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BUSINESS CENTRAL

7 Business Central Features Every CFO Should Know About
20
Jul

7 Business Central Features Every CFO Should Know About 

The position of the CFO has undergone dramatic changes. Not anymore do you act merely as a “chief number cruncher”; rather, you now become a catalyst for growth of the business. How? It is by means of an integrated system with smart functionality providing up-to-date insight into the financial wellbeing of the company.  There are seven Business Central features which every CFO needs to be aware of to maximize their efficiency.  1.Real-Time Financial Dashboards  There are no more waiting periods of several weeks after closing the books at the end of the month before you can find out how the business is doing. In Business Central, there are role-based real-time dashboards for the CEO which enable him/her to see the KPIs, to monitor liquidity, profitability, and expense ratios. Power Bi Finance app also helps to monitor KPIs.  2. Intuitive Cash Flow Forecasting  Cash is the heart and soul of any business but forecasting it has always been a tough job. With the help of Business Central, you can remove this uncertainty because it helps you in forecasting your cash flows using historical data as well as planned receivables and payables. It gives you an edge over your competitors as it helps you plan for any shortfall in the future and manage your cash intelligently.  3. Automated Accounts Payable/Receivable Workflows  Data entry is time-consuming and creates errors which cost money. With Business Central, you don’t have to enter all that data manually. With automated accounts payable and receivable workflows, you get more free time to use on other tasks. Tasks like matching invoices and even automated payment recommendations save you plenty of time.  4. Smooth Power BI Reporting  Traditional financial reports may fail to paint a complete picture. Since Business Central is native to the Microsoft environment, it automatically provides native integration with Power BI. This means that CFOs can create customized financial reports without moving data into Excel. With Business Central, you will be able to drill-down from a high level of financial reports straight into transactional details.  5. Easy Intercompany Consolidations  When running more than one subsidiary or entity, financial consolidations are often time-consuming and error-prone due to version control issues. With Business Central, all intercompany postings and eliminations are done automatically. Financial consolidations in various currencies and fiscal years using various charts of account can be created easily in just a couple of clicks.  6. International Compliance and Multi-currency  Going international means dealing with many different tax laws, financial reporting, and exchange rates. Business Central has built-in support for an unlimited number of currencies, automatic conversion to exchange rates, and localized tax compliance. The more you expand internationally, the more the system will adapt to local financial rules reducing the compliance risks and burden of your internal audit team.  7. Artificial Intelligence in the Form of Copilot  The future of accounting involves predictive analytics, and now you have access to that through Microsoft Co-pilot. CFOs can prompt Co-pilot using natural language to generate a summary of the financial performance of the company, analysis of anomalies in budget variances, and even sales forecasting. AI assistance allows you to save several hours of tedious data mining every week and transform it into strategic narrative.  Conclusion  For the contemporary CFO, Business Central is not only an ERP system but a strategic ally. It allows you to automate mundane tasks, get rid of siloed data and use artificial intelligence to provide predictive insights. If your current financial software is hampering your work, it might be high time to consider implementing Business Central in your company.
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Business Central Features That Help Retailers Scale Faster
13
Jul

Business Central Features That Help Retailers Scale Faster 

It’s very exciting to grow a retail company, but there’s also one hidden downside disorganization. Systems that have run smoothly in a single store environment suddenly fall apart when you expand to other branches, e-commerce, and complicated logistics. Instead of celebrating the growth of your business, you may feel suffocated by the chaos of spreadsheets, disconnected POS software, and manual entries. Microsoft Dynamics 365 Business Central was created to help get rid of all of this. By streamlining your processes, it enables you to scale without stress. Here are reasons why it will help you scale up as a retailer.  1. Flawless Omnichannel Integration  Modern customers expect seamless omnichannel experiences such as buy online and pickup in-store (BOPIS) and returns of e-commerce purchases through physical stores. Business Central seamlessly integrates with popular e-commerce platforms like Shopify and Magento as well as strong Point of Sale (POS) solutions like RMH. The result is impeccable synchronization of inventory, sales, and customer information across all channels. It makes market expansion easy while avoiding data silo creation.  2. Real-time Inventory Management  The more SKUs and warehouses you have, the harder it becomes to monitor stock. Business Central delivers real-time inventory management across all your network. It allows monitoring of inventory on shelves, in warehouses, and currently being shipped. The solution eliminates the risks of stockouts, which harm customer loyalty and overstocking, which blocks cash flow.  3. Smart Demand Forecasting  Guesstimating about the amount of inventory to purchase for a new retail location or for a peak sales season is like inviting trouble. Business Central uses past sales performance, seasonality, and predictive modelling to predict future demand. When you know what will sell even before you order the inventory, you’ll be able to make smarter purchasing decisions and maximize your warehousing capacity and get more profitable sooner.  4. Automated Replenishment Rules  It’s just inefficient and unscalable to manually check your spreadsheet for reordering inventory. In Business Central, you can establish rules-based replenishment process where a minimum and maximum stock levels trigger an automatic generation of purchase orders to your vendors. The best sellers will never run out of stock when the system takes care of them while your sales volumes grow and soar.  5. Dynamic Pricing and Promotions  Having to manage sales, BOGO deals, and customer discounts in more than one store and website may cost you valuable profit margins. Business Central provides an integrated approach to your pricing engine. Create sophisticated, time-limited promotions and customer pricing that is automatically applied at the point of sale whether you sell online or offline.   6. Integrated Customer Insights  Scaling does not only involve bringing in more customers; it means optimizing their lifetime value as well. Since Business Central integrates perfectly with Microsoft Dynamics 365 Customer Engagement, you have a holistic picture of every customer. Track buying patterns, preferences, and return behaviour through all channels and allow your marketing department to implement personalized marketing strategies.  The Takeaway  When scaling your retail business, it shouldn’t equate to multiplying your challenges. Rather, by consolidating all your software programs through ERP Business Central, your retail challenges will turn out to be your strength. If you feel that your present technology is hampering your growth potential, then it’s time to check out how Business Central could help you scale. 
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The Most Underrated Inventory Features in Business Central
06
Jul

The Most Underrated Inventory Features in Business Central 

In most instances, when organizations install Microsoft Dynamics 365 Business Central, they are mostly concentrated on the common inventory management functionalities. Such as creating item cards, managing inventory and carrying out basic purchasing and sales operations. These fundamental functions are necessary, but they form just a small portion of the system’s possibilities.  However, Business Central provides users with a few powerful tools that allow for streamlining warehouse processes and improving supply chain efficiency. But the fact is that since these functions aren’t mentioned in the main dashboard, many organizations miss them.  For those who don’t want their ERP solution to become just a spreadsheet program and to finally get their money’s worth. Following are four of the most overlooked inventory features of Business Central.  1. Assembly Management  For most firms, the idea is that whenever they manufacture or assemble something, they will require the entire complicated Manufacturing module to begin with. Introducing Assembly Management. This solution fits just nicely somewhere between inventory management and manufacturing itself.  Assembly enables you to assemble multiple components to create a single end-product via Assembly BOM. Either you can create assemblies for stock by looking at the sales forecast, or you can adopt an Assemble-to-Order method that integrates the sales order with the assembly process automatically. The total cost of assembly is calculated automatically for the end-product based on component costs and assembly cost.  2. Item Cross-References  If you have ever had a situation where a customer uses his proprietary part number when ordering an item or received an item from a supplier with another barcode number, then you probably know the problem of having to do manual searches.  Item Cross-References solve that problem easily. You have the option of mapping any number of different cross-reference codes to your internal Item Number. Do it as per customer, per vendor, or by universal barcodes. Every time a customer orders an item by his part number or the warehouse receives an item with a vendor barcode. Business Central matches the part number with internal item.  3. Defect Management (Nonconformances)  Typically, quality management is done through software solutions. These software solutions are not integrated into the ERP system, but are rather separate or even paper based. The Business Central’s Nonconformance management solution is a real treasure trove for those businesses that do not want to invest in a separate Quality Management System (QMS).  The moment you get a product in a bad state or manufacture a nonconformant product, you have a chance to create a “Nonconformance” object associated with a certain lot or serial number. Then you can add information regarding the root cause, responsible person for analysing the issue, as well as corrective actions. And most importantly, you can direct your defective goods into certain scrap/rework containers.  4. The Standard Cost Worksheet  For most accounting and inventorying staff, computing the new standard cost for finished products at the end of each fiscal period is like a living hell. This usually entails transferring tons of data into the Excel file, computing new material and overhead rates. Also, manually entering the changes to hundreds of item cards.  With the Standard Cost Worksheet, however, you can automate all of that. This lets you create a simulation of how the cost changes will look once executed within the system. Once you are satisfied with the simulated data, you can execute the worksheet and automatically update all associated item cards and inventory balances with one click.  Stop Cheating Yourself Out of Cash  Your ERP system should be handling most of your workload when it comes to managing your supply chain. Through the usage of Assembly Management, Item Cross-References, Nonconformances, and the Standard Cost Worksheet, you can save yourself from having to manually enter data, enhance your quality control process, and optimize your monthly closing process.  But if you’re not utilizing these inventory management capabilities just yet, perhaps now is the time to explore further within your Business Central ecosystem. In other case contact your business implementation consultant for a “health check” of your setup. 
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Understanding Consolidations in Business Central for Multi-Company Reporting
29
Jun

Understanding Consolidations in Business Central for Multi-Company Reporting 

For businesses that have their operations in several subsidiaries, divisions, or separate legal entities, it is no secret that one of the issues faced when the accounting period comes to an end is consolidation. It takes up valuable time and leaves much room for mistakes when trying to aggregate all the spreadsheets manually into a consolidated report.  Microsoft Dynamics 365 Business Central makes this process easier by providing native consolidation. In other words, instead of depending on third-party systems or working with Excel-based solutions. You can consolidate your accounting data right inside the system you already use. Here we will consider the consolidation process in more detail.  The Key Element: Business Units  “Business Units” is the key element of the consolidation process in the Business Central software. This refers to the branches or subsidiary companies that one plans to consolidate under the parent company. If one does not plan to have several databases, then he can create them in Business Central.  After creating the units, one will be able to get data from each unit whether they come from the same database or from another business central environment and bring them in the G/L entries of the consolidated company.  Dealing with Complexity: Currencies and Chart of Accounts  Among the most difficult aspects in multi-entity consolidation, currencies and differences in Chart of Accounts are two major concerns.  Business Central automatically handles currency conversion. You specify your consolidation rules and the currencies you need. The software will automatically convert the amounts from the subsidiary using exchange rates you specified. Resulting in a proper valuation of your consolidated balance sheet in your currency.  Also, subsidiaries might use an alternative numbering in their Chart of Accounts. Business Central Consolidation Charts of Accounts tab solves this issue. For instance, the “Office Supplies” account may have number 5000 in the subsidiary while in the parent company, its equivalent “General Admin” has number 6000. In such a case, a link ensures that all the money would go to the right account despite its source in another organization.  The Critical Step: Eliminations  The total amount of balances in all sub-ledger accounts will not amount to a consolidated financial statement because there exist intercompany transactions. For instance, when one company in the group sells its products to another company in the group, the sales proceeds are intercompany transaction proceeds that must be eliminated.  In Business Central, elimination is done through the Eliminations process. Financial professionals can make elimination entries depending on certain percentages or dimensions that have been set. The eliminations are made through postings to eliminate the payables, receivables, and revenues resulting from intercompany transactions. Some elimination entries may not be automatically posted, although the system provides the means of posting them manually.  Real-Time Reporting & Analysis  The best possible advantage of applying Business Central as an aid in performing consolidations is the ability to gain real-time insight. The information generated by the process becomes immediately available in financial reports, covering all aspects of a corporation’s financial health. No more waiting of weeks for correct spreadsheet numbers; with the information standardized, analysis is almost immediate.  Conclusion  It goes without saying that the expansion of corporations brings about a higher need for efficient financial reporting processes. Spreadsheets are unable to satisfy the ever-growing demand of multi-company reporting, hence the need for consolidation capabilities, such as those of Business Central. Not only does it minimize the risk of mistakes; it also cuts down the period of the financial close cycle drastically.
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One Source of Truth: Understanding Consolidations in Business Central for Multi-Company Reporting
22
Jun

One Source of Truth: Understanding Consolidations in Business Central for Multi-Company Reporting 

As the size of businesses expands, they tend to become more complex entities with a range of subsidiaries, branches, and legal forms of existence. A business may start with one headquarters, only to acquire a distributor in another area or develop an entirely separate manufacturing branch. Although expansion is always an exciting process. It raises serious questions regarding the ability of the finance department to manage the finances of the whole business. The information spreads across different databases and currencies. Solve this problem by using the Consolidation in Microsoft Dynamics 365 Business Central.  Dealing with the “Spreadsheet Maze”  Prior to introducing an ERP system, most companies must resort to traditional methods to integrate their financial figures. In such instances, trial balances are normally exported to Excel from multiple sources. Also it gets adjusted for the differences in currencies before being combined into one document.  As an option, this method may work fine for very small companies. However, it is fraught with the danger of version control problems, wrong formulas, lack of security, etc. Moreover, this process takes much longer, and by the time information integrates, it is already out-of-date. This situation, causing executives to make decisions based on an outdated picture of things.  Business Central Consolidation Process  The following process simplifies the whole procedure by letting you combine all your subsidiaries’ data into one consolidated company regardless of the chart of account, fiscal year, or currency used by each individual subsidiary.  There are two key approaches to consolidations in Business Central:  Internal Consolidation: If all of your subsidiaries use Business Central, then this will allow you to automate the importing of subsidiary databases into the consolidated company.  External Import: In the case of subsidiaries that may be using other ERPs or legacy systems, Business Central lets you import information through XML or Excel ports.  Critical Characteristics of Correct Reporting  What truly sets the Consolidations module apart is its ability to address complexities involved in accounting both internationally and domestically:  Foreign Exchange: When dealing with foreign companies, exchanging them into a reporting currency (USD, EUR, and other) becomes an annoying issue. Business Central deals with this automatically by translating subsidiaries according to the pre-determined exchange rates.  Mapping of Charts of Accounts: In many cases, subsidiaries will have charts of accounts, which differ significantly from those of other subsidiaries and the parent company. Thus, when consolidating subsidiary companies, some accounts need to be mapped to a uniform set of accounts. Business central software makes it possible, and “Marketing expense,” which was originally designated as “Account 6000,” becomes “Account 8050,” etc.  Intercompany Elimination: Without a doubt, the most important characteristic of consolidation is the elimination of internal operations. Since the revenues that arise from them are, strictly speaking, fictitious. This operation can be performed easily with Business Central; the software automatically generates eliminations regarding inter-company payables, receivables, and revenues.  The Strategic Advantage  Using proper consolidation in Business Central elevates the function of finance from being purely tactical to something strategic. With the automation of the tedious task of aggregating data and translating currencies, finance executives can close their books more efficiently.  But most importantly, it gives you a “single version of the truth.” There will no longer be confusion on which Excel sheet is correct because you’ll have access to live and consolidated dashboards. Perhaps even through Power BI, to examine the profitability of the company, break it down to specific regions, and see trends that won’t be evident with fragmented data.  In today’s dynamic business environment, visibility is power. Get it with the help of Business Central’s consolidation capabilities. 
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Beyond the Balance Sheet: Managing Fixed Assets Efficiently with Business Central
15
Jun

Beyond the Balance Sheet: Managing Fixed Assets Efficiently with Business Central 

For many companies’ experiencing growth, it’s likely that fixed assets such as laptops, vehicles, machinery, and even property form an important part of their capital structure. Surprisingly enough, however, asset management in most cases remains a manual affair. Too many companies depend on spreadsheet systems for depreciations, location tracking, and maintenance scheduling something that results in mistakes, non-compliance, and an inability to get the full value of the business.  Business Central by Microsoft Dynamics 365 is a powerful tool for addressing such difficulties, providing integrated asset management within the context of an entire ERP system. In this way, it turns a cumbersome process into a productive one. Here’s how Business Central can assist with fixed asset management.  1. Centralized Data and Automation  The first thing that makes the use of Business Central worthwhile is the absence of silo systems. In this system, you do not need to have an extra ledger in Excel that needs to be reconciled with your ledger account monthly. Rather, when you purchase a new fixed asset, you fill out its “Fixed Asset Card” by putting down all pertinent information, including the value of the asset purchased and how it will be depreciated.  Once this is done, the automated process kicks in as you prepare journals that are set up to make calculations for depreciation on an automatic basis into your G/L account. This applies whether you apply a straight-line method, declining balance method, or customized depreciation method.  2. Complete Lifecycle Management  It’s not simply a matter of acquiring the asset, recording depreciation expense, and then forgetting about it; asset management includes management of the full lifecycle of that asset. With Business Central, you can do just that.  Asset Acquisition: Integrate seamlessly with Accounts Payable and easily convert a vendor invoice into a fixed asset record.  Maintenance: Monitor repair expenses and maintenance schedules. This will allow businesses to determine the total cost of owning the asset and choose either repairing the asset if it is old or replacing it.  Asset Disposal: In case of asset disposal, system record gain or loss automatically with proper accounting entries.  3. Insurance & Compliance Management  Usually business forgets insurance documentation until something goes wrong. With Business Central, users can document the insurance information and even specify insurance amounts for assets. Users will even be able to create reports on the total book value of their assets compared to their insured amount.  In addition, for businesses that are required to comply with regulations and laws on many different levels, users can maintain separate sets of books for tax purposes and internal use.  4. Real-Time Reporting and Analysis  Finally, Business Central helps transform data into information. Using real-time reporting, one can perform analysis regarding asset usage, depreciation costs, and net book value. The management can now use this information to make informed decisions in the context of capital budgeting. The software helps find out the underused assets for selling, and whether there is a need to buy a new equipment.  Conclusion  Today, being efficient has become crucial. Using manually prepared Excel sheets for fixed asset management cannot be justified anymore. With the help of Business Central by Microsoft Dynamics 365, one can ensure data accuracy, comply with relevant regulations. Also have a better insight into the portfolio of physical assets. The balance sheet is not enough anymore, and it is time to embrace technology. 
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