Key Functionality SaaS Companies Should Look for in Financial Reporting Software for Dynamics 365 Business Central
A software-as-a-service (SaaS) company leveraging Dynamics 365 Business Central (D365 BC) as their Enterprise Resource Planning (ERP) solution needs a comprehensive financial reporting software to manage their finances and drive their organizational success. While D365 BC provides some built-in financial reporting features, a third-party financial reporting software can offer additional functionalities to streamline the finance and accounting departments’ processes, enabling them to make informed decisions.
When choosing third-party financial reporting software for D365 BC, companies should look for the following essential features to maximize their investment:
- Pre-built integration to the ERP system: A pre-built integration ensures a seamless connection between D365 BC and the financial reporting software. It guarantees data accuracy and consistency, making it easy to reconcile and report financial information.
- SaaS KPI reports: Key Performance Indicators (KPIs) provide valuable insights into business performance, but collecting and analyzing data from multiple sources can be time-consuming. A financial reporting software that offers KPI reports with pre-defined metrics can save time and make it easier to track the most important business trends.
- Revenue Recognition reports: For companies with complex revenue recognition scenarios, a financial reporting software that provides Revenue Recognition reports can help automate the process and ensure compliance with accounting standards.
- Excel integration: Excel is the preferred tool for many finance professionals. A financial reporting software with an Excel add-in allows users to work with data in a familiar environment while providing additional functionalities.
- Flexibility: The financial reporting software should be flexible enough to handle different reporting needs, including management reports, financial statements, budget reports, and more.
- Security: The financial reporting software should have appropriate security measures in place to ensure that sensitive financial data is secure.
- Automation: The financial reporting software should allow for the automation of routine reporting tasks, such as month-end close or budget reporting. Automation saves time and reduces the risk of errors.
- Customization: The software should allow for the customization of reports and the ability to create new ones based on specific needs.
- Collaboration: The financial reporting software should allow for collaboration between the finance team and other departments in the organization. For example, the software should enable the sharing of reports with executives, managers, or other stakeholders.
- Data Visualization: The financial reporting software should provide data visualization, such as charts and graphs, to help finance professionals better understand the data and communicate it to other stakeholders.
A modern financial reporting software can help the office of finance and accounting departments streamline their processes, allowing them to focus on higher-value tasks. Here are a few ways that a modern financial reporting software can make life easier:
- Less time spent managing budgeting and reporting processes: With automation, finance teams can reduce the time spent on routine reporting tasks, freeing up time for higher-value tasks.
- More time for higher-value tasks: By reducing the time spent on routine tasks, finance teams can focus on more strategic tasks, such as analyzing data and making strategic decisions.
- Less risk for mistakes: With automation and the ability to track changes, financial reporting software can reduce the risk of errors in financial reporting.
- Faster and better decisions: With data visualization and collaboration features, finance teams can make faster and better-informed decisions based on accurate and timely data.
- More accurate reports: By automating routine tasks and ensuring data accuracy, financial reporting software can provide more accurate and consistent reports.
- Faster month-end close: With automation, financial reporting software can reduce the time needed for month-end close, ensuring that financial statements are available in a timely manner.
In conclusion, a progressive SaaS company using D365 BC should look for a comprehensive financial reporting software that integrates seamlessly with their ERP system to maximize the benefits of their investment. By choosing a financial reporting software that offers the key features listed above, the office of finance and accounting departments can streamline their processes, reduce the time spent on routine tasks, and make better-informed decisions based on accurate and timely data. The modern financial reporting software makes life easier for finance professionals, enabling them to focus on higher-value tasks and improving organizational performance.
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