As an accounting manager, bank reconciliation can be a stressful time. It is a public company’s obligation to provide the public with accurate company statements and is the responsibility of the CFO and accounting team. Costly errors for example in the fixed asset account, expense account and payroll account can be a time intensive process to correct. If the company statement is wrong, providing false information to the public can spell disaster for a publicly traded company.
Commonly three to four people handle the chart of accounts during bank reconciliation. A software system that is in place that is robust for reporting, easy to use, and aids in reducing costly errors alongside with double entries is imperative for an efficient organization.Although there is no “one size fits all” ERP system, organizations should consider an ERP software that is GAAP complaint in regards to auditing and partner with a trusted company that is experienced in common bank reconciliation business pains.
Here are some major reasons CFO’s prefer working with Microsoft Dynamics,
- It’s GAAP compliant from an auditing and compliance standpoint.
- Microsoft Dynamics offers 700 out of the box reports unlike QuickBooks with 100.
- Robust fixed assets system, automatic allocations, and consolidated reporting across many companies.
- Elimination of costly double entry and extra work.
- Enhanced visibility and analytical data by having the ability to evaluate business performance by region, different product, or division.
- Sub ledger in Dynamics is more advanced compared to QuickBooks.
- Simplified business intelligence- Key Performance Indicators and Analysis Cubes.
- If you have used Microsoft Office before, Microsoft Dynamics is relatively easy to use and train.
An ERP solution is a major decision for any organization when upgrading a current system or seeking new tools to take control of business finances and reporting.
At Calsoft Systems, our team is dedicated to your success with over 150+ ERP implementations. From start to finish, your software partner should seek to understand your unique business situation and provide support making the bank reconciliation process easier and more efficient for your accounting team. If you are ready to take control of your business finances and enjoy a greater “peace of mind” during the time intensive bank reconciliation process, speak with our team at Calsoft Systems to see if Microsoft Dynamics is an appropriate fit for your organization.