The importance of effective budgeting can never be overstated. If funds are used and allocated properly, you can expect improved operational efficiency. This is where Business Central is fundamental. It encompasses all functionality seen in top-notch enterprise resource planning (ERP) solutions, including financial management. Business Central users can take advantage of the following capabilities:
Get full visibility into the financial chart of accounts. You can obtain income statements, balance sheets, statements of cash flows, statements of retained earnings, and other financial reports.
Analyze business transactions with advanced dimensions, which are basically tags that can be designated to entries. This will help you track sales revenue per geographical area and expenses per department, among others.
Allocate an entry in a general journal to various accounts. The allocations can be done by amount, percentage, or quantity.
Bank Account Management
Connect with your bank accounts to simplify transactions and payments. You can import your bank transactions and additional information and do away with the tedious task of managing a printed bank transactions list.
Bank Account Reconciliation
Reconcile your finances quickly, eliminate manual entry, and stay current with your bank accounts. You only need to link the bank account, establish automatic bank import, match transactions, and hit “Reconcile.”
Create reports with ease using XBRL (eXtensible Business Reporting Language) so you can accurately and efficiently process and share data. This includes financial statements and records, and even non-financial information, such as marketing data or environmental, social, and governance (ESG) practices.
Cash Flow Forecast
Evaluate upcoming cash flow and currency requirements to predict how your company’s liquidity will evolve over time. Forecasting tools can be integrated with general ledger, accounts payable and receivable, budgeting, and inventory management.
Enable Change Log to keep a history of your financial activities. It gathers all changes in tables and arranges data in chronological order.
Issue electronic and manual checks with ease. You can pay a vendor with computer-generated checks by applying the payment to the invoice, printing the check, and posting the payment as paid.
Get a centralized view of the financial status of your business even if you have several branches. You can consolidate data across companies with different charts of accounts, fiscal years, and currencies to facilitate financial analysis.
Get visibility and insight into costs of operations, departments, and projects to control overall company expenses. You can track non-financial unit accounts, allocate costs across your organization, budget and report available data, and manage allocations.
Delay recognition of certain revenues and expenses over a more appropriate time until the related sales or purchase documents are posted. A good example of this is when a customer pays for goods that have not been delivered. You defer recognition of payment as revenue until the delivery is completed.
Electronic Payments/Direct Debits
Process customer payments without a hitch. You can collect direct debit from your customers’ bank accounts and transfer it to the company’s bank account.
Fixed Assets (Basic)
Get an overview of your fixed assets as you manage insurance policies, post fixed asset transactions, generate reports, and keep track of maintenance costs. This functionality also ensures correct periodic depreciation, which is most useful for international companies that utilize many depreciation methods.
Fixed Assets Allocations
Allocate various percentages of fixed asset transactions to different departments or projects. This is especially useful when several departments share a fixed asset.
General Ledger (Basic)
Store your financial data safely and automatically on the general ledger. You can easily post entries on the standard chart of accounts and access them as needed.
Decide whether your assets are underinsured or over insured as you keep track of insurance coverage and annual insurance premiums. This functionality also allows you to attach each asset to insurance policies and index insurance amounts.
Streamline transactions among multiple companies through automation. With simplified transactions, you save time and reduce errors while creating a full audit trail.
Log maintenance expenses for every fixed asset. You can get all the information you need to make wise decisions on the renewal and disposal of fixed assets.
Breeze through tasks requiring multicurrency reporting and get insights on when best to perform exchanges.
Process incoming and outgoing payments securely and automatically. You can also suggest payment lines and void checks if needed.
Reclassify a fixed asset or a part of it to another category (i.e. from one department to another). This is done to update information, correct data errors, or consolidate categories.
Limit data access based on job roles and responsibilities. In the sales department, for instance, you can set up user-specific views of sales and purchase documents related to a particular responsibility center.
Practice good financial management to make sound financial decisions and maximize profits. Contact us today to learn about our robust ERP solution!
There is no beating smart business, and to build a smart business, one must consider tools and techniques that can help the company work smarter, not harder. Dynamics 365 is a power-packed example, which is why many businesses continue to rely on it.
Read our comprehensive blog to learn Everything you need to know about Microsoft Dynamics 365 Business Central and see what it can do for you.