CEOs and CFOs of companies are constantly looking for ways to improve the efficiency and productivity of their businesses. Whether they need to focus on their financials and supply chain or manufacturing and operations, companies can benefit greatly from a financial management solution. Microsoft Dynamics NAV (formerly Navision) has helped businesses around the world take better control of their processes and run more efficiently. Whether you currently use Microsoft Dynamics NAV to manage your business or if you are considering Microsoft Dynamics NAV as your company’s financial management solution, this series will guide you through the system and show you show how Microsoft Dynamics NAV can improve various areas of your business.
Financial management is a top concern among businesses. Because revenue is what drives the business, proper management of a company’s finances is crucial. In order to properly manage the financial aspects of the business, companies should invest in a financial management solution that tracks and allocates finances, maintains proper budgets, and keeps a general ledger. The financial management module within Microsoft Dynamics NAV provides companies with the tools to manage their finances better.
Accounts Schedules and Allocations
Microsoft Dynamics NAV allows companies to rearrange financial reports based on the figures in the chart of accounts and budgets. By simply choosing the accounts they want to include (or exclude), users can change the order of accounts, combine the figures as they need and determine which columns will be printed. Users can also make simple calculations and allocate general ledger entries to a combination of accounts, departments and projects.
Basic General Ledger
All of the functionality necessary for the setup and running of a company is included in this module. Users can keep their information up-to-date by posting to the general ledger, chart of accounts and general journals. Microsoft Dynamics’ internal and external reporting capabilities allow businesses to produce and access important daily, monthly and yearly reports. Microsoft Dynamics will post and create reports in your company’s base currency and, with the addition of Multiple Currencies, allows users to post and report in an additional currency. The system also allows users to export data of any form to Microsoft Word and Excel.
Microsoft Dynamics helps companies create budgets and maintain them in the general ledger accounts. After a budget has been created, the user can print a balance sheet that shows any discrepancies to the budget by percentage. Users can also work with multiple budgets at one time in order to get a clearer picture of where the business stands.
With the capability to track user changes made to the master data within the system, Microsoft Dynamics NAV gives companies the power to maintain full control over their data. All direct modifications made by a user to the data in the database can be logged, with the exception to changes in “working documents” such as sales orders, journals and purchase orders. Managers can get a chronological list of all changes to any field in any table and identify the user who made the changes.
Microsoft Dynamics NAV makes it easy to consolidate different companies. Whether the companies come from one or several different Microsoft Dynamics databases or other files, users can import and export each company’s important financial information. This helps managers see the clear picture of the company’s standings and make stronger financial decisions for the future.
Microsoft Dynamics also enables users to manage multiple accounts for more than one company in the same posting process. Documents can be sent to partnering companies through an Inbox/Outbox feature, and transactions are completed as general journal transactions or through the accounts receivables/payables function.
As you can see, Microsoft Dynamics NAV gives companies the power to take their finances into their own hands. Microsoft Dynamics not only provides companies with the above functions, but it also provides companies with important cash management tools, such as bank account management, check writing and bank reconciliation.
Download your copy of the “Microsoft Dynamics NAV: Product Capabilities and Business Ready Licensing Granule Guide” to learn more about how you can increase your company’s efficiency and better manage your financial data.