Business Central for Financial Services in Edmonton

Schedule Your Business Central Financial Fit Assessment

Financial services and fintech organizations operate complicated business processes that require precision, cross-business unit coordination and dependable regulatory reporting. Business Central provides Edmonton financial services companies with one ERP solution for financial administration, multi-entity accounting, compliance assistance and the reporting clarity your executive team needs to make decisions with confidence.

Business Central - What Financial Services Companies Require

Financial services companies have a complex landscape of subsidiaries, departments and lines of business, each with separate accounting needs. You want a system that can handle the intricacy of your activities, without having to install a different program for each function. Business Central provides your team with a single integrated solution that combines your financial management, customer billing, reporting and compliance assistance so they are always working from accurate, current data.

Industries

Energy and Oil and Gas
Financial Services
Municipalities and Public Sector
Professional Services
Transportation and Logistics
Wholesale Distribution
Construction
Field Service

Multi-Entity Bookkeeping

Financial services companies often oversee multiple entities that require separate reporting. Business Central handles multi-entity accounting seamlessly: each entity maintains its own general ledger, while your leadership team gets full visibility into consolidated group reports. Automated intercompany transactions eliminate manual reconciliation labor and streamline month-end closing across all business units.

General Ledger / Chart of Accounts

Business Central offers a versatile chart of accounts framework that may be customized to represent the specific reporting characteristics your financial services organization wants. Dimensions are how you can tag transactions by department, business unit, fund, or any other way that is important to your reporting. Real-time financial reporting means your team doesn’t have to wait for month-end to understand where the business is. The system handles the financial controls, approval workflows and period ending procedures.

Regulatory & Compliance Assistance

The financial services business is one of the most severely regulated industries in the world. Business Central supports GAAP and IFRS financial reporting standards, and offers audit trail capability that tracks every transaction and modification made within the system. Role-based security controls who has access to sensitive financial information. If you’re a company that needs to be compliant with SOX, Business Central has the controls and reporting structure auditors need.

Financial Reporting & Analysis

Business Central has a full complement of basic financial reports including income statement, balance sheet, cash flow statement, and budget vs actual analysis. Reports can be run by entity, department or throughout the consolidated group. Power BI for more advanced analytics: Business Central is natively integrated with Microsoft Power BI which means your team can create dashboards and reports that take your financial analysis to the next level.

Local Examples
Real Edmonton Financial Services

Example 1

An investment management company located in Edmonton uses Business Central for accounting of several fund entities. Each fund retains its own general ledger and financial reporting, but the firm's leadership team accesses a consolidated picture of the entire portfolio at any time.

Example 2

An accounting firm in Edmonton used Business Central to handle customer billing, time tracking and their own internal financials in one system. They eliminated a stand-alone time and billing application and considerably lowered the month-end close.

Example 3

Business Central enables an Edmonton-based financial services holding company to take advantage of the multi-entity structure to manage accounting for multiple operating subsidiaries with varying functional currencies, and consolidate results for group reporting, without the need for human spreadsheet work.

Financial Services Implementation

Financial services deployments are often completed in 16 to 24 weeks depending on the number of organizations, complexity of your chart of accounts, and your compliance and reporting requirements. Organizations with several subsidiaries or intercompany transactions should anticipate additional configuration and testing time. We review your individual scenario at the outset and provide you a realistic time frame before we start work.

Frequently Asked Questions

Yes, in Business Central, each entity, subsidiary, or business unit has its own general ledger and financial statements. Consolidated reporting is available at any time for all entities. Multi-entity accounting usually takes a lot of manual labor, but intercompany transactions can be automatically recorded and eliminated during consolidation.

In Business Central, time for employees and clients can be recorded against engagements or projects. Invoices are created immediately from billable time, removing the manual step of transferring time records into a billing system. You have a complete record of time performed, amounts billed and outstanding receivables by client at any time.

Getting Started

Book a financial fit evaluation. We will analyze your accounting structure, your reporting and compliance needs and the needs of your subsidiaries and business units. We’ll show you how to customize Business Central to your specific needs, and introduce you to other Edmonton financial services companies that use Business Central.