Top Reasons to Turn to Microsoft Dynamics Accounting Consulting

Top Reasons to Turn to Microsoft Dynamics Accounting Consulting

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.

  • Microsoft Dynamics NAV, a part of Dynamics Accounting, holds a market share of 2.52% in the Accounting category, ranking #10. The top competitors in this category are QuickBooks (37.55%), NetSuite (7.74%), and Cognos (6.41%)​​.
  • Microsoft Dynamics GP, another component of Dynamics Accounting, competes in the same category with similar competitors​​.
  • Microsoft Dynamics 365 for Financials, also part of Dynamics Accounting, faces competition in the Small Business Accounting category from QuickBooks (81.43%), SAP Business One (7.05%), and QuickBooks Pro (3.49%)​

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 Dynamics financial services 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
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Different Microsoft Dynamics Accounting Automation Products: AX vs NAV vs SL vs GP

The Microsoft Dynamics suite has historically offered a range of accounting solutions that have been instrumental in shaping modern financial services for business management. This includes legacy systems like AX, NAV, SL, and GP, which have been important in the evolution of Dynamics financial services. These systems, while now considered classic, laid the groundwork for more advanced offerings in the Dynamics family.

Our focus includes providing Microsoft AX support for these established systems. We understand the importance of these technologies in many businesses and offer specialized support and expert services to maintain and enhance these systems.

The depth and flexibility of Microsoft Dynamics for accounting have always been its strong points, and this is particularly evident in systems like Dynamics AX. With AX accounting, businesses have experienced streamlined financial processes, and with Microsoft AX accounting software, they have harnessed robust functionalities tailored for complex financial management.

Moreover, the evolution towards Dynamics 365 for project accounting reflects the suite’s commitment to adapting to the changing needs of modern enterprises. This transition signifies a move towards more integrated, cloud-based solutions, offering greater agility and efficiency in accounting practices.

Our services ensure that businesses using these traditional systems can continue to do so effectively, while also offering pathways to newer, more advanced solutions like Microsoft Dynamics 365 accounting and Microsoft Dynamics AX accounting software. Whether your current business needs are in Dynamics legacy system support or Dynamics 365 migration consulting services, we are equipped to cover all the aspects of Dynamics accounting and deliver the desired results.

Microsoft Dynamics AX Accounting

MS Dynamics Axapta or AX (now is Microsoft Dynamics 365 for Finance and Operations) is a flagship ERP product. Companies use Dynamics AX custom development for building innovative business solutions in financial management, inventory management automation 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

“The future of tech consultancy is about creating symbiotic relationships where consultants are as invested in a project’s success as our clients are.”Ivan F, Consultants Engagement Manager at HireDynamicsDevelopers.com

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
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Dynamics 365 Business Central: Revolutionizing Accounting for Modern Businesses

Dynamics 365 Business Central is at the leading edge of accounting solutions, delivering exceptional efficiency and precision in financial management. As a recent addition to Microsoft’s collection of advanced tools, it flawlessly integrates with your existing systems and introduces new, cutting-edge functionalities. This platform marks a major step forward in the world of Dynamics accounting, offering a solution that meets the diverse needs of today’s accounting practices.

Dynamics 365 Business Central is a clear indicator of the progression in Microsoft Dynamics 365 accounting. It moves beyond the capabilities of older systems like Microsoft Dynamics AX accounting software. This platform captures the essential elements of today’s financial management needs, offering an integrated and complete approach to accounting. Rooted in the comprehensive features of Dynamics AX, Business Central expands these aspects into a cloud-based, accessible platform.

Key Features of Dynamics 365 Business Central for Accounting:

  • Streamlined Financial Management: Centralize your financial operations for improved efficiency and insight.
  • Integrated Project Accounting: Optimize project outcomes with Dynamics 365 for project accounting capabilities.
  • Advanced Reporting: Utilize powerful reporting tools for deeper financial insights.
  • Automated Account Reconciliation: Minimize errors with automated reconciliation processes.
  • Customizable Dashboards: Tailor your financial dashboard for real-time data analysis.
  • Cloud-Based Accessibility: Access your financial data securely from anywhere.
  • Scalable Solution: Easily scale as your business grows and evolves.
  • Compliance Management: Stay compliant with the latest financial regulations.
  • Seamless Integration with Dynamics Suite: Integrate with Microsoft AX accounting software and other Dynamics applications.
  • Enhanced Data Security: Benefit from Microsoft’s robust security protocols for data protection.

Dynamics 365 Business Central offers a new level of sophistication in Microsoft Dynamics for accounting, bridging the gap between traditional accounting practices and the demands of today’s fast-paced business environment. For businesses aiming to improve their accounting operations, professional Dynamics 365 Business Central consulting is the perfect choice to gain a competitive edge in a world where success depends on the proper configuration and implementation of modern solutions. Whether it’s comprehensive financial management, project accounting, or insightful reporting, Dynamics 365 Business Central is equipped to handle the intricate needs of the accounting industry.

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.

If you are looking for an expert firm to recruit a remote MS Dynamics consultant, get in touch with us to find specialists for Dynamics accounting customization!