Season 1, Episode 4 : How does Business Central support industry-specific accounting and reporting standards?

‍

Do you or your clients struggle to keep up with the ever-changing industry-specific accounting standards and regulations while maintaining the flexibility for yours or your client’s unique business needs? Business Central can streamline compliance and reporting with configurable charts of accounts, dimensional accounting, compliance packs, and advanced reporting. I’m Laura at Creative, and this is Dynamics unwrapped…

Business Central has configurable chart of accounts as standard which allows users to define and customise their chart of accounts to align with industry-specific accounting requirements. This flexibility enables businesses to track and report financial data according to their specific needs, thereby accommodating their industry’s specific requirements.

One of the key features of this system is that is provides robust dimensional accounting capabilities, allowing users to assign dimensions to transactions, such as departments, projects, or cost centres. This feature combined with the advanced reporting and analytics facilitated by Power BI, is valuable for industries that require granular reporting and analysis, such as project-based accounting or tracking expenses by product lines, and you can use the reports to gain deeper insights into financial performance and compliance with industry-specific metrics.  

Finally, Business Central offers a range of compliance and localisation packs tailored to different regions to ensure that businesses adhere to regulatory and reporting requirements, such as tax rules, financial standards, and statutory reporting formats.

Business Central is highly customisable which means that companies can easily configure the system to suit their specific business needs to relate with their industry and standards. But, how does the system connect accounts payables and receivables to the manufacturing and supply chain teams, well you can find out in the next video or get in touch…

‍

‍