Scale Up with Dynamics 365 for Financial Services

Growing a Financial Services company can be a complex, often grueling process.

Mark, the COO of one such company, reflected on its efforts to scale operations, comparing it to training for a marathon:

“We know where we’re trying to go, but everything takes so long, and the challenges come out of nowhere, like when you twist an ankle. Early quick wins feel like tailwinds carrying us in the right direction, and then we get knocked off course and need to brush ourselves off and get back in the race. Pacing, endurance, and long-term commitment are critical–and exhausting.”

The solution to this growing challenge? Microsoft’s modern Cloud ERP.

Modern ERP systems are instrumental in helping companies scale without sacrificing service excellence, and Dynamics 365 Business Central is leading the way for financial services organizations to stay competitive during times of growth and beyond.

The Efficiency Dilemma in Financial Services

When organizations are challenged by improving efficiency, the solutions they implement often compromise other essential values like quality, employee satisfaction, and customer service. Unfortunately, streamlining processes and reducing costs can lead to overworked staff, compromised work quality, and reduced creativity.

This has been called the efficiency dilemma. Success in navigating this dilemma demands operational efficiency while maintaining high-level outputs and a positive organizational culture.

The challenges of growing financial services companies can perpetuate this phenomenon in several ways:

Increased customer volume and onboarding complexity can lead to frustrated customers
The need to maintain accurate and timely financial reporting can mean delayed reports
When there’s growth, there’s also increased compliance risk to be monitored
Allocating resources effectively across departments becomes more challenging

These are just some of the consequences inherent with growth in the financial services industry. The good news is that a modern ERP system like Microsoft Dynamics 365 Business Central can mitigate these challenges.

How Modern ERP Streamlines Your Operations

Cloud ERP systems are software solutions hosted online that provide businesses with scalable, flexible management of core functions like finance and operations. Because there’s no need for onsite hardware, they provide real-time data access and cost efficiency. Repetitive task automation, streamlining processes, and standardizing workflows for centralized control and visibility are some of the better-known overarching benefits of cloud ERPs.

However, for companies in the Microsoft space, the ERP capabilities of Dynamics 365 Business Central are especially relevant to financial services organizations and their accounting departments. These core capabilities include:

Financial forecasting and budget management. Flexible financial planning is non-negotiable in the financial services space. Dynamics 365’s advanced capabilities help manage budgets, predict future revenue, and improve overall accounting scalability.

Security and compliance. Ensuring your financial reporting meets the necessary regulations and standards requires strong compliance management tools, such as secure data handling processes, audit trails, and integrated compliance reporting.

Analytics and reporting. Robust analytics tools offer real-time financial data insights, while customizable dashboards and reports support deep analysis for informed decision-making.

Financial Management. Automated processes improve accuracy and compliance in financial transactions. At the same time, comprehensive tools for accounting efficiency, such as accounts payable, ledger entries, cash management, and bank reconciliations, streamline processes and save valuable time.

Project management. For financial services companies managing multiple clients and complex projects, advanced tools for monitoring progress, managing budgets, and project performance analysis are crucial for visibility and peace of mind.

These are just some of the powerful elements in the Dynamics 365 Business Central toolbox that are transformational for accounting departments in financial services organizations, but let’s dive into scalability.

The Power of Scalability: Growing Without Growing Pains

To return to our earlier marathon analogy, early quick wins don’t guarantee long-term success. Sustained growth requires building stamina (resilient systems and processes), maintaining pace (steady innovation), and managing energy (resource allocation).

For companies focused on growth, a modern Cloud ERP solution like Dynamics 365 Business Central is essential.

Scalability requires adaptability. If you want to increase your customer volume and transactions, you need a solution that can accommodate and support that—both now and in the future. Modern Cloud ERP solutions are designed to scale. They offer flexible deployment and remote accessibility, both necessary for supporting your business’s growth.

Scalability comes with game-changing benefits that include the ability to:

Seamlessly handle growth without disruptions to operations
Access functionality for your organization as needed through robust software
Allocate resources to strategic initiatives instead of managing outdated systems.
Respond quickly to market changes and capitalize on new opportunities.

When growth is your organization’s priority, you need a partner who understands your challenges and can deliver on that goal.

Freeing Up Resources for What Matters Most: Exceptional Service

In the world of financial services, scaling for growth hinges on many things, but ultimately, exceptional customer service moves the needle.

Streamlining processes and automating tasks frees up valuable resources within your accounting department and across the organization to perform high-value responsibilities that support other initiatives such as building strong client relationships, providing strategic financial analysis to support business growth, and… delivering exceptional customer service.

Embracing Growth with Confidence

You wouldn’t try to build a skyscraper on the foundation of a single-story structure, right? You’d need a stronger foundation created with advanced materials and innovative construction techniques. Similarly, financial services firms looking to scale operations need a solid foundation to support growth without collapsing under the new weight.

A modern Cloud ERP solution like Microsoft Dynamics 365 provides that strong foundation to thousands of companies worldwide. Accountnet is a trusted partner to many companies in the financial services space, helping them manage the intricacies of implementing and customizing the platform for their unique needs so they can scale their operations while maintaining superior customer service.

Want to trust your numbers again?

About the Author: As an experienced Microsoft Partner, Accountnet helps companies get up and running with Microsoft Dynamics.

We don’t just install and configure the software – we train your accounting staff to use it to create the reports they need, so they can analyze data as needed.

Our solutions give technical and non-technical employees the information they need to do their jobs well — wherever they are, in whatever application they choose. Take the next step towards growth with Microsoft Dynamics 365 Business Central.

We’ll run side by side with you to modernize your ERP and improve your efficiencies and bottom line. Contact us at Accountnet to learn more.

Call 212-DYNAMICS or 212-244-9009.