The Bean Counter - What do you need from your accounting system?

The Bean Counter - What do you need from your accounting system?
The Bean Counter - What do you need from your accounting system?

As a Bean Counter, you’re responsible for your company’s financial affairs. Without you, the turnover wouldn’t be ticking over, and the powers that be wouldn’t have the fiscal information they need to make informed decisions.

The profit and loss sheet is your best friend. You’re used to navigating complicated ledgers and spreadsheets, but it’s likely that you’re searching for a simpler and more effective way of managing your financial data (and making your job just that little bit easier).

If you’re thinking about introducing a business management system to your organisation, you’ll have plenty of questions for us, we’re sure. We’ve provided answers to your biggest concerns below.

How can a business management system support you?

One of the everyday challenges facing the Bean Counter is communicating complex financial information to other stakeholders, including the Head Honcho. The biggest benefit of using a business management system for accounts matters is that the data can be filtered and segmented in any way you like to create a wide range of reports. You’ll need to present your data differently depending on who’s going to be viewing it, and the versatile nature of Microsoft’s interface allows you to do just that.

Will it give you all the information you need?

Depending on your requirements, Dynamics NAV offers two packages: The Starter Pack, and the Extended Pack. As the name suggests, the latter provides more in-depth insight into business functionalities, and this extends through to the finance side of things, too. NAV can be deployed either on premise or in the cloud.

Dynamics 365 – the version that is based solely in the cloud – offers the following financial management tools:

  • General ledger
  • Account receivables
  • Account payables
  • Budgets
  • Account schedules
  • Bank reconciliations
  • Cashflow forecast
  • Electronic payments

Dynamics 365 can also:

  • Operate in multiple currencies
  • Import online currency rates
  • Integrate with Paypal

Whichever option you choose, you’ll benefit from real-time insights into your finances that will support all of those tricky business decisions.

Will business management systems support better collaboration between departments?

Yes! Gone are the days of struggling to share your financial data with the rest of the team. When you choose to work with a business management system, key financial information can be viewed by everyone (as long as they have the correct permissions, of course). And the system will also tie together information from every other department – for example, it will contain up to date information on your product inventory, sales invoices, purchase orders, budgets and estimates. This means you can access all available business information from one single portal, and you can put together relatable financial reports for everyone in the business in a matter of minutes.

Can you get to grips with it easily if you have been using another accounting package, such as Quickbooks or Xero?

Absolutely. A business management system is just as easy to use as all the other industry-leading accounting platforms, but the difference is, it will pull in information from a longer list of sources for a more integrated approach.  

Will it be expensive?

At this point, you’ll be astounded by all the benefits that a business management system can bring to your organisation, but you’ll still have your sensible head on. You’ll want to know how much this wonderful tool is going to cost, and whether or not you can expect a great return on your investment.

With both Microsoft Dynamics NAV and Dynamics 365, you only pay for what you need. You can start off with the basic version of the system if you like, and once you’ve exhausted that and want access to more great features, you can upgrade your package. This setup keeps costs down yet still ensures you’re benefiting from a robust service.

Our support packages are great value for money, too, enabling you to get the most from your new system regardless of any budget limitations.

If you’re a Bean Counter keen to discover the many benefits of investing in a business management system, call NAVExperts now. We’ll talk you through all of the great features you can expect from our packages, and we’ll help you decide which option is the right fit for your business.

About the author

Sue Wright

Business Development Manager, Sue, has been part of the team since 2015, having previously worked in the technology sector for 7 years. Her role sees her running the Sales and Marketing teams as well as supporting the Account Managers on a daily basis.