How can the finance module of Microsoft Business Central ERP be of use to you?

How can ERP help me?

ERP, or Enterprise Resource Planning, is a software set of apps that help a company manage its money. It does this through a strong financial system that includes everything from the supply chain to human resources, including production flow management and forecasting reports. This global IT solution was originally for big companies. Now, all types of businesses can use it to improve real-time management efficiency, no matter what industry they are in. These business solutions are especially helpful for small businesses. They offer a complete management of different parts of a company’s operations.

An ERP system has many advantages. It makes all your data the same, so it connects each department within the company. This financial interconnection allows for reliable reporting, real-time tracking of all actions taken on the production line, significant productivity gains (goodbye to unnecessary and tedious tasks for a workforce that’s becoming scarce), and facilitates informed decision-making. The ERP system’s advanced analytics capabilities further support business managers in making informed decisions by providing enhanced financial visibility and actionable insights.

What are the main benefits of the Business Central finance module?

Microsoft’s comprehensive Business Central Finance solution is much more than just accounting software. Its many applications and features will help you keep an eye on your processes. They’ll let you manage your assets and financial data. You will also make more money by reducing costs and making the jobs in your production chain more valuable. The financial management functionality of this module is essential for overseeing and optimizing your company’s financial resources, improving financial visibility, and tailoring finance capabilities to meet specific business requirements. Here are some of the benefits that make it indispensable, regardless of your industry, facilitating decision-making:

Interconnectivity of your data

The analytical power of Microsoft’s business intelligence will make a difference in your financial reports. Integrated management services provide an overview of service tasks and optimize service-related processes, thus improving productivity and customer satisfaction. The company’s operations talk in real time to give you a complete view of your financial health, current performance, and current and forecasted results through improved reporting. They also provide real time financial data to improve business efficiency and decision-making. Also, recording financial transactions accurately is important for improving sales processes and managing finances well.

A finance-oriented dashboard

With a single click on a user-friendly dashboard, quickly access your real-time data and most viewed reports, your customized lists, or all company-published documents.

A highly reliable chart of accounts

The standard chart of accounts offered by Business Central will provide you with all the information you need and more. Need to make changes to accounts? It’s possible! The tool is designed to allow you to refine all the necessary analyses to guide you towards a highly efficient company.

An easy-to-consult general ledger

Most of your transactions will be recorded in the company’s general ledger accounts. These accounts will be linked to your bank accounts right away through Dynamics Business Central. These financial transactions are essential for accurate reconciliation and effective finance management. All data (payments, expenses, prepayments, memos, reminders) will be updated to give you a real financial picture, always and in real time. This proper growth management will contribute to quick decision-making.

Simplified invoice processing management

Your customer accounts will be updated automatically because of data matching (bank reports and customer account statuses). This will make sure you have a clear cash flow management. Cash flow forecasts within Dynamics 365 Business Central facilitate and automate invoicing and payment management by predicting future sales orders, purchase orders, and payment schedules. At the end of the production cycle is an essential operation for any company: invoicing and payment management. What can sometimes be a real headache is greatly facilitated and automated. A simple review will be necessary, and you’re done!

Frequent updates

The software is becoming more powerful and scalable because of the Microsoft Dynamics NAV/365 platform’s constant improvements. This cloud SaaS model allows updates to the applications offered by Microsoft Business Central, which are continuously managed by the providers. Security and functionality are improved, being carried out in the background.

Secure cloud hosting

Make data theft fears a thing of the past with Azure AD, an authentication method configured and managed for you. Gain reaction time thanks to the rapid deployment of our cloud solution, which no longer depends on internal servers. Your performance is now independent of physical installations, allowing you to quickly adapt to any type of need. You can therefore evolve easily, regardless of changes needed in your production flow.

Reduced costs

Microsoft Dynamics 365 Business Central uses cloud technology to save you a lot of money on management costs. It also keeps you up-to-date with the latest market technology. You’ll have a lot of options for licenses and can get rid of heavy and expensive physical parts. Your budget allocated to IT infrastructure and its maintenance will decrease exponentially.

What are the major challenges for financial managers today?

The company’s financial management must fully adapt to new tools, new ways of doing things, and communicate them well to the workers. This is a long-term job but has real benefits. They must make the company more valuable by carefully studying the data they collect to make reports that will help each department do its best work. This includes making sure that all financial reporting is complete. Additionally, managing and analyzing financial data, including fixed assets, is crucial for informed decision-making. Therefore, it’s necessary to invest in increased information processing capabilities, keeping the user in mind. The user experience must now be at the heart of chosen technological solutions, to facilitate use and make the most of them.

Financial managers must rigorously manage all activities that promote innovation and the integration of new technological tools to automate processes and reduce costs. Digital transformation serves your business!

Implementing new efficient tools and abandoning physical structures for cloud management greatly facilitates real-time analysis and control of a company’s activities. The development of accounting technologies changes the game for many finance-related jobs in a company.

The financial manager must identify new trends and adapt production to the challenges to be met. Anticipating transformations in their sector is required to quickly and easily adapt to the changing needs of the market. The mission of financial managers is then modified. No more simple entry of management facts.

Business Central for financial management, a solution to optimize your ERP finance module!

Gestisoft’s Business Central for financial management is a complete business offer that helps you quickly and easily use the main accounting features in Microsoft Dynamics 365 Business Central. It is designed to be used with any type of company. This strong financial system helps the ERP finance module work better. It connects different financial operations to give businesses better information and make smarter decisions.

Business Central for financial management lets companies of all sizes use and improve their accounting structure. It has a powerful system that’ll make it easier to talk to each department, including managing money.

To make your life easier, the Gestisoft expert team has created rapid implementation packages tailored to your needs:

Essential Package: Implementation in 8 weeks for $23,500. This package includes basic functionalities such as general ledger, budget, approvals, electronic bank reconciliation, multi-currency management, financial statements, Power BI dashboards, and data conversion. Ideal for companies wanting to quickly set up a solid financial structure without complex features.

Automation Package: Implementation in 12 weeks for $35,500. In addition to the Essential package functionalities, this package includes invoice capture, easy credit card management, and mobile expense accounts. Perfect for companies looking to automate their financial processes and improve operational efficiency.

Project Cost Package: Implementation in 16 weeks for $49,500. This comprehensive package includes all the functionalities of the Essential and Automation packages, as well as project cost management, revenue recognition, timesheet tracking, and project data conversion. Ideal for companies managing complex projects and needing detailed visibility on costs and profitability of each project.

Note: Some package elements may require an additional subscription.

Gestisoft has 75 experts who can help you set up your system. They work together to make sure your company is successful at all levels by helping your data talk to each other. For over 23 years, their teams have been offering technological solutions to companies of all sizes.

Conclusion

The finance module of the Microsoft Business Central ERP system is an indispensable tool for coordinating your operations. It gives you the chance to see your entire production flow at a glance, and to react at a moment's notice if the situation calls for it. You can also check out our blog on how Microsoft Dynamics 365 Finance can help you if you have a rental business.

You'll find self-service training tools on the Gestisoft website. Take part in a dozen interesting short online training courses, from creating tables to modifying workflows and creating personalized company portraits. Presentations for individuals and groups, either in-house or at Gestisoft's offices, are also available. Contact the team to book a meeting.