A rapidly increasing number of mid-market organizations are implementing Microsoft Dynamics 365 Business Central (D365 BC). If you are considering a migration to D365 BC, the first thing to do is make sure the solution fits your needs and if you should consider any third party connected apps to automate certain processes that are key to your business. When companies consider migrating their accounting solution from on-premise servers to the cloud, a key factor in the decision is the ability to automate and streamline accounting and finance processes. To ensure this occurs, companies not only have to review core ERP functionality to make sure it meets their current and future needs, but they must also review which tools to use for reporting, planning, and analysis. Some of these solutions are native to D365 BC while others, like Power BI dashboards data visualization tools, are embedded or connected apps from the Microsoft cloud stack. Still other apps are third-party best-of-breed solutions covering specific business processes. This blog will focus on budgeting and forecasting integrated with Dynamic 365 Business Central and includes some elements you may want to think about to help ensure that your experience with D365 BC is maximized when it comes to producing:
Why Use Planning Apps Instead of the Native Budgeting Features in Dynamics 365 BC? D365 BC’s budgeting functionality enables basic budget input, but similar to almost any other cloud ERP system’s native planning tools, this inherent functionality is not the preferred place where a budgeting manager would want to oversee an annual budget process or produce a forecast.
Here is a showcase that includes several hundred budgeting, forecasting and report examples that can provide an idea of the breadth and depth of capabilities typical for professional corporate performance management (CPM) tools. Tools that can help you optimize planning processes and related decision-making in your business. While many D365 BC customers supplement their budgeting and forecasting tasks with home-grown Excel models, it usually becomes quite obvious when Excel no longer is the right platform for your planning models. Typical signs of pain include problems like:
In other words, with true marketplace templates you should be able to provide your managers with at least a set of General Ledger account-level budgeting and forecasting templates
the same day you install the planning tool! Now that’s a quick deployment!
Summary For new or existing Dynamics 365 Business Central customers, the 2020s hold a lot of promise, with Microsoft continuously improving and updating their ERP system. You’ll also find a rapidly growing eco-system of third-party apps that further enhance the benefits of D365 BC. Picking the right solutions, including for planning, can significantly improve your processes, save you time, and help drive faster and better decisions by putting the right information in front of your managers and executives when and where they need it.
- Annual budgets
- Monthly or quarterly forecasts
- What-if analysis and scenario modelling
- Strategic goals to drive your planning process
Why Use Planning Apps Instead of the Native Budgeting Features in Dynamics 365 BC? D365 BC’s budgeting functionality enables basic budget input, but similar to almost any other cloud ERP system’s native planning tools, this inherent functionality is not the preferred place where a budgeting manager would want to oversee an annual budget process or produce a forecast.
Here is a showcase that includes several hundred budgeting, forecasting and report examples that can provide an idea of the breadth and depth of capabilities typical for professional corporate performance management (CPM) tools. Tools that can help you optimize planning processes and related decision-making in your business. While many D365 BC customers supplement their budgeting and forecasting tasks with home-grown Excel models, it usually becomes quite obvious when Excel no longer is the right platform for your planning models. Typical signs of pain include problems like:
- Errors with formulas and links
- No workflow
- Long duration (often 2+ months) of budget process due to lack of automation
- Lack of user security (especially for salary budgets, etc.)
- Inability to perform web-based input so files need to be shared and collected
- Painfully slow and inflexible budget consolidation and reporting options
- Employee payroll (with taxes and benefits)
- Capital expenses (with calculation of depreciation)
- Sales budget (by sales person and/or customer, product/service)
- Profit & Loss (revenues and operating expenses)
- Balance sheet with automated or semi-automated Cash Flow budgets
- Usually gets you there: Generic integration tools that require a lot of skills and time to configure.
- Works but often with limitations: Connectors specifically built for D365 BC, but not pre-mapped to popular fields with an app that configures dimensions and views in D365 BC to “light them up” for its API.
- Quickest and easiest: Connectors specifically built for D365 BC and that include an app or script(s) that properly and automatically configure dimensions and views in D365 BC. Then it exposes them to its API, including pre-mapped popular dimensions and data. You can see an example of this type of integration here.
In other words, with true marketplace templates you should be able to provide your managers with at least a set of General Ledger account-level budgeting and forecasting templates
the same day you install the planning tool! Now that’s a quick deployment!
Summary For new or existing Dynamics 365 Business Central customers, the 2020s hold a lot of promise, with Microsoft continuously improving and updating their ERP system. You’ll also find a rapidly growing eco-system of third-party apps that further enhance the benefits of D365 BC. Picking the right solutions, including for planning, can significantly improve your processes, save you time, and help drive faster and better decisions by putting the right information in front of your managers and executives when and where they need it.
TAGS: Reporting, Planning, Forecasting, Budgeting, CPM, KPIs, ERP, Dashboards, Partners, Financial Reporting, Compare CPM