Enterprise resource planning software plays an undeniable role in the digital age. The system effectively combines business processes, helping organizations navigate today’s complex challenges and achieve their goals.
Although the ERP system seamlessly connects business processes, the most important thing is to manage finances with complete control and visibility.
ERP system like Microsoft Dynamics 365 Business Central is a game changer for organizations, offering modern finance features along with other core features.
In this blog post, we will explore how Dynamics 365 Business Central can help boost your financial efficiency.
What is Microsoft Dynamics 365 Business Central?
Dynamics Business Central is a complete ERP solution that offers features to improve financial performance, boost sales and customer service, facilitate project success, and optimize supply chain processes.
The system offers business the power of modern AI, automation, data analytics, reporting and robust security, helping businesses to streamline their business operations and improve outcomes.
The ERP system includes standard features for most financial processes, and it can be tailored to your business needs. From accounts receivable and payable to cash flow management to budgeting, Business Central allows you to have an edge in managing your business finances.
Why Microsoft Dynamics 365 Business Central for Finance?
Microsoft Dynamics Business Central handles your finances in a more efficient way. The ERP covers wide aspects of finance management and operations.
Finance module in the ERP helps you gain complete visibility into your business finance. It automates financial processes, reduces global finance complexity and risks, precisely forecasts cash flow, helps to identify current and future finance trends, and make intelligent finance decisions.
Here we look at the features that Business Central offers to increase financial efficiency
Automate Recurring Transactions
Business Central supports automation of recurring transactions such as payments, invoices, and purchase orders. By automation, you can reduce errors, save time, and eliminate the need for manual entry.
- Automated payment processing: This feature allows you to save time by automating the payment process. From generation of payment proposals to reconciliation of payments, automated payment processing features simplify the payment process and ensure precise transactions.
- Recurring Sales and Purchase orders: You can automate repetitive sales and purchase orders. This helps you optimize the ordering process and eliminates the need for manual entry and ensures that stock levels are maintained.
- Automated bank reconciliation: This feature automates the process of matching bank transactions with those in your accounting system, eliminating the need for manual reconciliation and reducing errors.
- Recurring journal entries: Business Central allows you to automate the Journal entry process for regular transactions like rent payments, depreciation expenses or accruals. This automation optimizes accounting processes and reduces manual errors.
Automation of various financial transactions allows your employees to focus on more strategic tasks that help you improve the accuracy and efficiency of your financial processes.
Budgeting and cash flow forecasting
Budgeting and cash flow forecasting feature in Business Central uses AI to help organizations boost financial performance.
Intelligent Budgeting: The intelligent budget proposal feature uses historical and current data to automatically generate budgets. By leveraging years of historical data, it creates accurate budget proposals. You can set budgets for various areas, including sales, marketing, expenses, and more.
Automation of budget creation saves employee time and reduces errors caused by manual data entry. Generated budgets can be further refined with user insights and shared across departments.
Cash flow forecasting: Business Central offers cash flow forecasting feature which allows you to analyze the future cash requirement for your business. Cash flow forecasting helps you project your company’s cash position, ensure you have enough cash reserves to meet obligations, maintain healthy cash flow, and optimize strategies in the future.
Cash flow feature can be integrated with Accounts payable, Accounts receivable, General ledger, Inventory management, and budgeting.
Cost Accounting
Business Central supports cost accounting feature that helps you record, examine, and summarize your company’s costs, including those related to different products or projects. It provides detailed information about costs to the management team, helping them manage expenditure, identify pricing strategies, and make informed decisions.
Business Central’s cost accounting feature helps you control business costs, optimize resource allocation, improve budgeting and forecasting, and manage inventory, finally boosting your financial efficiency.
In conclusion, Business Central’s automation capabilities, AI-powered budgeting and forecasting, and cost accounting features can help you accelerate financial efficiency.
What can you achieve with this ERP solution?
- Manage cash flow, accurately predict customer payments, and generate precise budgets
- Prepare financial statements and evaluate financial performance
- Automate finance processes to improve productivity
- Meet global regulatory requirements with ease.
Business Central is adaptable to your growing business. Apart from boosting finance, you can efficiently manage other core operations including supply chain, inventory management, sales, and customer service from a single solution.
Through the integration of Microsoft technologies, you can expand the capabilities to easily adapt and overcome business challenges.
Advantages of using D365 Business Central
- Scalability: As D365 is a cloud-based application, it is easy for your business to scale. This is beneficial for growing businesses.
- Reduce operational costs: You do not need to spend cost on software updates, upgrades, or maintenance. All these will happen at the Microsoft end.
- Analytics: Built-in analytics helps you resolve potential customer problems and easily earn their trust.
- Security: As D365 is hosted in Microsoft Azure Cloud Platform, your data is secured. Azure security efficiently discover vulnerabilities and remediate quickly.
- Lowered costs: D365 Business Central encourages optimal productivity with role-based workspaces that provide smart automation, task prioritization and integration with Microsoft 365.
Partner with the trusted and experienced Dynamics 365 Business Central implementation partners
When you decide to move to Dynamics 365 Business Central ERP, it is worth relying on the service of trusted Microsoft Dynamics 365 partners.
As a Microsoft Partner based in the UAE, IAX SERVICES empowers organizations to achieve financial success by harnessing the capabilities of automation and AI within Business Central. Their team of professionals assists you in maximizing business operations and fostering remarkable growth. This includes accelerating financial efficiency through improved sales, supply chain visibility, and service.
Get expert guidance from the trusted Microsoft Dynamics 365 Business Central Implementation partners in UAE, Saudi Arabia, Qatar, Oman, Bahrain, Jordan, Kenya, Germany, Canada, Pakistan, and India.
FAQ’s
How does Business Central automate financial transactions?
Business Central automates various recurring transactions including payment processing, sales and purchase orders, and bank reconciliation. This eliminates the need for manual data entry, reduces errors, and saves employee time, allowing them to focus on critical tasks that enhance financial efficiency.
What are the highlights of budgeting and cash flow forecasting in Business Central?
Smart budgeting feature in D365 Business Central uses historical and current data to automatically generate accurate budget proposals. The cash flow forecasting feature helps analyze future cash requirements, ensuring healthy finance within business.
How does IAX SERVICES helps you boost financial efficiency? IAX SERVICES is a Microsoft Gold Partner with proven expertise in transforming businesses using Dynamics 365 solutions. Our consultants properly configure Business Central with essential finance features to ensure improved financial performance, helping you gain a competitive edge in the market space.