As organizations continue to grow, the technology needed to support back-office teams must keep up with the pace of change and acceleration. This technology must be able to support a remote, hybrid or in-person work environment and have the capabilities to deliver on new expectations of quicker and more accurate financial insights.
Challenges With ERPs
Having an enterprise resource planning system (ERP) allows companies to start to automate processes and teams to become more aligned by ensuring source data is used to make timely decisions impacting the company. Accounting teams are dependent on the general ledger information when performing reconciliations to ensure their internal controls are being met, while finance departments are dependent on this data for consolidation, planning and forecasting.
While the ERP helps to handle the day-to-day transactions, when it comes to the month-end close it is estimated that 60% or more of the work organizations are having to perform is highly manual and happening outside of the ERP, exposing the organizations to significant risk.
What's more, having multiple ERPs creates more complexities, and therefore more challenges. As organizations grow and scale their businesses through acquisitions or by expanding internationally, the increase in the number of ERP systems used create a disconnect between teams. Plus, ERPs fail at providing real-time reporting, long-term planning capabilities, leaving employees to access pertinent information manually. These disconnects in how information is stored and shared increases risk and the potential to cause inefficiencies in the company.
That being said, ERPs are an important part of an organization. It's possible to supplement your ERP solution to optimize the close cycle even further by utilizing purpose-built financial close automation tools. This way, organizations are able to work more effectively by ensuring data is accurate and by having a centralized view of the close.
Microsoft Dynamics 365 + Adra by Trintech = More Powerful Together
Microsoft Dynamics 365 plays an essential role in the management of daily operations, from customer engagement systems to serving as the system of record for all finance and operations activity. Dynamics helps companies enhance their financial decision-making, unify and automate their business processes, and have a strategic impact on the business.
With the breadth of solutions solved by Dynamics, there is an opportunity for improvement in the depth of financial close visibility, control, and efficiency. To complement Dynamics and help organizations maximize the value of their ERP investment, Trintech has created the first and only financial close solution embedded into Microsoft Dynamics 365, enabling companies to close with confidence and automate their close process natively within Dynamics 365.
Taking advantage of Adra's seamless integration with Microsoft 365 ensures your organization can automate financial processes that would have required human intervention easily. The Dynamics integration allows you more visibility and allows you to close more efficiently and confidently. Users can also substantiate reconciliations with workflow tools instead of outside communication tools like email. This in turn, allows managers to see the reconciliation progress in real-time and how it impacts business.
Organizations can also use analytics tools of their choosing — whether that's Excel or PowerBI — with Adra Analytics to address questions within the organization by using accurate and accessible data. Reports from PowerBI can also help to track progress of processes over time.
Given Adra's intuitive design, this partnership ensures that all products are easy to learn and integrate into mid-sized companies, plus it costs less than traditional software since the entire suite is hosted on the cloud. If you have additional ERP or general ledger (GL) solutions, Adra is ERP-agnostic and is able to support integration with any ERP, including NetSuite, Sage Intacct, SAP ECC6, and more. Trintech's solutions work with existing technology strategies to ensure a seamless integration.
"A key factor in our decision was Adra's alignment with our technology strategy," said Tom Walker, CFO of The Dallas Cowboys." While Adra is ERP-agnostic, Adra also provides the first and only financial close solution embedded in Microsoft Dynamics 365, enabling companies to close with confidence and automate their close process natively within Dynamics 365."
Implementing solutions that are integrated and connected means you no longer have to conduct manual processes. By having Adra embedded within Microsoft Dynamics, you can close faster and with more confidence by offering near real-time visibility into your organization's financial processes.
Click here to learn how you can maximize the value of your ERP investment with Trintech's pre-built, Microsoft-certified connector for the Adra Suite.