Financial Management with Microsoft Dynamics 365 Business Central
The financial management feature of the ERP software Dynamics 365 Business Central does not just include financial accounting functions, but also combines various aspects of finance, cost and activity accounting, as well as internal and external reporting.
The current data of all company areas such as purchasing, sales, warehouse and wages/salaries are merged in financial management of Microsoft Dynamics 365 Business Central (formerly Dynamics NAV). You can access the core data at the push of a button to determine and analyse sources and correlations at any time.
Financial accounting is the central element in Microsoft Dynamics 365 Business Central (formerly Dynamics NAV). All data regarding financial accounting are processed, evaluated and saved here. The daily processes in financial accounting (general ledger and sub-ledger) are supported effectively by various modules:
- Material asset accounting, accounts receivable, accounts payable
- Inter-company postings
- XBRL support (exporting the data as required by tax authorities)
- Account schedules (creating balance sheets and profit and loss statements)
- Budgeting functions
All relevant functions to carry out accounting efficiently are supported by optimised modules:
- Assets accounting – completely integrated sub-ledger for assets
- Payment transactions – automating inbound and outbound bank transactions, including reconciliation functions (reading in the bank statement and processing proposal)
- Connecting credit card payment systems and PayPal
- DATEV interface
The cost module is integrated into Microsoft Dynamics 365 Business Central completely, thus enabling to be carried out cost accounting assigned to the activity units of the company.
The cost analysis comprises the following:
- Cost centre accounting
- Budgeting and planned cost allocation
- Cost unit allocation and accounting for services
- Contribution margin accounting
- Operational accounting sheet evaluations
- Costing sheets
The human resources management feature in Microsoft Dynamics 365 Business Central provides an instrument for personnel management. It includes functions for staff management, saving confidential information, qualification status and development, managing allocated items and absence registration.
Furthermore, additional modules for wage and salary administration are available as completely integrated accounting systems. These comply with all fiscal, legal and social insurance regulations.