Dynamics 365 Business Central, a Microsoft Cloud ERP is specifically orchestrated to cater to small and medium-sized businesses. This cloud business management software solution, which is built on the core capabilities of Dynamics NAV, delivers a plethora of technology enhancements to help business leaders manage the entire from a single, integrated source.
Financial Management in Business Central
Although Business Central for Small Business delivers extensive capabilities to scale organizational operations across any array of business operations, its financial management capabilities are distinctively appreciating. Not only it includes accounting functions but covers all the other aspects of holistic financial management, including cost accounting, reporting, automation, and many more. With such functionalities, retail businesses can make the most of Dynamics 365 Business Central Finance Management to ensure accurate financial close and drive scalability.
Key Advantages
With the deployment of Business Central, retail businesses can set up an organization and start posting to the general ledger, chart of accounts, general journals, VAT facilities, recurring journals, and source codes. Business Central for Retail with its financial capabilities enables you to record, sort, summarize transactions, and maintains balance.
At a standard Microsoft Dynamics 365 Business Central Licensing, you can work with budgets in general ledger accounts. You can grab live data from your system and make the most of the updates in the budget to enhance the forecasting abilities of our business.
By leveraging the core capabilities of Business Central, CFOs can set up deferral templates that automate the process of deferring revenues and expenditures over a pre-defined schedule. D365 Business Central readily assists in recognizing revenue or expense in a period other than the transaction posting period.
Microsoft Dynamics 365 Business Central enables you to create, operate, and manage multiple bank accounts for catering to your diverse and different business needs. It enables you to set up e-services for importing bank statements and exporting payment files.
- Account Receivables and Account Payables
This accounting software solution enables business leaders to take an overview of outstanding accounts, both for receivables and payables. It helps business administrators ensure on-time, procurement, matching, and payment of invoices along with its verification.
You can reconcile your bank statement data automatically to open bank account ledger entries. It enables you to keep track of all your bank statements and avoid discrepancies generated due to dependency on manual entries.
As we know that Dynamics NAV is now closed off to new businesses and SMEs looking to deploy Microsoft’s Cloud ERP solution will automatically be redirected to Dynamics 365 Business Central. It is high time to upgrade NAV to Business Central from NAV and drive extensive technology enhancement to keep pace with the thriving business world.
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