As we’ve announced previously, Microsoft Dynamics NAV is not only getting a new name, Microsoft Dynamics 365 Business Central (affectionally referred to as D365BC), but it’s also being reinvented as both a cloud and on-premise ERP solution. Here is how Microsoft is positioning D365BC:
“Business Central is a business management solution for small and mid-sized organizations that automates and streamlines business processes and helps you manage your business. Highly adaptable and rich with features, Business Central enables companies to manage their business, including finance, manufacturing, sales, shipping and distribution, project management, inventory management, and more. Companies can easily add functionality that is relevant to the region of operation, and that is customized to support even highly specialized industries.”
According to BASM President, Ron Ketterling, who has been privy to many of the partner discussions concerning Business Central, “Microsoft is taking what we now know as Dynamics NAV and revolutionizing it. It’s ultimately going to be one of the fastest to implement, easy to configure, and flexible solutions on the market. The innovations in product design, development, implementation, and usability are staggering.”
The Welcome to Dynamics 365 Business Central website does a nice job of summarizing functionality with drilldowns on features.
One of the things we are excited about is Extensions. Extensions are the way to upgrade regularly, without experiencing the pain of redoing your modifications. This requires a good deal of training and re-engineering our side, but the result is lower cost once your modifications are in Extensions.
Why would you want to go to the cloud? Five primary thoughts that cloud adoptees mention:
1. Reduced infrastructure cost – no large, high-performance SQL and NAVBC server to buy – it’s all included in the Business Central price;
2. Reduced IT costs because you don’t have the servers mentioned above;
3. Easy & fast setup – no more waiting for new hardware and databases – it’s all included in the Business Central Price;
4. Turns capital expenditures into an operating expense (think about ASC 842 later in this newsletter, if you lease the hardware);
5. Makes remote access a breeze while providing strong, enterprise level security.
Our number one recommendation for our customers?
In the words of a popular song a few years ago, “Don’t worry, be happy!” Business Central doesn’t affect your ability to keep or upgrade your on premise or private cloud installation of NAV/BC. This is Microsoft, continuing to add value to your investment. If you decide to “go to the cloud”, you can do that. If you decide to stay “on premise”, you can do that. Business Central’s Intelligent Cloud allows you to stay on premise and experience the benefits of the cloud for artificial intelligence and machine learning and, makes it simple to move to the cloud if you want to do so.
One of the things we are excited about is Extensions. Extensions are the way to upgrade regularly without experiencing all the pain of redoing your modifications. This requires a good deal of training and re-engineering our side, but the result is lower cost once your modifications are in Extensions.
Business Automation Specialists named as a finalist in the “Made in Minnesota Manufacturing Awards” for Supply Chain Innovation
Business Automation Specialists is proud to announce that we were one of the three finalists chosen for the Made in Minnesota Manufacturing Awards for Supply Chain innovation for 2018.
Each year, Minnesota Business magazine celebrates the state’s ingenuity with their Made in Minnesota Manufacturing Awards. 33% of the states jobs are in or supported by manufacturing making it an essential industry to the state’s economy.
Ron Ketterling, BASM President, stated, “We were very pleasantly surprised at being named as a finalist for this award! The other two companies named are substantially larger than us, so to even be considered in this category is quite the honor.”
The September/October 2018 issue of Minnesota Business magazine (our name is on page 42) can be read online.
In This Issue:
+ Microsoft Dynamics 365 Business Central – Same Great Product with a New Name
+ Are you ready to transition to the FASB ASC 842 standard for lease accounting?
+ Business Automation Specialists named as a finalist in the “Made in Minnesota Manufacturing Awards” for Supply Chain Innovation
Are you ready to transition to the FASB ASC 842 standard for lease accounting?
ASC 842/IRFS 16 is a new accounting standard for leases which goes into effect as of January 2019 for publicly traded companies and January 2020 for private companies. ASC 842 requires lessees to recognize most leases on their balance sheets. Under ASC 842, businesses with large portfolios of operating leases will be impacted by the change in ASC 842 lease accounting standards, as the new standard require lessees to recognize assets and liabilities arising from operating leases on the balance sheet.
What does that mean for your company?
It means the time to get ready to meet the requirements and stay compliant with the standard is now. Microsoft Dynamics NAV / Microsoft Dynamics 365 Business Central users are in luck! Soft4Lease offers an integrated solution, including: data import and export, lease agreement data management, re-measurement, reporting, accounting for lease liability and right of use asset.
300 Coon Rapids Boulevard NW
Minneapolis, MN 55433-5644
Phone: (763) 571-8580
Toll Free: (877) 571-8580
Fax: (763) 571-5504
Summing it up from SUMMIT 2018
The user group SUMMIT was earlier this month, and as usual it was a fantastic event, especially with all the buzz about Business Central. Our very own Ron Ketterling, BASM President, was one of the breakout session presenters. Also in attendance were several of our clients from Terry Bear Urns & Memorials and Bernatello’s Foods. Next year’s event has been announced and will be held mid-October in Orlando, Florida. We can’t recommend attending more highly to our current clients – especially in 2019 with the change to Microsoft Dynamics 365 Business Central. If you have any questions as to the value or what to expect, please contact us.