Businesses that are able to constantly improve financial efficiency build resilience to face unexpected changes in the marketplace. Dynamics NAV can help you take better control of your finances.
Revenue is the engine that drives the growth of any business. The ability to track and manage finances is the first step in ensuring that resources are being managed and invested in efficiently to drive growth. However, growing businesses find it difficult to meet the changing needs and are stuck with a basic financial system that is limited to accounting, managing cash flows, and budgeting.
Challenges that growing businesses face
Having some form of a financial management system that is very basic in its scope can lead to managers and business owners being limited in their ability to plan and take informed decisions. While you have all the data you need to make better decisions, they are tucked away in silos and inefficient processes that make it hard to access and derive insights from.
What modern businesses need is an integrated solution that can source data from different departments, software solutions, and regions to give you a unified view of the entire business, and offer intelligent insights from that consolidated data. The solution should be able to break down silos and be flexible enough to support the future growth of the business.
Microsoft Dynamics NAV offers end-to-end integration of all your data to help you manage your finances more efficiently. The analytics capabilities of the solution can help you spot trends early and make better forecasts.
Dynamics NAV financial management
Microsoft Dynamics NAV helps your team manage financial tasks such as General Ledger postings, reconcile accounts, prepare financial reports, and more.
Unified view of the businessBusiness owners and decision makers spend a lot of time collecting data from different sources and trying to make sense of all that information. Apart from the departmental silos, data can also be scattered across different business entities and regions, which makes it that much harder to consolidate when done manually.
Microsoft Dynamics NAV helps you get a unified view of the business that is spread across different business entities and regions. You also have the option to check the granular level details of the consolidated data to perform analysis and make decisions.
General Ledger and budgetsYour team will be able to post entries in the General Ledger and generate reports daily, monthly, and yearly. You can also download the reports in Excel or Microsoft Word format to perform further analysis.
The month end close activity can be faster with the following features in Dynamics NAV:
- Create templates for regularly used reconciliation adjustments that are unique to your business
- Save time to post journal entries that appear regularly by using the Recurring Journals feature
- Automate bank reconciliation to match entries automatically and spend time only with entries that don’t match
Managing budgets in general ledger accounts is easier with Dynamics NAV allowing you to work with multiple budgets at the same time and having the ability to track the projects that are not operating within the prescribed budgets.
Cash flow forecastKnowing when clients will make payments and when you have to pay vendors is important to manage your finances. The “Cash Flow Forecast” page in Dynamics NAV will give you access to the data, which is presented in easily understandable graphs, to forecast your receivables and payables. This information can then be used to plan your cash flow needs.
Multiple currenciesGrowing businesses either have presence in different countries or have trade partners spread across different regions. Sometimes this calls for maintaining of reports in different currencies.
With Microsoft Dynamics NAV, you will be able to maintain these records in your base currency as well as an additional currency in case you have a presence in other countries and need the reporting to be available in more than one currency.
Want to improve your financial management?Dynamics NAV has been able to support the needs of growing the businesses, but the solution has reached the end of its lifecycle. Businesses around the globe are taking a step up and upgrading to Microsoft Dynamics 365 Business Central.
Find out the benefits of upgrading from NAV to Microsoft Dynamics 365 Business Central.
Tags:
