Adapt to Regulatory Requirements
Updated: Jul 22, 2021
This is the fifth post in our five-part series “Five Tips to Boost Your Company’s Financial Health,” which is focused on the importance of utilizing a proven financial management system such as Microsoft Dynamics 365 Business Central to run a better business. We previously discussed how the right tools and access to the right information, improves everyone’s performance, how you can make data work to make the most of your money, how tracking and managing cash-flow can help your business, and the advantages of managing your finances from the Cloud.
Adapt to Regulatory Requirements
While the regulatory requirements of each industry and each geography are unique, they all share a common theme: change. Whether it’s health care mandates or industry-specific financial reporting requirements, every business has to balance rock-solid systems that deliver compliance today with the flexibility to adapt as their regulatory responsibilities change.
Business Central offers a set of financial management tools with securities and controls to help you meet regulatory requirements. Built on tried and true accounting and reporting best practices, Business Central not only helps deliver accountability and oversight, it provides you with the ability to clearly separate duties around sensitive data and processes to reduce fraud and protect your company from internal risk.
As regulations change, you can’t afford to be locked into a system that won’t adapt. Financial management capabilities within Business Central are built to be flexible, so you can change your workflows and processes to keep your business compliant without breaking the bank.
Don’t just take our word for it, read how German fashion company Hans Ploenes managed federal government mandates with Microsoft Dynamics NAV.
CONCLUSION:
Keeping track of every dime can really take its toll on a company, and if you’re trying to do so with overburdened, outdated systems, you’re going to end up paying for it eventually. As these blogs show, Business Central offers a sensible financial management solution built for growth and ready to change with your business.