The cloud-based Enterprise Resource Planning (ERP) solution Microsoft Business Central offers companies a full set of financial management tools. Organizations can acquire insights into their financial performance, automate procedures, and streamline their financial processes with the use of these solutions.
You may manage a wide range of financial management functions in Microsoft Dynamics 365 Business Central, including checking on things like multiple currencies, fixed assets, cash flow forecasts, budgets, check writing, and much more detailed below in this article.
Ways Microsoft Business Central can Help with Financial Management
Here are some of the ways that Microsoft Business Central can help with financial management:
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Multiple Currencies
Trade with clients and suppliers in a variety of currencies. Employ several currencies while completing bank transactions, paying bills payable and receivable, and on sales and buy paperwork. For transactions in payables and receivables, store currency details are kept in both local and international currencies.
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Budgeting and ForecastingÂ
You may generate budgets and predictions for your company using Business Central, which can assist you in making better financial decisions.
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Integration with Other Business FunctionsÂ
A comprehensive solution called Business Central combines finance management with other business processes like sales, purchasing, inventory control, and project management. Eliminating duplicate data entry and guaranteeing data consistency across departments can help to increase efficiency and accuracy.
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Automation of Financial Processes
Financial process automation options are available in Business Central, including those for recurring bills, payment alerts, and vendor payments. This may help to eliminate errors brought on by manual data entry and save time.
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Role-based SecurityÂ
Based on user responsibilities and permissions, Business Central offers role-based security capabilities that let you restrict access to financial data. This can aid in ensuring that only authorized people have access to sensitive financial data.
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Advanced AnalyticsÂ
With the help of Business Central’s advanced analytics features, you can learn more about your financial data. Using technologies for predictive analytics, you may forecast future financial performance and generate personalized dashboards and reports.
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Integration with Microsoft Power PlatformÂ
The Microsoft Power BI platform, which provides tools for creating unique apps, automating workflows, and conducting data analysis, contains Business Central. This connection may be able to increase the functionality of Business Central and give you more information about your financial performance.
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Chart of AccountsÂ
A customizable chart of accounts is offered by Business Central and offers a structure for managing financial data. To make it easier to track costs and income, you can add or alter accounts as needed. You can also assign account numbers and categories.
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General LedgerÂ
All financial transactions may be recorded and tracked in one place using Business Central’s general ledger. To assist you in making wise decisions, you can set up automatic journal entries, recurring transactions, and the ability to monitor financial data in real-time.
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Cash ManagementÂ
Cash flow management tools such as bank reconciliation, cash forecasting, and cash position tracking are available in Business Central. In order to save time and minimize errors, you may also set up automatic bank feeds to enter transactions straight into the system.
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Fixed Assets ManagementÂ
You can track and manage your company’s fixed assets with the help of the fixed assets management module that comes with Business Central. To track the performance of your assets, you can keep track of the purchases, depreciations, and disposals of those assets as well as generate reports.
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Sales and Purchase ManagementÂ
Creating quotations, orders, and invoices is one of the tools Business Central offers for handling sales and purchases. In order to analyze sales and purchase trends, you may also track customer and vendor information and produce reports.
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VAT and Tax ManagementÂ
Business Central has tools for managing VAT and tax, such as tax code setup, computation, and report generation. Also, you can monitor VAT and tax payments and refunds to ensure that tax laws are followed.
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Deferrals
Create templates for deferrals that automate the process of postponing income and expenses in accordance with a timetable. Recognize revenues and expenses in periods other than when the transaction was posted.
Bottom lineÂ
With the ability to interact with general and niche business applications, Microsoft Dynamics 365 Business Central is a highly flexible ERP solution enabling your business to scale as it expands to meet demand. So, get in touch with your vendor and start with Business Central.
