Thriving businesses are leveraging inventive approaches to improve financial management holistically. In such a case, Dynamics 365 Business Central, a Microsoft Cloud ERP, offers extensively orchestrated tools to meet all the essential requirements across financial management comprehensively. This robust cloud-based business management software solution makes it easy to connect financial transactions and information across affiliate associations and international deployments.
Business Central, a SaaS solution by Microsoft, is a functionally rich finance solution. It extends its core functionality to better control financial processes and addresses the more complex requirements, including multi-currency and multi-company management as well.
- Renders An Optimal Platform To Both Executives And Users For Operating Financials
- Provides Deep Insight Into The Business To Guide Financial Operations
- Helps Strategize Initiatives Through Rich Reports And Analytics.
- Sales And Purchase Ledgers Are Integrated With The Stock And Order Processing
- Both Sales And Purchasing Ledger Can Operate Independently Of The Stock And Order Processing Functions
Dynamics 365 Business Central Financial Management includes:
- Cash Book
- Credit Control
- Fixed Assets
- General Ledger
- Inter-company Trading
- Multi-Dimensional Analysis
- Purchase Ledger
- Sales Ledger
Financial Management Functions
- Business administrators, particularly Financial Leaders can raise Sales invoices or Credits against the General Ledger to invoice customers for non-stock activities. Similarly, they can directly enter purchase invoices for non-stock activities including expenses, utility bills, and phones.
- Business Central allows financial administrators to distribute Purchase invoice lines over multiple cost centers and post to prepayment accounts for release over future periods.
- You can witness the automatic working of costing of goods to the finance system by valuing stock purchases at the time of receipt where it is first accrued. Also, the cost of goods sold is automatically released on posting a sales shipment.
- Business leaders can select costing methods of FIFO, LIFO, Standard, and Average as per the operational and organizational preference.
- General Ledger in Business Central helps journal between any sub-ledger, including sales ledger, purchase ledgers, cash book, or fixed asset ledger. You can save these journals as ‘Templates’ for repeated use as well. It automatically posts information into General Ledger whenever a transaction with a financial impact is recorded.
- Dynamics 365 Business Central supports multi-currency, including automated revaluation and the recording of realized and unrealized profits and losses. It delivers extensive assistance in managing multi-company operations with automated inter-company transactions and consolidation.
- Business Central Fixed Asset module provides for multiple depreciation books each with selected depreciation methods. You can track the assets by barcoding the products; leverage a handheld application to update the location and condition of an asset.
- Posting any relevant VAT in a VAT sub-ledger for later reporting, a nominal account supported by unlimited dimensions to sub analyze the business, including Cost Centre, Project, Employee, Sales Channel, Product Type, and feature-rich Cash Forecasting make Business Central the choicest of cloud ERP solutions to enhance financial management and improve decision-making.
- You can analyze all this information using the integrated Jet Reports tool built into Microsoft Excel.
On a conclusive note, Financial Management in Dynamics 365 Business Central is feature-rich and growing businesses are widely deploying it to drive the competitive edge in FY2021. The extensively orchestrated ERP solution can accommodate businesses that require sophistication and technologically-enhanced tools to simplify and aggrandize financial management with the least hassle.
Additionally, connecting to a certified reseller of Business Central License in India with global reach can help you better comprehend the trends, both national and international, and make financial decisions accordingly. Being an accredited and certified Business Central partner, inoday has come up with Business Central License in India and looking for potential businesses to thrive in this competitive world with rich industry expertise and under the aegis of our 14+ years of experience.
Also, as we know that Dynamics NAV is now closed off to new businesses; if SMBs are looking to deploy Microsoft’s Cloud ERP solution, they will automatically be redirected to Dynamics 365 Business Central. Here, we can assist in comprehending the business transformation from NAV to Business Central to make the most of it. We have ensured business continuity amid the most precarious scenarios due to the COVID-19 pandemic and ready to deliver technology enhancement to unveil lucrative opportunities.