Your Three Es: From Excel to ERP for Excellence

Many clients come to us to highlight a major problem within their finance department: a lack of centrality. Excel is a crucial tool within the diverse world of finance. However, as a company scales, so do its expenses, its investments, and the workload of its growing team. This demands intricate configurations that leave little to no room for error.  

After guiding numerous companies in their integration into Business Central, here are the 5 key points that have been commended within Microsoft’s ERP system: 

#1 Dimensions 

Defined as “values that categorize entries so you can track and analyze them on documents”.

They help simplify the chart of accounts by reducing the number of GL accounts while maintaining the same level of detail in terms of reporting and analysis. As such, all transactions processed in the system are tagged through dimensions. This supports dynamic manipulation, facilitating information extraction for reporting and avoiding misreporting. 

#2 3-way matching 

Streamlines the three-way matching process through automation.

Automation allows our clients to save time and resources while maintaining accurate and timely payments to vendors 

#3 Bank Reconciliation

Automated bank reconciliation features work with Business Central’s AI assistant Copilot, optimizing and enhancing the accuracy of the process.

For instance, it provides automated transaction matching using rule-based logic and AI, preventing double-posting. Copilot enhances accuracy by suggesting G/L accounts and adjustments for unmatched items, learning from past reconciliations. And with integrated bank fees and imports, manual effort is significantly reduced.

#4 Security and Access 

Creation of personalized profiles and permissions specific to each role.

Everyone uses the same interface, but not the same versions, which ensures cohesion without risking a data breach. This ensures transparent monitoring of data, thereby reducing the risk of unauthorized actions that might modify GL accounts.  

#5 Report Creation 

Streamlines report creation for the finance teams while maintaining accuracy and constantly remaining audit ready.

Business Central offers customizable account schedules and built-in financial templates, facilitating the quick generation of reports, personalized to each company’s specifications. Its integration with Excel and Power BI elevates cooperation and visualization. And, as referenced earlier, the use of dimensions enables detailed analysis with real-time data, ensuring decisions are based on current information.

Your Three Es: Excel, ERP, and Excellence, is a guaranteed path forward. 

The journey from spreadsheet to Business Central is more than a software migration, transforming how finance teams operate, work together, and grow. Thus, when audit season rolls around, the finance team can breathe easily, entrusting that their numbers are centralized, secure, and ready.