Businesses in today’s day and age have global aspirations. The systems and processes within a company go a long way in determining the success or failure of a business spread across different geographies. You will need solutions that are easy to manage and user-friendly. In such cases, a business-wide solution like Business Central can help businesses. Let us look at some features that make Business Central an ideal solution for companies with a presence across different regions.
1. Compliance adherence
One of the most critical factors for any company operating in different countries is the ability to adhere to the compliances and rules and regulations. The rules and regulations will change from country to country, and you need a solution that can adapt to these changes.
Business Central has a presence in multiple countries and is built keeping in mind the rules and regulations of those regions. The complete list of countries is available here. It also supports local languages in these regions. From a data privacy point of view, it supports GDPR. Also, from a financial perspective, it adheres to guidelines of The Sarbanes-Oxley Act, International Accounting Standards (IAS/IRFS), and The New Basel Accord (Basel III).
2. Multi-currency support
A business operating in different geographies makes payments to various entities like vendors, distributors, etc., and accepts payments from customers in local currencies. If you do not have a solution that supports multiple currency-based transactions, you may end up with different solutions for different regions. It will lead to spending more monies and investing more time in consolidating financial reports.
Business Central supports all the major currencies in the world. The company can set up 1 currency as “Local Currency” and designate the other currency as “Additional Reporting Currency”. Business Central will record amounts in both currencies per the currency rate assigned whenever a transaction happens. To know more about Business Central’s capabilities in managing multiple currencies, click here.
3. Consolidate financial data
It is essential for a company to be able to exchange financial data across multiple locations, even if they have variances in accounting structures, currencies, and languages.
Business Central enables companies to consolidate financial statements across all entities into a single entity, i.e. the company. You can consolidate general ledger entries for two or more separate entities. You can also import data from multiple entities in the same Business Central environment. It can also help companies transfer this consolidated data from various accounting structures to the desired accounting structure by the company.
4. Unified business-wide data
Business Central is a business-wide management solution that can generate, capture, analyze, and provide insights across different departments, including sales, marketing, logistics, customer service, finance, etc. It can do so for multiple locations too.
It can perform these actions in real-time, giving decision makers access to updated data at all times. Also, the report creation process in Business Central is easy to use. It allows employees to create custom reports per their specific requirements and share these reports with other stakeholders without any extensive IT support.
5. Quick Data-driven Decision-making process
As mentioned, stakeholders can access data in real time. It allows them to analyze data, draw insights from it, and make data-driven decisions. They can do so for each of their locations.
They can identify changes in market trends, variances in demands of different products, or find bottlenecks in their systems and processes. They can design specific plans for such situations and react as quickly as possible to gain an edge over their competitors.
6. Integration capabilities
Business Central can be integrated with other Microsoft products like Office 365, Azure, Power Apps, etc. Also, Microsoft has also launched AppSource, an online marketplace of various popular third-party applications compatible with Business Central. These integration capabilities make Business Central a better and an efficient system.
If you are a company with offices spread across different geographic locations and want to evaluate Dynamics 365 Business Central, get in touch with experts at Direction Software. Direction Software is a Microsoft Gold Partner for Enterprise Resource Planning. We are a multicultural Information Technology Solutions and Business consulting company with Indo-German Management, headquartered in Mumbai, India.
We offer Bespoke solutions on .Net, Java & open-source platforms, E-Business consulting, Back Office Support, Business Intelligence, and Mobility Solutions.
About the author:
Chirag Thakkar – Sr. Digital Marketing Consultant
At Direction Software LLP, Chirag works with the Marketing Team to enhance the Digital Marketing presence and Lead Generation.