time & resources that can be utilised for more strategic tasks. Furthermore, it allows seamless integration with other Microsoft tools, such as Power BI and Excel, which means businesses can leverage the full potential of these tools in accounting management.

Conclusion 

In conclusion, Business Central for Accountants is the most powerful platform that offers a wide range of advanced capabilities to support your corporate finance and accounting needs. By understanding the critical functionalities of Dynamics 365 Business Central Accounting, accountants can easily manage complex accounting & finance operations. Besides, they can provide extraordinary services to clients. 

So, if your business needs to catch up in providing clients with the best possible financial advice & support, it's high time to invest in Dynamics 365 Business Central. 

Simplify Your Complex Accounting with Business Central.