The role of a CFO is a leading role within any company, and even more so in contexts of uncertainty and the need for transformation. A CFO must take a step forward to get involved in making crucial decisions for the future of his company, from an analytical perspective, with the help of technological tools.
The current panorama is marked by concern. The crisis generated by the pandemic or the consequences of the war in Ukraine and the climate emergency mean that CFOs must operate with caution; but at the same time, promote actions to allow the company to remain competitive and grow in the long term. The rise in the cost of materials and supplies is marking businesses today, but they must not jeopardize productivity, efficiency and the digitization necessary to compete in the coming years.
The Chief Financial Officer must assume leadership to mark the roadmap and the future strategy of the company, not only focusing on administrative coordination, financial management and accounting control. Advice to Management by the CFOs is going to be key; and for this it is necessary to go from the expert accountant to the analyst. This is not at odds with the traditional task of optimizing costs and improving the organization’s performance; It is one more step to lead the digital transformation (and everything it offers to companies).
In this sense, the CFOs of leading companies are supported by Business Central to automate low value-added tasks, manage accounting in a simple way, reduce human errors, streamline transactions and focus on high-performance operations within his department. But above all, they rely on the leading management software to make better business decisions.
Microsoft Dynamics 365 BC offers consolidated data across the entire organization, enabling confidence in numbers, thanks (also) to enhanced information security and integrity. From there, it allows a structured presentation of the same, allowing a better performance of the finance staff and the detection of possible failures. The ERP offers a full control over the financial statement of the company, has analytical accounting tools and systems to offer a vision of the financial situation, with analysis by different axes. All this is reinforced by seamless integration with other Microsoft tools, such as Excel spreadsheets or Power BI, for more complex data analysis, forecasting and more visual presentations of information.
What increasingly strategic area Within any company, finances must not only enable the daily operations of a company; they must also favor strategic investments and allocate resources in a rational way. With Business Central’s finance module, CFOs can focus on budgeting, financial planning and cost savings, extracting the full value of available data for reliable insights that facilitate analysis.
Benefits of Business Central for the work of the CFO
Microsoft Dynamics 365 Business Central is an all-in-one tool that, beyond facilitating the tasks of a CFO, boosts them:
Business Central has processes for automate tasks routine, which otherwise would take up a good part of the hours of the day. In addition to reducing time, frequent errors resulting from continuously performing a task manually are also avoided. All this helps reduce costs while maintaining control of the economic status of the organization.
With the costs and revenues updated at all times, the CFO can know the real financial health of the company. From a single place you have access, at all times, to the relevant information (inventory, sales, purchases, accounting…), which helps to make realistic forecasts and control accounting in a solvent way and in real time.
Business Central allows a complete cost control inventory, manufacturing or personnel, among others; allowing to find out the operations with the best performance, the exact needs for the maintenance of the company, optimizing the stock, adjusting the payments to suppliers or detecting cost overruns.
The organization of invoices ensures faster collections and the programming of alerts for clients allows them to remember invoices that are about to expire. These are two examples of how this ERP ensures the department agilityin addition to the aforementioned automatisms so as not to have to be aware of certain essential periodic tasks.
Support to key departments
The importance of a CFO is also measured by the ability to improve other departments, something in which Business Central excels. Good financial control can improve operations in the warehouse and in sales thanks to a quick response in billing tasks, payment terms, price negotiation, sending communications (with Outlook integration), customer qualification, etc.
All financial areas are integrated into a single system thanks to the ERP, with updated information in real time. With Business Central you can access information and trigger tasks from any device at any time and place. The user experience also saves time searching and minimizes human errors.
Financial planning functionality helps create financial reportsmake budget forecasts, as well as work with different filters to make forecasts with maximum visibility and information in real time to make decisions based on data.
The changing regulation can be an obstacle for accounting work; but Microsoft has an assured roadmap that guarantees support against legal changes relevant, with locations in most countries of the world that ensure regulatory adaptation in case of internationalization.
Dynamics is the leading ERP among small and medium-sized businesses around the world; but in addition, it is also used by some of the most important multinationals (almost half of the IBEX uses it); what makes it a safe bet to navigate the current financial environment. Do you want to meet him?