Australian Businesses wonder if moving from Xero and MYOB to Dynamics 365 Business Central is worth it. There are a number of important areas which can benefit your Business (described below), but before reading that, let’s quickly go over the important stuff:
1. Dynamics 365 Business Central is designed for Companies that report on Accrual Basis; if your company reports to the Australian Taxation Office on Cash Basis you will need to use Dynamics 365 Business Central in a slightly different way (eg. not posting an invoice until you receive a payment, or a purchase invoice until you make a payment).
2. Payroll in Dynamics 365 is Journal based, which means there is no native functionality to process Payruns, Superannuation, PAYG Withholding or send out Payslips to your employees. There are of course companies like Dialog IT who wrote a Payroll Module as an add-on to Dynamics 365 Business Central for one of their clients and now offer to sell it as an extension on the market place, but that’s an added cost and comes with a big price tag. So basically you need to process your Payroll externally until Microsoft provide this functionality as a standard feature.
3. If you are a company with 1-5 employees and you do not have a bookkeeper/accountant in-house, you might find understanding the Chart of Accounts and financial accounts in the system difficult, so you might end up posting to the wrong general ledger and later paying your accountant whatever you have saved in order to fix your accounts; so if you rely on an external accountant and you are looking to optimise your operations, it’s best if you go the Dynamics 365 for Sales path then add Business Central to the mix when you are ready to own your finance and accounting system.
If you are an Australian Business, reporting on Accrual basis (Monthly, Quarterly or Yearly), have a bookkeeper overseeing your accounts and processing your Payroll, this system is perfect for you, keep reading.
Here is a brief list of things customers commonly find useful when we deploy Dynamics 365 Business Central
Email customer invoices
Dynamics 365 Business Central (NAV) allows you to link your email address in order to send out customer invoices, account statements, payment reminders and even marketing emails. This applies to Office 365 email as well as G-Suite Gmail or other email providers.
Respond to orders instantly
If linked with Outlook then from inside your mailbox you can view customer due balances, add customers, create Quotes, Sales Orders and Invoices, you can even register customer payments right from within your inbox. This makes it faster to respond to clients using Dynamics 365 Business Central and your sales people don’t need to refer customers to “Accounts” department when it comes to payments and invoicing, things get done with much less effort and without many errors.
Keep your financial data clean and useful
Ditch manual processing using Excel and start using LIVE reports (you can actually use Excel with live data in Dynamics 365 Business Central if you really want to).
Budget and forecast for the whole year ahead. You don’t need to wait for your accountant/bookkeeper to prepare the weekly/monthly sales reports and you don’t need to waste time on those weekly financial meetings. Your reports are LIVE! which means your business decision making is also live; you can share these live reports with stakeholders and colleagues.
Know your Business inside out
There is a great set of standard reports, much more than any traditional accounting system like Xero, MYOB and NetSuite can offer you. But guess what?You can even create your own and without any technical knowledge, just pick the data and click the type of chart or filter you want. PowerBI for Dynamics 365 Business Central is a very powerful Business Analytics engine.
Put Office 365 to work
Your knowledge of PowerPoint, Excel and Microsoft Word will not go to waste, Dynamics 365 Business Central Document Templates means you can create as many document templates as you like to customize customer experience, your invoice templates, purchase order templates, account statement templates, vouchers maybe? Etc
Your Excel knowledge comes in handy when using Dynamics 365 Business Central because you can just click “Edit in Excel” and the entire Dynamics 365 Business Central table will land in excel with live data, you edit (even remove) and add to the Excel spreadsheet and hit “Publish” and the system will add, delete and update the records as you wish, you can do some pivot charts or other analysis to help you with data filtering, mining or analysis before you publish.
Have you heard of Microsoft Flow?
That’s CUT THE MANUAL work!
You can have your marketing lists in Mailchimp feed into Dynamics 365 Business Central. Using Microsoft Flow for Business Process Automation (you can set it up yourself it’s a plug-and-play scenario) you can ensure that a list subscriber from your website or from a marketing and sales event is instantly fed into Dynamics 365 Business Central, a task is created to call the customer and an email is sent to the person who is assigned the task; maybe even a thank you email with the product brochure is sent before the call, all without you having to remember or manually do anything.
Or when an update in company policy document on Sharepoint, Dynamics 365 Business Central alerts all your employees automatically by assigning them tasks and asks them to review the document for example.
Get on it now before your competitors; win the race!
Companies that embrace the use of Customer Relationship Management (CRM) and Operations cloud applications will top the market in all sectors of trade. This is because a sound use of these system can mean a great deal of reduction in time, effort and capital expenditure.
Adding these applications to your company’s digital assets can significantly increase the IQ of your company and improve your operations; you can reduce cost without compromising on quality and efficiency. Get started today before your competitors, embrace systems like Dynamics 365 Business Central or try it at least.
Go-live right away!
Here at UHS Logic Australia, our team developed a unique set of templates, configurations and integrations that will get Australian Companies up and running with Dynamics 365 Business Central without the need to involve accountants and invest months in planning and customisation.
Our unique Deployment Methodology for Dynamics 365 Business Central means less of your time spent on setting up the system and more focus on your business.
We have deployed Dynamics 365 Business Central to a number of Australian businesses successfully and have tested our methodology.
If you are a Manufacturing, Assembly, Product Reselling or Professional Services Business based in Australia, we can advise you and your team on what’s best in terms of your Accounting, Operations, Bookkeeping and System Setup to suit your company.
Contact us in Sydney, Melbourne, Canberra or Adelaide and our team will guide you through.