Microsoft Dynamics 365 Business Central, at it's core, is an extensively engineered financial management software solution. With Business Central Licensing, businesses can find it easy to connect financial transactions and information smoothly across their affiliate companies, even multi-site and international deployments.  

For the most part, Business Central for Financial Management, which was earlier available as NAV for Financial Management, is a mature and functionally rich finance solution.  

It renders core functionality as well as addresses the more complex requirements such as multi-currency and multi-company as well. Business executives or finance managers can optimally use the platform for operating their business, and get deep, actionable insights into the business to guide operations and take strategic initiatives via rich reports and analytics.  

The Dynamics 365 Business Central Financial Management Features 

 

  • Cash Book 
  • Consolidation 
  • Multi-Dimensional Analysis 
  • Sales Ledger 
  • Fixed Assets 
  • General Ledger 
  • Credit Control 
  • Inter-company Trading 
  • Liquidity 
  • Purchase Ledger 

Sales and Purchase Invoices 

Businesses can raise Sales invoices or credits against the General Ledger to invoice customers for non-stock activities. These may include commission, expenses, and other miscellaneous items or products. 

Similarly, business leaders can enter purchase invoices directly for non-stock activities such as expenses, utility bills, and phones.  This non-stock process can be started as a non-stock Purchase Order, which you can later match with the purchase invoice. 

Business Central Financial Management allow spreading purchase invoiceS over multiple cost centres and post to prepayment accounts for release over future periods.  You can witness automatic work of costing of goods through the finance system by valuing stock purchases at the time of receipt. Here, it is first accrued as goods received not invoiced before being finalised on invoicing. 

Moreover, you can see automatic release of the cost of goods sold on posting a sales shipment. Furthermore, businesses can select costing methods of FIFO, LIFO, Standard, and Average depending on their preference. 

General Ledger 

The General Ledger with Navision for Financial Management or Business Central Financial Management can journal between any sub ledger. For instance, between sales ledger, purchase ledgers, General Ledger, cash book or fixed asset ledger. 

You can save these journals as templates for repeated use. For the most part, recurring journals look after the monthly accruals and prepayment activities, including reconciliation. 

Additionally, Whenever a transaction with a financial impact is recorded, the information is automatically posted into the General Ledger.  For instance, where stock is bought or sold, or adjusted on/off, money is paid in or out, or a miscellaneous invoice is entered either on the purchase or sales ledger, you can see an update without manually putting the entry.  In parallel, the system posts any relevant VAT in a VAT sub ledger for later reporting as well. 

Furthermore, the General Ledger account structure enables for a nominal account to be supported by unlimited dimensions to assess and analyse the business.  These dimensions might be Cost Centre, Project, Employee, Sales Channel, and Product Type. Also, a feature-rich Cash Forecasting module supports the General Ledger that takes its source information from the sales and purchase details available in Dynamics 365 Business Central. 

Reports 

Business operations or Finance processes licensed with A Business Central helps business have all this information on a single platform. Finance managers can analyze these pieces of information using the integrated Jet Reports tool built into Microsoft Excel. For the most part, Jet is fully aware of the Dynamics 365 Business Central structures and turns analysing any information, including the financial information, easier than ever. 

Fixed Asset Management 

When you have a solution for Fixed Assets, it completes the picture on the finance side. The fixed asset module with Business Central Financial Management offers multiple depreciation books each with selected depreciation methods. Administrators can track or locate by barcoding the products. Also, they can use a handheld application to update the location and condition of an asset. 

Global Operations 

For the most part, Dynamics 365 Business Central supports full multi-currency, including automated revaluation and the recording of gains or losses. One can manage multi-company operation with automated inter-company transactions as well. 

Why NavisionIndia? 

At NavisionIndia, you can connect to renowned, accredited, and skilled Business Central Consultants, who deliver expertise and experience in driving robust financial management. These experts help businesses ensure streamlined financial processes using core capabilities of Dynamics 365 Business Central. Additionally, they can help you upgrade from NAV to Business Central without a hitch and let you capitalize on trending technology solutions without hindering your business continuity. 

For more details, write to us at [email protected]  

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