Selecting the right finance system is a decision that will ripple into waves through your client’s business, from efficiency to growth. With the advent of advanced solutions like Microsoft Dynamics 365 Business Central, it’s vital for accountants to ask the right questions to ensure the best fit for their clients’ needs. Here are some essential questions to consider:
1. What Is the Size of the Company?
The size of the company plays a crucial role in determining the most suitable finance system. Smaller businesses may benefit from more streamlined, ‘prepackaged’ solutions, while larger enterprises might require the extensive features and scalability that a system like Microsoft Dynamics 365 Business Central offers. Understanding the size of the business helps in tailoring a system to match its capacity and operational needs.
2. What Is Their Growth Trajectory?
A finance system should not just meet current needs but also cater to future growth. Is the company a rapidly growing startup or an established entity looking to expand? Business Central’s modular, cloud-based nature makes it a versatile choice, capable of adapting to various growth stages and evolving financial needs.
3. How Many Companies Do They Own?
For businesses with multiple subsidiaries, a finance system must offer comprehensive management capabilities. Business Central allows for the integration of financial data across several organisations, providing a holistic view of the business’s health and facilitating intercompany transactions. This feature is vital for complex business structures that need a unified front in their financial management approach.
4. Do They Use Other Microsoft Products?
Integration with existing IT infrastructure is a key factor in the efficient adoption of a new finance system. Businesses already utilising Microsoft products like Excel, SharePoint, and Power BI can plug-in Business Central with ease. Its ability to integrate with these tools ensures streamlined data flow and a consistent user experience.
5. Do They Manage Stock or Inventory?
For clients dealing with stock or inventory, robust finance systems play a critical role in operational efficiency. Business Central offers effective cost control, minimises excess stock, and reduces carrying costs. Putting everything in the correct place, its detailed stock management features help in maintaining high customer satisfaction and provide valuable insights for strategic decision-making.
6. Do They Need In-Depth Reporting?
Whether it’s budgetary, performance, or regulatory reporting, a finance system must be capable of detailed and customised reports. Business Central’s comprehensive reporting capabilities ensure that clients can make informed decisions based on accurate financial data.
7. Do They Have Sites Abroad?
For companies operating internationally, the finance system must be able to handle cross-border transactions. Business Central, with its support for multiple currencies, taxation structures, and reporting standards, is a smart piece of software for such operations. Its global reach and compliance with local regulations make it a reliable choice for multinational operations.
8. How Customisable Do They Need Their System To Be?
Finally, as businesses evolve, their finance system must adapt accordingly. Business Central’s high customisability means that it can accommodate unique workflows and changing business needs, making it a future-proof investment.
Selecting a finance system is more than just a technical decision; it’s a strategic choice that can affect every aspect of a business’s operations. By asking these essential questions, accountants can ensure that they recommend a top system that not only meets the current requirements of their clients, but also bolsters their future growth and success.