Witness Powerful ERP System Integration With Microsoft Dynamics
While every company’s financial close is unique, there are some common issues that may affect the health of your process that can be solved through ERP system integration with month end close automation software.
Common Month End Close Problems
If your finance and accounting (F&A) team completes tasks manually through disconnected spreadsheets, then there’s plenty of opportunity for human error. If your process isn’t consistent across your organization, that can lead to data integrity issues. Inconsistent processes also create a lack of visibility, especially for management and CFOs, making it difficult to determine the status of ongoing tasks or any potential bottlenecks. A long meeting to update management on progress only takes time away from completing the month end close on time.
On top of that, the recent COVID-19 pandemic further highlighted the need for a fast and healthy month end close process. Now more than ever, finance teams need to support the larger business’s workforce remotely through a virtual month end close, and to be able to provide real-time critical insights into a market that is constantly changing. Especially if you’ve shifted to more web-based business – for example, online retail or delivery services like Uber Eats or Doordash – trying to run your Office of Finance with pre-pandemic methods sets the business up for failure.
Is your team prepared for the month end close each month enough to assess risk, or are they constantly bogged down in the same spreadsheets day after day? According to Jim O’Connor, Managing Principal Advisory Practice at The Hackett Group:
“Organizations need to spend less time managing data and more time understanding risk.”
By shifting away from a traditional time split that focuses mostly on controls, checks, and transaction matching, your team can carve out more time for essential activities like financial analysis, risk assessment, and planning for the future.
The difference between top performing companies and their peers comes in the form of increased efficiency and effectiveness at a reduced cost, and with reduced financial risk.
Top performers can expect a faster close, a lower account-to-report cost, and lower audit fees.
Month End Close Automation with ERP System Integration
So what can you do to reach that faster, healthier month end close? The first step is to diagnose the problem. We recently conducted a market survey and found that industry leaders identified two major obstacles to a more efficient close:
- A lack of month end close automation
- Manual work and errors
Trintech’s recent webinar with Controllers Council addressed these obstacles and showcased the integration between Adra by Trintech and Microsoft Dynamics 365. Speakers Michael Uram and Deana Dearry talked about the tangible benefits provided by hosting the entire close process in one centralized platform.
“Knowing that I have a lack of automation means that I know that automation exists.” –Michael Uram, Director of Product Management for the Mid-Market at Trintech
From there, it’s simply a matter of implementation. Even automating just one part of the month end close can lead to a healthier ROI, especially if it’s in lockstep with your existing tools.
Invest in the Right Month End Close Automation Tool
Enter the certified Adra® by Trintech and Microsoft Dynamics 365 connector. Adra is the first and only financial close solution embedded directly into D365 Finance, providing ERP system integration for increased visibility and oversight into your close process. If your business already uses the Microsoft Dynamics platform, this is a great value-adding partnership.
As part of a navigation demo, Michael Uram explained the benefits of having all your data in one place:
“On the back-end the integration is already doing that work for us, so we don’t have to come in and download anything, or export it out – it lives all within Adra and all within Microsoft Dynamics. So you can see having the entire workflow, having all of the approvals, and having everything occurring within one platform just adds so much more visibility, compliance, control, and automation to our entire close cycle.”
Finance teams aren’t the only ones that benefit from this integration.
Deana Dearry, Channel Manager of Mid-Market Partner Engagement at Trintech, pointed out the multiple ways that Adra can be applied throughout your organization:
“Adra® Task Manager, although it was generated specifically for financial close, can be a strategic tool across your business and again launched from within your application. Our HR team uses it for new hire onboarding, for example.”
When you can leverage the same tool across multiple teams, it further increases that return on investment.
When it comes to ROI, the automation options from Adra by Trintech lead to a reduction in time to match transactions, perform balance sheet reconciliations, and in the overall time to close.
If your business currently uses Microsoft Dynamics, consider the benefits this integration may bring you.
Start by assessing where the business is at now. What does your close process look like currently, and how healthy is it? Are there any processes that currently sit outside of the framework of your ERP? Determine how you can leverage a financial solution to drive positive ROI for your organization.
Watch the full webinar, including the demo of the Adra by Trintech and Microsoft Dynamics 365 ERP system integration.
Written by: Nathan Stabenfeldt