Why Your Business Needs NAV For Financial Management?

1.      Accounts Schedules– Leveraging this, accountants and financial analysts can extract most essential business data from the chart of accounts, budgets, cash flow accounts and cost types into financial reports to monitor the health of the business.

2.      Allocations - Allocate general ledger entries to combinations of accounts, departments, and projects using allocation keys based on amount, percentage, or quantity.

3.      General Ledger – Here, user can set up company and keep their information up-to-date by posting to the general ledger, chart of accounts and general journals. Leveraging comprehensive reporting capabilities, users can produce & access important reports daily, monthly and yearly.

4.      Budgets – Companies can create budgets and maintain them in the general ledger accounts with NAV. Users can work with multiple budgets simultaneously to get clearer picture of where the business stands.

5.      Consolidate Companies – With Dynamics 365 Business Central, user can consolidate different companies. With this, managers get clear picture of the company’s standings and make stronger financial decisions for the future.

6.      Change Log - You can log all direct modifications a user makes to the data in the database, except for changes to “working documents” such as journals, sales orders, and purchase orders. With this, you get a chronological list of all changes to any field in any table.

7.      Deferrals - automate the process of deferring revenues and expenses over a pre-defined schedule using deferral templates. Leveraging this, companies can easily recognise revenues and expenses in periods other than the period in which the transaction is posted.

8.      Bank Account Management – With NAV, you can create, operate and manage multiple bank accounts to cater your diverse business needs and across different currencies.

9.      Electronics Payments & Direct Debits – You can use Bank Data Conversion Service for generating the appropriate electronic payment file for your bank or can generate bank payment files in ISO20022/SEPA format. Create direct debit collections to get the money directly from your customer’s bank account and generate a bank direct debit file in ISO20022/SEPA format.

10.   Bank Account Reconciliation - You can reconcile bank payments in Payment Reconciliation Journal, completing payments and reconciliation in one place and in one step. You can match customer payments, vendor payments, and bank transactions all in the Payment Reconciliation journal.

11.    Cheque Writing - Generate Computer printed cheques with a unique number series for each bank account. You can specify on the payment journal line whether you want this payment to be made with a computer or a manual cheque.