New Financial Year, Same ERP? Here’s How to Make It Work Harder
- Nov 26
- 2 min read
The start of a new financial year is more than closing the books—it’s a chance to reflect, reset, and optimize your ERP system. Whether you’re using Microsoft Dynamics 365 Business Central, Dynamics 365 Finance and Supply Chain Management, or another ERP, now is the time to ensure your platform is primed to support your organization's growth and goals.
1. Review and Refine Your Chart of Accounts
Over time, your chart of accounts can become cluttered or misaligned. Start the year strong by:
Consolidating inactive or unused accounts
Aligning accounts with your current business structure
Adjusting for improved reporting and budgeting accuracy
A well-structured chart of accounts reduces errors and supports clear financial insights.
2. Close Off the Previous Year Cleanly
Ensure year-end processes are fully completed:
Post and reconcile all transactions
Finalize inventory counts
Update fixed assets
Complete year-end journals
Modern ERP tools, like Dynamics 365, simplify these workflows to maintain accuracy and minimise disruption.
3. Revisit Security Roles and Permissions
As your organization evolves, so should your ERP permissions. Conduct an annual review of:
Who has access to what
Role-based permissions alignment
Segregation of duties for compliance
This protects sensitive data while streamlining approvals and system use.
4. Update Budgets and Forecasts
With new budgets approved, configure them in your ERP:
Input departmental or business unit budgets
Activate alerts and workflows for budget control
Integrate with Power BI for real-time insights
Embedding financial targets helps managers monitor performance and maintain accountability.
5. Clean Up Your Data
Accurate data drives better decisions. Take time to:
Remove duplicates or inactive customer, supplier, and product records
Correct formatting inconsistencies
Run data quality reports
A clean database improves reporting, system performance, and customer experience. Consider leveraging workshops like Microsoft Fabric Analyst in a Day for guidance.
6. Review Key Reports and Dashboards
Ensure your leadership team has actionable insights:
Check if KPIs are still relevant
Automate reporting where possible
Align dashboards with this year’s business goals
Tools like Power BI Dashboard in a Day can elevate your reporting and analytics capabilities.
7. Train or Re-Train Your Team
With new processes, permissions, or reporting requirements, empower your team:
Offer refresher training on key ERP functions
Communicate updates or changes
Collect feedback on usability
Well-trained users boost adoption, productivity, and confidence.
8. Plan for System Improvements
Identify enhancements to maximize ERP value:
Explore underutilized features
Investigate automation or AI capabilities
Review integrations with other systems
Partnering with The BC Team ensures you get expert support to leverage these improvements effectively.
Why Start the Year Proactively?
Taking a proactive approach to your ERP at the start of the financial year sets the tone for smoother operations, smarter decisions, and business growth. Modern ERP platforms like Dynamics 365 Business Central are more than accounting tools—they are strategic enablers.
Stay ahead with features like:
Embedded analytics for real-time forecasting
Built-in regulatory compliance workflows
Hyper-automation to reduce manual work
Need Help Optimizing Your ERP?
Our team at The BC Team has the experience, expertise, and support to ensure your ERP delivers maximum value year-round.
✅ Book a discovery call today to review your ERP, explore Dynamics 365 capabilities, and plan for a year of smarter operations and growth.
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