BUSINESS CENTRAL AND PARAMOUNT WORKPLACE GET DOWN TO BUSINESS
5 ways the two powerhouses deliver on the 365 promise
by Mohamed Khalife, Director of Product Management
Microsoft Dynamics 365 Business Central is a powerful, comprehensive ERP solution that offers a great deal of functionality to companies across multiple industries. We’ve been collaborating with Microsoft since 2001, working closely with their development teams as we design, develop, and improve our spend management solutions to achieve seamless integrations that maximize the value of both applications. This level of collaboration remains strong as we release our Dynamics 365 Business Central integration with WorkPlace. To highlight the companies’ partnership, we thought it would be helpful to focus in on five areas of Business Central functionality and how Paramount WorkPlace’s procurement and expense management software supports and enhances that functionality.
1. In the Cloud
Unless you’ve been in serious hiding, you know that the cloud is now the defacto technology platform. More than 93% of companies now rely on cloud-based solutions. Cloud ERP is the future, and Dynamics 365 Business Central is a cloud-native solution.
Like Business Central, Paramount WorkPlace is also built for the cloud. Cloud deployments offer a number of benefits, including faster deployment, lower IT costs, and automated backups.
2. You Can Take It With You
Employees no longer consider mobile technology optional for their jobs — they expect it. And employers may be the beneficiaries — a study by Frost & Sullivan and Samsung found that employee using their mobile devices on the job gained an average of 58 minutes of work time each day. They also saw productivity increase by an estimated 34%.
Dynamics 365 Business Central is optimized for mobile devices, allowing employees to access the key areas of functionality they need to do their jobs from anywhere. Similarly, the WorkPlace Mobile App puts powerful requisition and expense entry and approval capabilities squarely in the hands of your mobile team, allowing them to be productive wherever and whenever they work.
3. Another Dimension
One of the most powerful bits of functionality in Business Central is the dimensions. Dimensions are attributes and values that categorize entries, so you can better track and analyze them. For example, dimensions can indicate the project or department an entry came from. The use of dimensions means that most companies can dramatically shrink their charts of accounts while gaining better visibility and control. Clearly a winning feature.
WorkPlace supports the dimension functionality at both the requisition and expense line level, seamlessly sharing the data with Dynamics 365. Default values, enforcement, and restrictions capabilities provide a streamlined and user-tailored experience to effectively and efficiently allocate expenses and match your company’s workflows.
4. Multi-Currency for Global Enterprises
Dynamics 365 Business Central provides sophisticated multi-currency capabilities. Each company may have its own functional currency, while customers and vendors may reference their own currencies. Furthermore, individual transaction lines throughout the application may reference a different currency. As transactions are posted to the General Ledger, the current exchange rates are used. This is a huge time saver for global organizations dealing with multiple and constantly fluctuating exchange rates.
Paramount WorkPlace also supports international operations with robust multi-currency (and multi-language) capabilities. Users may specify the currency on individual transaction lines within WorkPlace, which will carry with the transaction as it is ultimately transferred to Business Central.
5. The Best of the Best
Gartner’s most recent Magic Quadrant for Cloud Core Financial Management Suites listed Dynamics 365 for Finance and Operations as a Visionary due to its broad financial functionality, wide geographic coverage, cloud focus, and plans for finance line-of-business marketing.
WorkPlace is a market leader and visionary in its marketspace too. The solution was recently recognized by Levvel Research (formerly PayStream) for its innovative procurement technology.
Microsoft’s published roadmap for the solution shows a continuing focus of the publisher’s Common Data Service (CDS) to leverage solutions such as PowerApps, Power BI and Flow, as well as Machine Learning and Artificial Intelligence (AI) to provide insight and actionable information to help you run your business more efficiently.
We will continue our product innovation in parallel with Microsoft, ensuring our WorkPlace spend management solutions continue to complement Dynamics 365 functionality. Like Microsoft, we focus our development efforts on business learning and AI as part of our ongoing efforts to speed customers’ digital transformations and simplify and streamline their procurement and expense management functions. So — watch this space for the latest on both Dynamics 365 Business Central and Paramount WorkPlace.
About the Author:
Mohamed Khalife leads product management, research of new trends in technology and industry best practices. He is a technology enthusiast and is passionate about innovation and introducing features that customers love. He joined Paramount WorkPlace in 2012 and started from the ground up and moved up with a progressive increase in responsibilities. His prior roles include 5 years in Quality Assurance and Customer Support where he served and collaborated with customers throughout their product experience journey. Mohamed has a Bachelor of Business Administration, with a concentration in Information Technology Management. He enjoys spending his free time creating software, playing video games, and watching films. Learn more at www.ParamountWorkPlace.com