Top 10 Advantages of Business Central Financial Management

Business Central, a Microsoft Cloud ERP is specifically orchestrated to cater to small and medium-sized businesses. This cloud business management software solution renders a plethora of technology enhancements to help business leaders manage the entire business from a single, integrated source.  

Financial Management in Business Central 

Although Dynamics 365 Business Central delivers extensive capabilities to scale organizational operations across manufacturing, supply chain, service management, and project management, its financial management capabilities are distinctively appreciated. Not only does it include accounting functions but covers all the other aspects of holistic financial management, including cost accounting, reporting, automation, and many more. 

 

Why Business Central?

There are many software solutions to manage finance and its variants and drive lucrative outcomes. When it comes to Microsoft Dynamics Business Central, it is to be noted that this software solution is explicitly known as a Microsoft ERP for SMEs and helps organizations of this size drive enterprise-level scalability. 

 

Moreover, business administrators, particularly CFOs can grab a simple, convenient, and easily accessible accounting software solution that delivers a complete overview of the company and offers inventive tools to make well-informed financial decisions as well. For the most part, finance managers can witness their efforts being put in the right place with such extensive financial management software.

Key Advantages

• General Ledger

With the deployment of Business Central, you can set up an organization and start posting to the general ledger, chart of accounts, general journals, VAT facilities, recurring journals, and source codes. It enables you to record, sort, summarize transactions, and maintain balance. 

• Budgets

At a standard Microsoft Dynamics 365 Business Central Licensing, you can work with budgets in general ledger accounts. You can grab live data from your system and make the most of the updates in the budget to enhance the forecasting abilities of our business. 

• Deferrals

By leveraging the core capabilities of Microsoft Dynamics Business Central, CFOs can set up deferral templates that help automate the process of deferring revenues and expenditures over a pre-defined schedule. It readily assists in recognizing revenue or expense in a period other than the transaction posting period. 

• Fixed Assets

With the deployment of Business Central, you can keep track of fixed assets and related transactions such as acquisitions, depreciations, write-downs, appreciations, and disposals. It allows you to project fixed asset depreciation easily when required with user-friendly reporting. Moreover, for each asset, you can manage maintenance costs and the next date of service for better visibility on budgeting as well. 

• Audit Trails

Under Business Central Support Services Pricing, you can witness automatically assigned audit trails and posting descriptions to every transaction. Additionally, you can define reason codes to create complementary audit trails.

• Bank Account Management

Microsoft Dynamics 365 Business Central enables you to create, operate, and manage multiple bank accounts for catering to your diverse and different business needs. It enables you to set up e-services for importing bank statements and exporting payment files. 

• Account Receivables and Account Payables

This accounting software solution enables business leaders to take an overview of outstanding accounts, both for receivables and payables. It helps business administrators ensure on-time, procurement, matching, and payment of invoices along with their verification. 

• Reconciliation

You can reconcile your bank statement data automatically to open bank account ledger entries. It enables you to keep track of all your bank statements and avoid discrepancies generated due to dependency on manual entries. 

• Dimensions

You can add unlimited dimensions to any ledger for advanced transaction analyses. These dimensions help organize work, analyze data, and anticipate trends to track specific data and metrics. This way a financial administrator can make better decisions across accounting and other operations. 

• Currencies

With Business Central, you can manage multiple currencies throughout the system, including payables and receivables, general ledger reports, resource, and inventory items, and bank accounts. All the SMEs, who wish to expand and explore myriad opportunities across the globe, can make the most of this dynamic accounting solution to meet regulatory compliance in and outside India.  

To reassure, Business Central is re-branded of the familiar core application and enhanced to perform all the functions that NAV does with relatively more advanced cloud-native capabilities. As we know that Dynamics NAV is now closed off to new businesses and if Small and Mid-sized Businesses are looking to deploy Microsoft’s Cloud ERP solution, they will automatically be redirected to Dynamics 365 Business Central. 

We are a renowned Business Central Solution Provider and help thriving financial organizations drive greater scalability in the 2021 financial year and be future-ready to ensure business continuity amid precarious circumstances as well. 

For more details, visit us at info@navisionindia.in Or Schedule A Demo!