Using Dynamics Business Central in the finance division

Date 2/06/2021
Category Software development

Microsoft’s cloud-based solution Dynamics 365 Business Central is the most adequate for SMEs, helping those companies that use obsolete management tools and providing a great opportunity to others that want to use the cloud in order to optimize their work methodologies as well as boosting their team connectivity.

Cloud-based solutions bring many advantages. For instance, they allow having a joint database available at all times and the possibility of combining it with different business domains. Being able to align the work dynamic of different departments towards a common goal improve the use of time, data and resources, putting technology at the service of talent.

Business Central goes a little further, being able to integrate with Office 365. These smart processes allow fully exploiting any generated information. Furthermore, it is possible to combine and manage different areas, such as:

  • Supply chain control.
  • Management of sales and services.
  • Finance.
  • Project management.
  • Operations management.
  • Analytics and Business Intelligence.

Business Central has different features that allow managing finances; it is key, since you can control your whole business using the same environment.

With this ERP, we are able to automate and optimize any accounting process. This means optimizing the data flows and a series of decision-making processes based on data, as well as accelerating the financial closure and improving the precision of the forecast. The main tasks Business Central allows us to control are:

  • Accessing the history.
  • Accessing the clients’ records.
  • Tax returns.
  • Making orders.
  • The status of the fixed assets of the business.
  • Management of payments and collections in clients and suppliers.
  • Making Bank Reconciliation entries.
  • Budget management.

One of the main advantages of Microsoft’s ERP is the visibility it provides to financial data. In the era of Business Intelligence and analytics as a key component of any strategic plan, a unified environment helps define and fulfil any objective.

Advantages of Dynamics 365 Business Central

We should highlight the main advantages this cloud-based platform offers the whole organization. Although Microsoft has added many strong features to one of their star projects, we are going to talk about the ones that can transform your business.

  • Security

Microsoft offers an automatic data encryption that allows managing, storing and sending data in a reliable and secure way.

  • Comprehensive management

Data centralization and process automation allow for a comprehensive control of the status of the company.

  • Data analysis

That comprehensive control of the data allows making a reliable, detailed financial forecast.

  • Agility in the financial closure

Automatic account reconciliation, which will allow for a faster, efficient financial closure.

  • Decision-making reliability

Since the information provided by D365 Business Central is detailed and verified, you are able to know the company’s status in real time.

  • Financial savings

Resource optimization due to the automation and improvement of processes.

Financial and treasury management is evolving, providing the opportunity to obtain updated information of the status of financial operations in real time. Dynamics Business Central offers a wide variety of cloud-based solutions, but process automation allows us to manage operations simultaneously in the financial division without the need for human intervention.

If you want to know how to implement this tool and how your business can improve by using Dynamics 365 contact us and we will help you take the right step towards your organization’s digitalization.

Authors

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Marta Benedí

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