Do you Need the Guidance of Extraordinary Financial Management of Business Central?
At its core, Dynamics 365 Business Central is a financial management software solution that makes it simple to integrate financial transactions and information among affiliate firms, as well as multi-site and foreign installations. It's a sophisticated and feature-rich finance solution that covers both essential capabilities and more advanced requirements like multi-currency and multi-company. It not only provides executives and other users with the best platform for running their businesses, but it also delivers deep insight into the business through comprehensive reporting and analytics to assist guide operations and strategic goals. Here's a financial overview of Business Central to get you started.
Business Intelligence is a function in Dynamics 365 Business Central that helps end-users with data analysis and reporting. This is mostly accomplished through the use of dimensions. Dimensions are custom qualities in Business Central that can be assigned to a variety of different entry records. These dimensions can then be grouped together based on commonalities, such as an area or a product, and reported on using account schedules. Business intelligence helps with a wide range of tasks, including:
Use Chart of Accounts to Record all Transaction
On Business Central (BC), the Chart of Accounts (COA) is where your company's general ledger (G/L) accounts are set up, as well as where all of the financial results of your business's transactions are displayed. It's similar to a major financial master record in many aspects, which is why it's always a good idea to put it up clearly and simply. In this manner, you can ensure that your financial records are straightforward to comprehend and that your company follows financial accounting rules. It's crucial to set up your Chart of Accounts (COA) correctly because it determines how you'll post data. Begin your Business Central experience by going to the General Ledger Setup page, where you may customize how the system handles accounting issues including invoice rounding, address formats, and financial reporting formats. Before you enter any transactions, be sure to properly identify general business and general product posting group combinations. Setting up your COA correctly can help you generate accurate reports and manage your income statement, general ledger, and posting groups. You can also map general ledger accounts to the required account categories to customize your financial statement layout. This can be done by going to the G/L Account Categories page. Create a category group by indenting your chosen subcategories beneath a line on the page — for example, under the "Cash" line, you can indent "Petty cash" and "Checking" entries to show quantity breakdowns at a glance. The system will also do the calculations for you (such as calculating the total value of the "Cash" line based on the total amounts of its subcategories).
Gaining the Reporting You Need to Improve Decision-Making
D365 BC is a platform for managing financials, automating the supply chain, and improving operations that Microsoft has connected with its bigger technological agenda. Business Central, like nearly all previous Microsoft Dynamics ERPs, claims to include all of the native reporting functionality needed to address the financial management needs of small firms. Business Central comes with the ability to generate timely, accurate financial reports in a format that is best for you, all inside of Excel and straight from Dynamics 365 Business Central. Never be left standing without the answers again! Let your reports run and distribute automatically all while you focus on your other duties. Unique reporting features will assist you to make world-class decisions that are critical to your company's success, and the ability to do so swiftly and efficiently provides a competitive advantage. Business Central provides several extraordinary reporting features like Account Schedules, Microsoft Excel report templates, RDL reports (using Visual Studio or Microsoft SQL Server Reporting Services), custom XML in Word, and Power BI with Business Central content packs for basic Finance, Sales, and CRM reports. Microsoft Excel is a great tool for financial reporting and analysis for finance and accounting professionals on the planet. But when integrated with Business Central you can export data from the Microsoft D365 BC client to Excel effortlessly. Without Business Central, you will be wasting critical time and energy collecting, aggregating, and cross-checking numbers while juggling many planning, budgeting, and forecasting spreadsheets and emailing them back and forth between finance and budget contributors. BC will turn your data into visually exciting dashboards and reports which are all designed to help you instantly identify trends, spot anomalies as well as fix problems. There’s no need to waste time trying to understand the underlying data structure, instead gain rapid time-to-value with pre-built cubes & data warehousing.
Consolidated Financial Data from Multiple Companies
Many organizations interact with several businesses and have users who process data, documents, and other duties from multiple businesses inside the corporation. Even though these businesses are part of a bigger corporation, they must nevertheless handle and track their own financial and operational data. Multiple environments and firms can be set up with Dynamics 365 Business Central, and tools to help users manage work across them are included. The general ledger entries of two or more different firms (subsidiaries) can be combined to form a consolidated corporation. A business unit is a name given to each individual company involved in consolidation. The consolidated firm is the result of the merger of two or more companies. Data can be imported from other companies in the same Business Central tenant, from tenants, or from files into the consolidated company. If a business unit's financial statements are in a different currency than the merged company's, you'll need to set up exchange rates for consolidation.
You can consolidate:
- Across companies that have different charts of accounts.
- Companies that use different fiscal years and different currencies.
- Either the full amount or a percentage of a company's financial information
- Using different currency exchange rates in individual G/L accounts
- Companies in other accounting and business management programs"
Intercompany Reporting will significantly increase your visibility of business activities and transactions. Consolidated Reporting also guarantees minimized error potential with a one-time entry of information and system-wide, automated updates.
The accounting periods to Generate Financial Statement
The economic operations of any business must be recorded within a particular time frame. This time period is referred to as the accounting period. It typically lasts one year, from January 1 to December 31. Depending on the sort of business, you may use different accounting periods, such as month, semester, or quarter, which may or may not correspond to the calendar year. For example, instead of December 31, the accounting year could end on June 30. Accounting periods enable us to assess the company's performance and compare it to that of previous periods. Information may be examined and educated economic and financial decisions can be made based on this comparison of results. In Business Central Accounting periods are only required if you want to finalize an income statement or conduct data compression procedures. Accounting periods can be used in reporting. When you're evaluating posted items on the Balance/Budget page, for example, you can specify the reporting interval. You can choose to report by accounting period as one of your alternatives. You can also create an account schedule to compare results across accounting periods. Account schedules are utilized to get insight into the financial data that is kept in the chart of accounts. They check entries on the general ledger with general ledger budgets and evaluate data within G/L accounts. Business Central comes with a few basic account schedules, but new columns and rows can be added to enable further customization and fulfill different roles, such as calculating profit margins per department.
With Business Central Financial Management, you can use the right information at right time to deliver and analyze useful insights for businesses to prosper. Financial Management lets you see the big picture by offering information at a glance from the home screen, seamlessly linking data with other modules and applications, and giving you new methods to slice and dice data using business intelligence. It gives you the freedom to get started immediately, expand at your own pace, and adapt in real-time. Working with a Dynamics 365 partner makes it simple to customize and extend the program to fit your business or industry-specific needs.