Running a growing business is exhilarating, but managing your financial health shouldn’t feel like a constant fire drill. Traditional accounting methods, while established, can leave you struggling with manual tasks, limited data visibility, and inefficient workflows. Your business needs a powerful financial management solution – a central hub that finetunes processes, automates tasks, and delivers real-time data at your fingertips.
Microsoft launched Dynamics NAV, a comprehensive ERP software that goes beyond basic accounting. It offers a robust toolkit designed to help you battle inefficient budgeting struggles and unruly invoices and provide a clearer financial picture. Let’s explore the key functionalities of Dynamics NAV for financial management that can help you future-proof your finances with the tools and insights you need to thrive.
Dynamics NAV is specifically designed for Small and Medium-sized Enterprises (SMEs) across various industries. It offers a cost-effective solution with flexible, efficient, and easy-to-deploy modules that scale with your business needs.
Features of NAV for Financial Management
Microsoft Dynamics NAV helps businesses make informed decisions, identify trends, and strategically plan and control business operations. One significant advantage of Dynamics NAV for financial management is its seamless integration with other Microsoft applications and third-party tools. This makes account synchronization, report analysis, and other processes smooth and faster.
Financial management across the globe
Microsoft Dynamics NAV simplifies processes and enables teams across the organization to work together seamlessly. It also supports all foreign currencies and can be deployed internationally with multilingual features. In addition, it gives you flexibility while working with business partners across the globe using accounting protocols that suit specific business needs unique to every organization.
Microsoft Dynamics NAV: Key Features And Benefits
Integration Capabilities
Dynamics NAV integrates with Microsoft Office 365, SharePoint, and CRM applications. It makes processes faster and easier. Your employees do not need extra training to adapt to a new ERP solution as they would be accustomed to the ecosystem they had always used.
Flexible and Scalable
Microsoft Dynamics NAV is industry-specific and caters to your company’s unique business requirements and features. Here’s a list of various industry-specific features of Microsoft Dynamics NAV.
- Sales and Marketing: Manage customer database, sales cycles, contacts, and agreements. Create, track, and manage marketing campaigns and deliver exceptional customer service.
- Supply Chain Management: Manage inventories, identify new business opportunities, create custom approvals, and communicate easily with partners.
- Human resource: It is an end-to-end employee management platform that handles complex HR functions and saves time, money, and resources.
- Customer service: Manage customer calls, handle inquiries, track support orders, allocate resources, create reports, and manage assets.
- Manufacturing: Meet and exceed customer demands by following discrete manufacturing processes with advanced functionalities.
- Project management: Track data related to inventory, consumption, and production costs. Automate invoicing and the cost of resources.
- Employee analyses: Manage budgets, consolidate reports, discover data relations, and improve employee engagement.
Related: Why you Should Migrate from Dynamics NAV to Business Central
Breakdown Department Silos
Track, view, and manage information from a unified source. Dynamics NAV lets you view all the departments’ holistic data in a single source. Consolidated data helps you analyze and make informed decisions regardless of the number of teams in the organization. In addition, Dynamics NAV allows you carry out financial tasks like General Ledger postings, reconciling accounts, and preparing financial reports. As a result, NAV for financials reduces the time spent on redundant accounting tasks.
General Ledgers And Reports
Dynamics NAV helps you can create templates, post entries in General Ledger, generate reports, and automate bank reconciliation. Dynamics NAV helps you manage multiple budgets simultaneously and identifies the projects that exceed budgets. Bank reconciliation eliminates the need for manual data entry and instead automatically matches data entries.
Identify opportunities and grow your business with Microsoft Dynamics NAV. You can manage the lifecycle of fixed assets, optimize cash flow, streamline processes, and track customer payments with a comprehensive business solution. Financial Management System Software updates, tracks, and calculates financial data with the FlowFields feature.
With the cash manager feature, you can easily create and modify bank accounts, transfer funds, and automate the check-writing process. To plan your cash flow needs, Dynamics NAV provides easily understandable graphs that help you forecast budgets. In addition, lookup buttons provide direct access to data across departments no matter where you work and offer a transparent view of financial operations.
Dynamics NAV ruled the ERP market in its time. However, with the onset of the cloud, Microsoft plans to stop support for legacy products like Dynamics NAV and GP. As a result, Microsoft NAV upgraded to Dynamics 365 Business Central, a more comprehensive business management solution that quickly adapts to market trends.
Why Demand Dynamics?
If your company is in the talks for a Business Central migration, you must find a Microsoft partner who can perfect the process for you.
LevelShift is a Certified Microsoft Gold partner that works on various types of migrations, especially Dynamics NAV to Dynamics 365 BC. Our team of migration experts takes the necessary time to understand your business requirements, and customer base to plan the right migration.
LevelShift is famous for its on-demand services; when you require assistance, you can use the service, and you only need to pay for the time used. On-demand services eliminate the traditional committed subscription method and work on a zero-commitment basis. Contact one of our experts to learn more about how migration to Dynamics 365 Business Central can help your business.
