Financial Advisory Firm adds Efficiency with Upgrade to Microsoft Dynamics 365 Business Central

Background

A financial advisory firm providing portfolio management was utilizing Microsoft Dynamics GP, but the CFO felt as if it was inefficient, in addition to being at the end of its life for
support. While Microsoft is committed to supporting Dynamics GP through the end of 2024, it’s no secret that they are also encouraging current customers to take advantage of their cloud-based solution, Dynamics 365 Business Central and are offering special promos and incentives to make the move.

The firm described Dynamics GP as “basic,” and they were tracking fixed assets and double-entering invoices and bank reconciliation outside the system in Excel. The team knew that a new, modern solution like Microsoft Dynamics Business Central would have it integrated into the system. One of their finance staff was soon retiring and a new solution would be enticing to her replacement. The CFO considered Sage Intacct and Oracle NetSuite, and found that Sage was more affordable than NetSuite, but she was interested in learning more about upgrading to Microsoft Dynamics 365 Business Central as users of Microsoft 365. While fixed assets are an additional cost with Sage and NetSuite, it is included with Microsoft Dynamics 365 Business Central licenses.

It was determined that Microsoft Dynamics 365 Business Central had more functionality than the other solutions that were considered – allowing the organization to eliminate manual processes. Another benefit to consider with Business Central is that there are tools and paths to make it easier to migrate Dynamics GP data to Business Central.

Implementation

The implementation went smoothly, and there was good communication between both the client and Velosio teams to keep the project on track. User training was completed both online and in person, with online sessions being recorded on Microsoft Teams for an easy refresher if steps were forgotten.

Benefits

The financial advisory firm eliminated costly annual maintenance plans and upgrades for Microsoft Dynamics GP and on prem servers, saving time and money. Deploying in the cloud means automatic upgrades are included in the subscription cost. This means the system is always up the date, and they have access to all the latest features with minimal
effort. They are benefiting from built-in features such as standard budgeting capabilities, financial reporting options, automated reconciliations and cash flow projections, Microsoft 365 integration, and more. Manual processes, double-entry and reliance on Excel have been replaced with automated, efficient processes, and user acceptance is high.