Enhance the efficiency, performance, and productivity of your business by breaking siloed approach to accounting process with the help of our professional-grade remote services of Microsoft Dynamics accounting consulting and recruitment to integrate and centralize the accounting management on a single platform
Why Microsoft Dynamics for Accounting?
Accounting plays a very pivotal role in the entire business ecosystem in all verticals to effectively and smoothly deal with the incomings and outgoings of an enterprise. The share of Microsoft Dynamics ERP and CRM in the global market is 10.96% and 29% respectively with accounting and financial management being the major drivers. The main reasons for the increased use of Microsoft Dynamics 365 accounting include:
- Provides deeper insight into the status and health of an organization for better planning and business strategies
- Accurate, secure, and reliable management of different types of company resources
- Numerous automated functionalities for repetitive tasks and activities
- Offers customized solutions for different types and sizes of businesses powered by numerous modules
- Provides a range of stable modules designed for domain-specific accounting
- Allows centralized approach of accounting with numerous other business processes on a single platform
- Microsoft Dynamics CRM accounting and other accounting modules offer strong general ledger (GL) analytics and reporting capabilities
- Increased business efficiency, productivity, and performance due to integrated holistic approach
Different Microsoft Dynamics Accounting Automation Products: AX vs NAV vs SL vs GP
Microsoft Dynamics suite consists of four very crucial accounting automation products, which became the foundation of next-generation Dynamics financial services for modern business management such as:
Microsoft Dynamics AX Accounting
MS Dynamics Axapta (AX) is a flagship ERP product for building innovative business solutions such as Microsoft Dynamics AX solutions, financial management, and others in multiple industries. It was built by Damgaard Data company, which was merged with Navision Software. Later on, Navision was acquired by Microsoft Corporation. Microsoft introduced Axapta accounting under its comprehensive enterprise suite MS Dynamics Suite. The main features and capabilities of Microsoft AX accounting include:
- An enterprise accounting solution supports multiple currencies and languages
- Supports customization and configurations as per requirements in numerous industries
- Capable of integrating with a wide range of Microsoft and third-party modules and tools
- Highly effective in manufacturing, financial services, eCommerce, retail sales, public sector, professional services, and other verticals
- Easy to use intuitive and user-friendly GUI interface
- Supports top-level business procedures such as payables, receivable accounts, general ledger, inventory management and procurements, assistant tools for real-time project assessment, and others
- In a complaint with numerous international business regulations, laws, and standards
- There are numerous industry-specific modules for customized process management
- Available for on-premises, hybrid, and cloud D365 accounting versions
Microsoft Dynamics NAV Accounting
Microsoft Dynamics Navision (NAV) is an ERP solution with powerful features for accounting and financial management. This product was built by Navision Software, which was later acquired by Microsoft Inc. The most important features that Microsoft Dynamics NAV consultants like the most include:
- Highly industry-specific functionalities for startups, SMBs, and niche businesses in retail, financial services, manufacturing, supply chain, eCommerce, professional services, distribution sectors, and others
- Powerful analytics capabilities to generate actionable business intelligence (BI)
- Support all processes of project management such as cost management, budgeting, project phases, steps, and task management, etc.
- Detailed-oriented automated reporting in multiple supported formats
- Supports POS integration and many other Microsoft tools/platforms as well as third-party apps
- Available in both on-premises as well as cloud Dynamics 365 for accounting in the D365 Business Central module
- Allows SMBs to build fully integrated end-to-end business solution
- Supports customization through software development as well as extensions in new capabilities
Microsoft Dynamics SL Accounting
Microsoft Dynamics Solomon (SL) is an ERP software for project-oriented enterprises in accounting, finance, field services, project management, eCommerce, data analytics, supply chain and other domains. It is highly suitable for SMBs. It was initially developed by Solomon Software, which was acquired by Microsoft Inc and introduced in its Dynamics Suite as an ERP solution with the main features like:
- Specifically designed for project-driven entities to work as a standalone solution
- Supports a wide range of functionalities offered by professional mid-market software such as budgeting, planning, cost management, time management, inventory management, and material management
- Offers powerful analytics and business intelligence capabilities
- Supports numerous third-party apps, MS product lines, and other project management tools simultaneously
- A very simple, intuitive, and easy to use interface
- Supports top functionalities in accounting and finance domain with above-average functionality scores such as accounts payables, general ledger, cash flow management, project management, and resource management
- Supports two levels of accounting and project management features such as Advanced Management & Business Essential capabilities
Microsoft Dynamics GP Accounting
Microsoft Dynamics Great Plain (GP) is also a powerful enterprise resource planning (ERP) platform designed for a multi-user accounting service in a wide range of industries. Initially, Dynamics GP project accounting software was developed by Great Plain Software. Later in 2001, it was acquired by Microsoft Corporation and integrated into its Dynamics Suite. A specialized Microsoft GP Dynamics accounting provider prefers this ERP platform for building accounting solutions with numerous features such as:
- A robust and versatile ERP package for developing out-of-the-box solutions for SMBs
- Supports numerous capabilities related to process monitoring, management, and reporting
- Highly simple interface and simplicity in integrating Microsoft’s products as well as other tools like LinkedIn, email, Outlook, and others
- Offers lockbox processing and multi-dimensional analytics for generate 365-degree insight into the business and enterprise data to achieve actionable business intelligence (BI)
- Provide capabilities such as GL, multi-currency, analytic accounting, cash flow, receivable/payable accounts, grants, refund checks, and many others
- Highly secure for internal and external transactions among local and international financial institutes and banking systems
- Very effective in accounting, finance, supply chain, HR, field service, manufacturing, and other similar types of industries
- Supports customization through development as well as through third-party add-ons
List of Accounting Problems That Emerge in MS Dynamics Product Line
Like many other software product lines, Microsoft Dynamics Product line for accounting and finance has to counter a few issues that emerge while maintaining the accounts and financial matters of an organization. The most important accounting problems include:
- Accountants find it a big problem in finding out the right type of report in the right format because a large number of reporting options are available in MS Dynamics accounting products
- A huge number of options for adding attributes to the transactions, bills, taxes, contractors, accounts, payrolls, and other functionalities
- It is a problem for the users to use MS Dynamics products without any proper training and walk-throughs
- Managing intercompany accounting is a complex matter in all accounting software tools including MS Dynamics accounting products due to multiple entities dealing with multi-stage transactions simultaneously
- Locating the right files with easily traceable naming schemes becomes a nightmare sometimes in MS Dynamics products too
- Assigning the right workflow such as sales, purchase approval, invoicing, billing, vendor creation, and others to the right person with granted authority is also a big challenge in Microsoft Dynamics accounting products.
- Data synchronization among multiple modules such as payrolls, billing, HR, and others gets stuck due to continuous inter-module communication in the Dynamics accounting software
Why Choose Us for Hiring Developers & Consultants for Customized Dynamics Accounting Solutions?
We are a specialized recruitment agency that helps you hire MS Dynamics developers and consultants 100% matching your requirements. Top reasons include:
- Professional-level service – We offer expert recruitment and HR consultancy services to build the most accurate, effective, and reliable solution for you. Our service is fully managed and powered by backup support.
- Competitiveness – Our services are highly competitive in the marketplace with transparent fixed prices without any hidden charges at all.
- Quality – We provide a higher cost/quality ratio to create great value for our clients.
- Access to the large tech talent pool – Ukraine has a large pool of over 200,000 IT specialists that we have access to search from.
- Ideal location – We are located at the central geographical position with overlapping working hours with many countries for physical traveling and effective communication respectively.
Top Qualifications to Look for in an MS Dynamics Accounting and Finance Consultant
A professional consultant for Dynamics accounting and finance should have qualifications such as:
- Platform knowledge – A good consultant should have in-depth knowledge of different components of MD Dynamics to build suitable technical solutions for different businesses.
- Industry expertise – Another qualification should be expertise in the accounting and finance industry so that expert-level solutions in line with the industry standards can be built.
- Innovation – A consultant should think creatively and apply an out-of-the-box approach for creating matching solutions to the problems faced by the accounting department of the company.
- Effective communication – MS Dynamics consultant should be well-versed in business, written, and interpersonal communication skills to establish a smooth conversation with stakeholders.
- Education – Masters’ degree in business administration or management information system along with relevant certification is a must.