The finance module of Microsoft Business Central ERP centralizes data and actively develops your long-term forecasting abilities. Any business that wants to expand consistently needs strong financial management software to help them manage their day-to-day operations while also streamlining their production chain, from inventory to customer delivery. Learn more about some of the benefits of using tried-and-true cloud computing solutions.
How can ERP help me?
ERP stands for Enterprise Resource Planning, and it is a software program that handles a company's finances from supply chain to human resources, as well as workflow management and forecasting reports. It used to be reserved for the world's largest corporations, but today this highly flexible global IT system can be used by businesses of all sizes, regardless of their industry.
An ERP system's core benefit is that all your data is unified, therefore connecting all the many departments that make up the company's organizational structure. There are several advantages to relying on interconnectivity in accounting, such as generating trustworthy reports at any time, tracing all operations on the production line in real-time, achieving considerable gains in productivity for the increasingly limited workforce, and making well-informed decisions.
What are the key benefits of the Finance module in Business Central?
Microsoft's Business Central Finance module is much more than accounting software; its various apps and features will help you keep track of your operations, allowing you to manage your assets while cutting costs and giving more value to the operations in your production chain. Here are some of the benefits that make it a must-have, regardless of your industry:
Your data's interconnectivity
Microsoft Business Intelligence's analytical capabilities will have a positive impact on your financial reporting. Through sophisticated reporting, business processes communicate with each other in real-time to provide you with a full overview of your financial health, actual performance, and current and future outcomes at a glance.
A financial management dashboard
Quickly access your real-time statistics and most viewed reports, custom lists, or all published corporate papers with a single click in an easy-to-use dashboard.
A highly reliable chart of accounts
Business Central's standard chart of accounts will provide you with all the information you could need and more. Do you want to make any modifications to your accounts? You absolutely can. The tool is intended to help you fine-tune all the essential analyses to help you develop a more efficient business.
An easy to consult ledger
Most of your transactions will be recorded in your company's general ledger, which will be matched with your bank accounts thanks to Dynamics Business Central. All data (payments, costs, prepayments, notes, and reminders) will be updated in real-time to provide you with a complete financial picture of your organization. Proper growth management like this will assist you in making quick and well-informed decisions.
Simplified management of invoice processing
Data unification will immediately update your accounts receivable: bank reports and accounts receivable status. An important process for any business is invoicing and payment administration, which occurs after the production cycle. What can be a genuine headache has been substantially simplified and automated. You only need to make one minor adjustment, and it is done!
Regular updates
Because of the continuous advancements made to the Microsoft Dynamics NAV/365 platform, the creation of extensions makes the software package more stable and scalable. This SaaS cloud approach allows Microsoft Business Central to provide upgrades to its apps, which are regularly maintained on the vendor side. As all of this is done in the background, it enhances security and performance.
Secure cloud hosting
With Azure AD, an authentication solution created and maintained for you, you can put your worries about data theft to rest. Improve response times by quickly deploying our cloud solution, which eliminates the need for internal servers. Furthermore, your performance is no longer constrained by physical resources, allowing you to instantly react to any situation. This means that no matter what adjustments you need to make to your process, you can easily scale up or down.
Lower costs
Microsoft Dynamics 365 Business Central will allow you to save significantly on administration costs while guaranteeing that you are constantly up to date with the latest technology available on the market, thanks to cloud technology. You will have a lot of licensing flexibility, and you will be able to get rid of some of the more expensive and inconvenient physical components. The amount of money you spend on IT infrastructure and upkeep will drop dramatically.
What are the major challenges that finance managers face today?
The financial management of the firm must be able to fully adapt to new technologies and ways of operating, as well as effectively convey these changes to the workforce. This is a long-term project, but one with a concrete payoff. It will be important to provide value to the organization by thoroughly evaluating the data collected and producing reports that will be used to develop action plans for each department's activities. The user's needs must always be taken into consideration while making investments in new information processing capabilities. To make it easier to use and get the most out of technology solutions, the user experience must now be included in the core of the chosen solutions.
Any action that fosters innovation and the integration of new technological tools to automate processes and cut costs must be monitored more thoroughly by finance managers. The use of new high-performance technologies and the replacement of physical structures in favour of cloud-based management substantially simplifies real-time analysis and control of a company's operations. The development of accounting technology is fundamentally altering the reality of a variety of corporate finance professions.
The financial manager must be able to spot emerging trends and adjust the production to adequately respond to new challenges. To adjust swiftly and efficiently to the changing requirements of the market, they must anticipate transformations in their industry. Therefore, the mission of financial managers has changed as there will be no more straightforward data entry of management information.
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GoFinances: a solution for optimizing your ERP's finance module!
Gestisoft's GoFinances solution is a real turnkey standardized business solution that allows the fast and adaptable deployment of Microsoft Dynamics 365 Business Central's primary accounting features.
GoFinances helps businesses of all sizes establish and optimize their accounting structures with a robust platform that streamlines communication and collaboration across departments.
For your convenience, Gestisoft's team of professionals has devised an implementation plan that involves 11 missions in 11 days, including the analysis and preparation of the software, environment and piloting tests, as well as the invaluable training of administrators to better grasp the most useful functionalities.
There are over 75 implementation specialists at Gestisoft working together to guarantee that your organization is successful at all levels by streamlining the exchange of data. Our staff have been providing IT solutions to businesses of all types for over 23 years now.
Conclusion
The Microsoft Business Central ERP system's finance module is an essential tool for organizing your operations. It allows you to see your complete production flow at a glance and respond fast if the circumstances demand it.
The Gestisoft website also has plenty of self-service training resources. Participate in a dozen short online training sessions ranging from table creation to process modification to creating custom business overviews. Individual and group presentations are also available in-house or directly at Gestisoft's headquarters. To schedule a meeting, please don't hesitate to contact the team right away.
