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How will Dynamics 365 Business Central change the accounting software market?

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Dynamics 365 for FinancialsLast November, Microsoft announced the launch of Dynamics 365. With this new offering, Microsoft combined its Dynamics CRM and ERP solutions into one integrated cloud service. The new solution is made up of 7 purpose-built apps to help manage key business functions. These include; Business CentralSales, Marketing, Customer service, Field service, Project service and Operations. 

Whilst there is a lot to be said for each app, one particularly exciting and potentially game changing area is Dynamics 365 Business Central. Set for release in the UK in July 2017, Business Central is aimed at the SME financial software market. This is not Microsoft’s first entry into the SME market space, however it is an exciting release with the potential to shake up the industry.

What is Dynamics 365 Business Central?

Dynamics 365 Business Central is geared towards SMEs and the professional services firms that help them, for instance accountants. It is a customisable and flexible solution, allowing businesses to purchase only the apps they require now. Importantly, they are able to build on these apps as their business grows.

Moreover, it delivers all the integrations and tools to help small businesses manage their finances. Clients using Outlook, for example, can quickly and easily raise orders and approve invoices, without leaving their email inbox. According to Robert Pope, the sales lead for Microsoft UK’s Dynamics Business Applications, businesses lose over 40% of time switching between applications. With Dynamics 365, key functions are all integrated, offering huge productivity gains.

For accountants, another advantage is the ability to log into a client’s system, see the same information on screen and work together on their finances. By doing so, they can connect more deeply with their customers and offer additional services.

Cloud accounting for SMEs

There are many offerings in the cloud accounting software market aimed at smaller businesses. A good example is QuickBooks, Xero, Zoho and Sage. Whilst these solutions are well placed to support smaller businesses, ambitious and growing companies may find they quickly outgrow them. Commonly cited frustrations include;

  • Insufficient reporting
  • Manual processes that result in duplicate data entry and errors
  • Disconnected systems that reduce productivity and slow decision making
  • Lack of proper workflows and audit trails

In contrast, Dynamics 365 grows with your business. Not only does it provide scalability, it also delivers the reliability and performance reassurance offered by Microsoft.

Microsoft is currently running a free 30-day trial of the software. If you are interested in signing up and seeing how Dynamics 365 could help your business, please get in touch.


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