Why Choose Microsoft Dynamics 365 Business Central Financials?
Accelerate financial close, improve forecasting, and get real-time performance metrics while fostering compliance and security across subsidiaries
- Streamlined General Ledger Management: Easily set up companies and post to the general ledger. Features for VAT, sales tax, and additional reporting currencies are built-in
- Unlimited Dimensions: Gain granular control over your transactions with unlimited dimensions for departments, projects, and more
- Multi-Currency Support: Conduct business globally with support for multiple currencies in sales, purchases, and more
- Budget Tracking: Import budget information from Microsoft Excel and track your business progress seamlessly
- Cost Accounting: Get deep insights into your costs and allocate them effectively
- Consolidation & Intercompany Postings: Manage multiple companies and databases effortlessly
- Fixed Assets Management: From acquisition to depreciation, manage all aspects of your fixed assets
- Cash Management: Forecast cash flows and manage multiple bank accounts with ease
- Electronic Payments: Simplify your payment processes with electronic payments and direct debits
- Bank Reconciliation: Automate the reconciliation of incoming and outgoing bank transactions
Key Capabilities of Business Central Financial Management
Set up companies and post to the general ledger through general journals. Use features for VAT and sales tax, recurring journals, and background posting of journals. Posting and reporting can be done in one additional reporting currency.
Use built-in reports, customised reports (both RDCL and Word, and easily refresh data in Microsoft Excel, and Power BI reports and charts.
View and edit the data in most general ledger pages using Microsoft Excel.
Use unlimited dimensions in transactions in all ledgers for important parts of your business, such as departments, projects, sales channel, and geographical areas. Set up rules for how to combine dimensions and dimension values. Control the use of dimensions and increase the reliability of output based on dimensions. Assign default dimensions values to master data such as general ledger accounts, customers, vendors, fixed assets, resources, and items. Set up rules to prioritise the use of default values.
Use data from dimensions in reports for filtering, account schedules to analyse your general ledger, and in data sent to Power BI.
Conduct business with customers and vendors in any number of currencies. Use multiple currencies on sales and purchase documents, bank transactions, and payables and receivables payments. Store currency details for transactions in receivables, while payables are stored in local and foreign currencies. Adjust currency values in local and foreign currencies for unrealised gains and losses to keep aging reports correct for receivables and payables.
Track business progress using budgets in the general ledger. Use budgets in financial reports, user-defined analysis in account schedules, or in data sent to Power BI for data sharing and analysis.
Import budget information to and from Microsoft Excel for enhanced calculation capabilities when you prepare budgets.
Gain insight into costs through the visibility of actual and budgeted costs of operations, departments, products, and projects. Combine base data in general ledger transactions with dimensions with known future costs and define a hierarchy of cost centres and cost objects. Allocate costs using allocation runs with different allocation keys and methods.
Analyse general ledger actuals and budgets in user defined scenarios. Explore the scenarios to gain insight into the business that are not immediately reflected in your chart of accounts.
Set up deferral templates that automate the process of deferring revenues and expenses based on a schedule. Recognise revenues and expenses in periods other than the period in which the transaction is posted.
Financials: Multi-site capabilities
Consolidate companies from the same Business Central tenant and pull data directly into the consolidation company. Or use XML files to pull data from other Business Central tenants, databases, or third-party business management application. Use multiple currencies, dimensions, and budgets for consolidations.
Manage accounting for more than one company in a posting process that includes one or more Business Central tenants or databases. Send sales and purchase documents to partner companies and post journals transactions through a mapping to shared charts of accounts and dimensions. Control the document flow through an Inbox/Outbox feature that automates sending and receipt. Use sales and purchase documents with multiple currencies to reconcile intercompany balances.
Track fixed assets such as buildings, machinery, and equipment. Post fixed-asset transactions such as acquisitions, depreciation, write-downs, appreciation, and disposal. Assign one or more depreciation books to define methods and conditions for calculating depreciation. Use depreciation books to meet managerial, internal accounting, and legal reporting requirements. Register maintenance costs, insurance coverage, and cost allocations for assets.
Fixed assets allocation
Use allocation keys to distribute percentages of fixed asset transactions, such as acquisition cost and depreciation, to departments or projects.
Fixed assets insurance
Track insurance coverage and annual insurance premiums for fixed assets and easily determine whether they are under- or over-insured. Attach assets to one or more insurance policies and index insurance amounts.
Fixed assets maintenance
Record maintenance and service expenses for fixed assets. Get detailed information to analyse and make decisions about fixed asset renewal and disposal
Bank account management Create, operate, and manage multiple bank accounts for diverse business needs and different currencies.
Cash flow forecast
Predict how your company’s liquidity will evolve over time. Forecast expected cash receipts and disbursements plus available liquid funds.
Create basic cash flow forecasts that can be extended and adjusted. Use an assisted setup guide to complete tasks and take advantage of automatic daily or weekly data updates. Include data from jobs and taxes as sources for the cash flow forecast. Use Azure ML capabilities to generate cash flow predictions using Business Central data.
Electronic payments and direct debits
Create payment proposals based on vendor documents and generate bank payment files in ISO20022/SEPA format. Or use the AMC Banking Service to generate electronic payment files in the format your bank requires. Create direct debit collections for a bank direct debit file in ISO20022/SEPA format.
Easy payment process for your customers
Provide efficient payments submissions to your customers by adding online payment services links to invoices in Business Central (online version only).
Use the PayPal extension for access to a trustworthy global payment service that offers multiple ways to accept payments, including credit card processing and PayPal accounts.
Reconciliation of incoming and outgoing bank transactions
Import bank transaction data from electronic files sent from your bank in ISO20022/SEPA format or other file types. Apply transactions automatically to open customer and vendor ledger entries and create your own matching rules. Review proposed applications and account matches. Change the algorithm behind the record matching by modifying, removing, or adding rules. Reconcile bank payments from the Payment
Reconciliation Journal in one step, and in one place.
Bank account reconciliation
Import bank statement data from electronic files sent from your bank in ISO20022/SEPA format or other file types. Reconcile bank statement data automatically to open bank account ledger entries and keep track of all bank statements.
Filter bank statement information to view only the transactions that need attention. Summarise outstanding bank information and drill-down to the details of each bank transaction.
Print cheques as automated electronic cheques or write them manually, both with flexible options for voiding, reprinting, using check forms with pre-printed stubs, and testing before printing. Consolidate payments to a vendor in a single cheque
For more information and to discuss your specific needs, contact us today.
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