Why do companies defer financial reporting to Phase 2 in their ERP system?
💁🏼 Often they have the notion that they can do financials out of the box and are ready to go without their need to participate.
💁🏼 They believe that it's no big deal to accomplish this task at a later period and usually don't consider it a primary task for the system go-live.
💁🏼 There are many instances wherein no one within the team has adequate financial expertise, or the individual with the required skill set mainly uses Excel. Such folks might be planning to stick to Excel until they can spare the time to familiarize themselves with the new tool provided by Business Central.
Learn more in this new episode of 𝗚𝗲𝘁 𝗬𝗼𝘂𝗿 𝗡𝗲𝘄 𝗩𝗶𝗲𝘄 — Financial Reporting ▶
✔ Putting financial reporting in your ERP system before go-live is just as challenging as after.
Integrating financial reporting BEFORE or AFTER the go-live holds an equal level of complexity. Instead of adding extra stress while everyone’s trying to learn the new system, a great idea would be to get reports in ASAP - remember the motto: the earlier, the better.
✔ Financial Reporting using Business Central is very flexible and fast.
Having had the pleasure of working with hundreds of companies over the last 20 years, I've realized an interesting fact - hardly any two companies have identical financial reports! This is why the flexibility offered by Business Central is so invaluable. It enables you to tailor your financial statements exactly how you need them!
Another highlight, which is often overlooked, is its remarkable speed. Open your new account schedule and voila, your numbers are ready in no time!
Now, you might ask - Isn't that supposed to be a given? Isn't speed expected? Well, think back to the other financial reporting packages you've used. Recall waiting for your numbers to load, enduring the processing time, and in worse scenarios, having to set the schedule overnight and anxiously waiting till the next day! Quite a contrast, isn't it?
✔ Create your financial report dreams with New View!
We specialize in simplifying Financial Reporting for you. With our vast experience and hundreds of satisfied customers to vouch for us, we promise you top-notch results. Whether you need to create financial statements the same as what you have today or build new ones from scratch, we've got you covered! We can also coach you on how to do all of these giving you lots of helpful suggestions at every step along the way.
The result? Financial statements that are professional, easy to understand, consistently delivered, and above all, accurate.
Essential points covered in this episode:
[00:00:00] Introduction
[00:00:19] Putting off Financial Reports for Phase 2
[00:03:12] No two companies have identical financial reports
[00:04:40] Added uses as operational management reporting tool or even as a daily research tool
[00:06:48] Easy to partner up with more tools inside BC
[00:09:15] Dumping results into a trial balance in Excel
[00:11:05] How to prepare transitioning financials inside BC
#NewViewStrategies #ProcessImprovement #FinancialReporting
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About Kerry Peters & New View Strategies:
Kerry Peters is the CEO of New View Strategies, a company known for solving mission-critical business problems and a straight-talking, experiential approach to training and process improvement for Microsoft Dynamics 365 Business Central and Dynamics NAV. Our relationships are long-term, and our clients report that they have boosted efficiency, solved business problems, and had fun in the process!
Let the experts help you tap into the true power of your BC / NAV system.
You're struggling with challenges, and you know your Business Central / NAV ERP solution can help, but you're not sure how. We do. Whatever you're challenged with or searching for, we've been there – as a user and partner. You won't find the level of no-nonsense, front-line experience we offer anywhere else, and we're here to put that experience to work for you.
✅ Why Choose New View?
With our team's average of 15 years of real-world BC / NAV partner and end-user experience, we know where to look and what to ask to discover how to make your BC / NAV investment work better for you.
Contact us today: https://getyournewview.com/services/
