- February 10, 2020
- Posted by: Shashi Ranjan
- Category: Blogs
Running a business and tracking the progress is very important. This is done by the automatic tool and Microsoft Dynamics (MS Dynamics) is considered as a single solution for the business. It is the complete solution with ERP(Enterprise Resources Planning) and business intelligence(BI). It is also a cloud-based solution and helps in supporting the business without compromising in customer support.
With Microsoft Dynamics 365 Business Central(MS Dynamics 365 Business Central), you no longer store the data in separate systems that don’t work together. Today, everything is integrated. Projects, production, finance, or inventory management and sales are all brought together. You can manage the entire supply chain in one solution.
Here, Capabilities Of Microsoft Dynamics 365 Business Central For Financial Management
- Account Schedules- Get full visibility into the financial chart of the accounts. You can obtain the income statements, balance sheets, statements of the cash flows, statements of the retained earnings, and the other financial reports.
- Advanced Dimensions- Analyze the business transactions with the advanced dimensions, which are basically tags that can be designated to entries. This will help you to track the sales revenue per geographical area and the expenses per department, among others.
- Allocations- Allocate an entry in a general journal to the various accounts. The allocations can be done by the amount, percentage, or the quantity.
- Bank Account Management- Connect with your bank accounts to simplify the transactions and the payments. You can import your bank transactions and the additional information and do away with the tedious task of managing a printed bank transactions list.
- Bank Account Reconciliation- Reconcile your finances quickly, eliminate the manual entry, and stay current with your bank accounts. You only need to link the bank account, establish the automatic bank import, match the transactions, and hit “Reconcile.”
- Basic XBRL- Create reports with ease using XBRL (eXtensible Business Reporting Language) so you can accurately and efficiently process and share the data. This includes the financial statements and the records, and even non-financial information, such as marketing data or environmental, social, and governance (ESG) practices.
- Cash Flow Forecast- Evaluate the upcoming cash flow and currency requirements to predict how your company’s liquidity will evolve over time. Forecasting tools can be integrated with the general ledger, accounts payable and receivable, budgeting, and inventory management.
- Change Log- Enable Change Log to keep history of your financial activity. It gathers all the changes in tables and arranges the data in chronological order.
- Check Writing– Issue electronic and the 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.
- Consolidation- Get a centralized view of the financial status of your business even if you have the several branches. You can consolidate the data across companies with different charts of accounts, fiscal years, and currencies to facilitate financial analysis.
- Cost Accounting- Get visibility and insight into costs of the operations, departments, and projects to control the overall company expenses. You can track the non-financial unit accounts, allocate costs across your organization, budget and report available data, and manage allocations.
- Deferrals- Delay recognition of the 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 the goods that have not been delivered. You defer recognition of the payment as revenue until the delivery is completed.
- Electronic Payments/Direct Debits- Process customer payments without a hitch. You can collect the 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 the insurance policies, postfixed asset transactions, generate reports, and keep track of maintenance costs. This functionality also ensures correct the periodic depreciation, which is most useful for international companies that utilize many depreciation methods.
- Fixed Assets Allocations- Allocate the various percentages of fixed asset transactions to different departments or projects. This is especially useful when the several departments share a fixed asset.
- General Ledger (Basic)- Save your financial data safely and automatically on the general ledger. You can easily post the entries on the standard chart of the accounts and access them as needed.
- Insurance- Decide whether your assets are underinsured or over-insured as you keep track of the insurance coverage and annual insurance premiums. This functionality also allows you to attach each asset to insurance the policies and index the insurance amounts.
- Inter-Company Postings- Streamline the transactions among the multiple companies through automation. With simplified transactions, you can save time and reduce errors while creating a full audit trail.
- Maintenance- Log maintenance expenses for every fixed asset. You can get all the information you need to make wise decisions on the renewal and the disposal of fixed assets.
- Multiple Currencies- Breeze through tasks requiring the multicurrency reporting and get insights on when best to perform exchanges.
- Payment Handling- Process the incoming and outgoing payments securely and automatically. You can also suggest the payment lines and void checks if needed.
- Reclassifications- Reclassify fixed assets or a part of it to another category (i.e. from one department to the other). This is done to update the information, correct the data errors, or consolidate the categories.
- Responsibility Centers- Limit the data access based on job roles and responsibilities. In the sales department, for instance, you can set up the user-specific views of sales and purchase documents related to a particular responsibility center.
If you looking for ERP for financial management/ financial services then go for Microsoft Dynamics 365 Business central for financial management is the best option for your business to manages financial services. Contact us today for dynamics 365 business central implementation, support and up-gradation.