Financial Management with Microsoft Business Central Capabilities: Microsoft Dynamics 365 Business Central is a business management solution for small and mid-sized organizations that automates and streamlines business processes and helps you manage your business Highly adaptable and rich with features, Business Central enables your company to manage your business, including finance, sales, service, project management, distribution, manufacturing, and more. You can easily add functionality that is relevant to your region of operation, and that is customized to support even highly specialized industries. Business Central is fast to implement, easy to configure, and leads innovations in product design, development, implementation, and usability. During this blog post we will explain what Microsoft Business Central is and highlight what the Financial Management with Microsoft Business Central Capabilities are.
A Proven Cloud-Based Solution.
Business Central is an all-in-one, cloud-based ERP (Enterprise Resource Planning) solution designed to streamline your business operations. Cloud technologies provide a critical advantage for addressing the top business priorities and enabling businesses to:
- Adapt to new technologies.
- Improve security, privacy, and reliability.
- Enable scalability, flexibility, and easier onboarding.
- Free up IT resources to focus on high-value work.
- Leverage ready-to-use AI features.
- Accelerate business insights.
- Remain current and compliant.
The Microsoft Cloud takes these benefits a step further so you can run your entire digital infrastructure within the cloud. Dynamics 365 integrates with Microsoft 365, giving you unparalleled integration across systems and processes for better productivity and collaboration in one solution.
Microsoft Business Central Features.
Financial Management with Microsoft Business Central is just one part of this robust ERP System. With years of development, Microsoft Dynamics 365 Business Central is a popular and proven Modern Business Management/ERP Solution for small to mid-sized organizations with robust features set most companies are looking for including:
- Financial Management
- Supply Chain Management
- Familiar Microsoft Business Tools Integrations
- AI Productivity
- Sustainability Management
- Analytics and Business Reporting
- Inventory and Supply Chain Management
- Sales
- Ecommerce
- Customer Relationship Management CRM)
- Project Management
- Service Management
- Human Resources
- Globalization and Compliance
- Administration
- Security
- Workflows and Automation
- Industry Solutions
- Customization and Integrations
- Migration from other ERP
Financial Management with Microsoft Business Central
Business Central offers comprehensive financial management capabilities designed for small and mid-sized organizations. Streamline your financial processes. Manage your finances end to end—oversee your budget, accelerate month-end and year-end close, use unlimited dimensions, track fixed assets, and more. Maintain financial health and make informed decisions with Business Central’s robust financial tools.
General ledger
Set up companies and use the Chart of Accounts as a comprehensive directory of financial accounts to record financial transactions in your organization’s general ledger. Review or audit one or more entries in the general ledger according to the given review policy. Use features for VAT and sales tax, general journals, recurring journals, purchase and sales allocations, statistical entries, and background posting of journals. Posting and reporting can be done in one additional reporting currency. Business Central also supports the export of various audit formats (such as SAF-T, SIE, FEC, etc.) as part of continuous transaction control. Adhering to specific standards enables easier audit controls and ensures user compliance, all while maintaining high performance during the export process.
Dimensions
Use unlimited dimensions in transactions in all ledgers for important parts of your business, such as departments, projects, sales channel, and geographical areas. Set up rules for how to combine dimensions and dimension values. Control the use of dimensions and increase the reliability of output based on dimensions. Assign default dimensions values to master data such as general ledger accounts, customers, vendors, fixed assets, resources, and items. Set up rules to prioritize the use of default values. Use data from dimensions in reports for filtering, Financial Reports to analyze your general ledger, and in data sent to Power BI. Deferrals Set up deferral templates that automate the process of deferring revenues and expenses based on a schedule. Recognize revenues and expenses in periods other than the period in which the transaction is posted.
Deferrals
Financial Management with Microsoft Business Central continues with the ability to set up deferral templates that automate the process of deferring revenues and expenses based on a schedule. Recognize revenues and expenses in periods other than the period in which the transaction is posted.
Budgets
Track business progress using budgets in the general ledger. Use budgets in financial reports, user-defined analysis in account schedules, or in data sent to Power BI for data sharing and analysis. Import budget information to and from Microsoft Excel for enhanced calculation capabilities when you prepare budgets.
Cost Accounting
Another strong Financial Management with Microsoft Business Central Capability is Cost Accounting will allows companies to gain insight into costs through the visibility of actual and budgeted costs of operations, departments, products, and projects. Combine base data in general ledger transactions with dimensions with known future costs and define a hierarchy of cost centers and cost objects. Allocate costs using allocation runs with different allocation keys and methods. Analyze general ledger actuals and budgets in user defined scenarios. Explore the scenarios to gain insight into the business that are not immediately reflected in your chart of accounts.
Allocation Accounts
You can use allocation accounts to distribute amounts on sales and purchase documents and general journal lines to different G/L accounts. You can allocate amounts through a fixed or variable distribution.
Multiple Currencies
Conduct business with customers and vendors in any number of currencies. Use multiple currencies on sales and purchase documents, bank transactions, G/L transactions, and payables and receivables payments. Store currency details for transactions in receivables, while payables are stored in local and foreign currencies. Adjust currency values in local and foreign currencies for unrealized gains and losses to keep ageing reports correct for receivables and payables. This is a great Financial Management with Microsoft Business Central features for companies doing business internationally.
VAT and taxes management
If your country or region requires you to calculate and report value-added tax (VAT) on sales and purchase transactions, you can set up Business Central to calculate VAT. VAT management supports different types of VAT usage, for example, full amounts, nondeductible and unrealized. It also supports specific VAT clauses, as well as VAT statements and returns. Learn more about VAT management in Business Central at aka.ms/BCVAT. In countries where VAT is not in usage, Business Central supports sales tax or GST. For example, with Sales tax you can manage tax areas and tax jurisdictions, Use tax (US) and Purchase tax (CA). Many local specifics related to taxes are supported by our various country-specific localizations.
Next Steps:
As you can see, the Financial Management with Microsoft Business Central Capabilities are very extensive and part of a greater robust ERP feature set that makes this Business Management Solution so popular. In addition, pricing for Microsoft Dynamics 365 Business Central is simple and affordable. There are 2 pricing options: Microsoft Dynamics 365 Business Central Essentials Licensing and Microsoft Dynamics 365 Business Central Premium Licensing. See below next steps to learn more!
Discover Microsoft Dynamics 365 Business Central
Learn about the Pricing and Licensing Options for Microsoft Business Central
Posted by iCepts Technology Group, Inc. a Microsoft Dynamics 365 Business Central Partner in Pennsylvania
