Microsoft’s continued commitment and development of Enterprise Resource Planning Systems (ERP) has resulted in the release of Microsoft Dynamics 365 Business Central. Business Central is a modern digital end-to-end robust business management solution designed to help organizations achieve greater efficiency, streamline business processes, and empower employees to react quickly to changing business needs with intelligent insights-anywhere and on any device. Microsoft Dynamics 365 Business Central Advanced Financial Management, along with its core financial management features, give companies a vast array of accounting and financial capabilities for small to medium sized companies.
Advanced Financial Management in Microsoft Dynamics 365 Business Central Include:
Cost Accounting: Cost Accounting provides an efficient way to control the company’s costs by providing visibility and insight into budgeted and actual costs of operations, departments, products, and projects. Cost Accounting synchronizes cost information with the general ledger, and then allocates that information to different costs centers and cost objects. These elements together show you a direct cash flow forecast.
Cash Flow Forecast: Cash Flow Forecast provides a prediction of how a company’s liquidity—cash and other treasure positions—will evolve over time. It consists of two things—cash receipts and cash disbursements—the money you expect to receive and the cash you expect to pay out—plus the liquid funds you have available.
Intercompany Postings: Manage accounting for more than one company in the same posting process, for example, in different countries/regions, as well as multiple currencies, different charts of accounts, different dimensions, and different item numbering.
Responsibility Centers: Set up profit centers and/or cost centers. A company can sell items with specific prices and that are related to a responsibility center. You can tie a user to a responsibility center so that only sales and purchase documents related to the particular user are displayed. Users get assistance with entering extra data, such as dimensions and location codes.
Core Financial Management Features in Microsoft Dynamics 365 Business Center include:
- General Ledger
- Account Schedules
- Basic XBRL
- Change Log
- Fixed Assets
- Bank Account Management
- Check Writing
- Electronic Payment/Direct Debit (depending upon country)
- Bank Account Reconciliation
- Advanced Dimensions
- Multiple Currencies
- Unlimited Companies
Learn more about Microsoft Dynamics 365 Business Central