With the rise of businesses, companies, and industries in the market, technological advancements have tried their best to facilitate important procedures in these fields with their services. One of these launches is known as Dynamics 365 Business Central, launched by Microsoft.
In this article, we will dive deep into the purpose, services, features, and hosting options for Business Central. In the end, we will also review some of the benefits that are being provided by Business Central for accountants as well as the finance sector.
What Is Microsoft Dynamics 365 Business Central?
Microsoft Dynamics 365 Business Central is a well-known ERP system that is part of the software package. It was created primarily to fulfill the demands of SMBs and includes Customer Relationship Management (CRM) features as well.
Business Central helps the company provide customers with a thorough knowledge of their organization through built-in analytics and simple-to-create dashboards by integrating operations, finance, marketing, and sales duties into next-generation and amazing software solutions. It helps employees get an end-to-end view of their businesses with the help of notifying and merging data.
What Are The Key Features Of Microsoft Dynamics 365 Business Central?
We will now discuss some of the amazing features of Business Central that make it unique and more useful than other ERP systems.
If you are familiar with the functions and applications of Microsoft software, then you might as well know what Power BI is. But for those who don’t know, Power BI is a data analysis tool that is utilized by Microsoft applications, including Business Central. With the help of this tool, businesses can easily have a comprehensive look at big datasets as the application helps in recording, maintaining, organizing, and portraying the data in a simplified way.
Not just that, Powe BI comprises other options like snapshotting, customizing dashboards, setting parameters, etc., to get a proper look at data for important business affairs.
Another unique and beneficial feature of Business Central is its integration with Outlook. The connection between these applications helps employees view or send emails without moving back and forth between different applications. For instance, viewing an inquiry or sending invoices is possible with Business Central while staying in Outlook.
The role center feature of Business Central is one of the most helpful elements of the application, as it enables employees to stay updated and aware of their priority lists. Role centers work on a normal home screen. They display the duties of each employee belonging to different departments. This means that these screens are customizable. They are helpful in viewing KPIs, navigation menus, and quick-action buttons.
Nowadays, everyone is pretty familiar with the advances and benefits of AI. Business Central has a built-in AI system that helps employees carry out their tasks efficiently and effectively while saving time. It helps in carrying out functions like reducing manual data entry, analysis, system automation, recognition, etc.
Another feature of Business Central is Favorite Accounts, which has increased the customization factor of the application. With this feature, you can access a personalized list of these favorite accounts from any screen in Business Central. It also offers a keyword search box that enables you to look for various screens without having to make many clicks to get there.
Other features that make Business Central unique and important are low-code development options, selection of different modules, seamless integration with Microsoft applications, extended solutions with third-party systems, etc.
What Kind Of Departments Does Dynamics 365 Business Central Provide Solutions For?
Since Business Central offers a wide range of services for businesses, it is essential to know which departments are benefiting from these services. A list of these departments is mentioned below.
- Makes sure of smooth functioning by streamlining financial codes.
- Ensures real-time visibility of the overall financial management and business performance.
- Improved chances of advancing the development, modification, and control strategies of budgets.
- It lets you add tags to entries to assure simple categorization and analysis.
Sales And Marketing
- Helps in connecting the sales and marketing department to the accounts department for quote-to-cash activities.
- Get insights related to the customer’s status from email, order, and invoice sections.
- With the help of the sales cycle, identify leads for quicker progress and growth.
- Helps in different sorts of management like email integration, campaign management, sales order and process management, etc.
- Through automated processes and continuously updated inventory levels, Business Central enables you to monitor and manage your sales orders and purchases.
- By establishing approvals, you may avoid making unauthorized or fraudulent purchases.
- Easily edit posted invoices in your financial management system.
- Implements cutting-edge workflow and approval processes to maintain financial management.
- Business metrics help in planning, scheduling, managing inventory, distribution, and financial procedures.
- It helps keep a check on the consumption of raw materials needed for manufacturing purposes.
- It helps in differentiating between machine work and human activities.
- It also includes scrap management and subcontractor management features for production.
Services that Micrsofot Dynamics 365 Business Central provides to other departments are reporting and analytics, warehouse management, service management, and resource and project management.
What Are The Key Benefits Of Business Central For Accountants And Financial Management?
Accounts and finance departments are any business’s or company’s two most essential and necessary domains. With the help of Business Central, these areas are progressing efficiently. In this section of the article, we will review how.
Productivity Of Work
A variety of features and tools provided by Dynamics 365 Business Central help accountants and finance employees use their time and resources more effectively. Workers save time and effort on time-consuming processes by automating them, such as batch invoicing. Furthermore, with the help of Business Central’s integrated reporting features, accountants can easily access the latest information on the company’s financial performance.
The security of data related to the company, clients, and employees is one of the crucial responsibilities of businesses to maintain. With the help of Business Central, managing sensitive information like accounting data has become easier. Options like role-based access control and multi-factor authentication are a few of the built-in security features that Business Central has to keep your company’s data safe.
Streamlining Of Financial Operations
Business Central for accountants has helped these workers easily combine data from several sources and automate procedures such as invoice approvals, payments, payroll, etc. It also enables accountants to coordinate financial activities across departments. Which further leads to reduced physical labor and mistakes made by employees.
Improves Customer Services
With the help of Business Central, the accounts and finance departments can join hands in improving the quality of customer service and relationships. The Microsoft applications help in recording and maintaining user data in an informative way that helps employees take notice of customers’ preferences, service history, and personal data.
Upgraded Financial Reporting
Business Central helps workers generate specialized financial reports by building personalized reports based on specific criteria using the advanced analytics features of the software. These reports help in internal auditing and offer stakeholders outside the company a view of the overall performance and progress of the business.
With the help of Business Central’s real-time data analysis, accountants and finance workers can easily conduct the complex process of data analysis with less time and effort. This helps businesses improve their quality and performance over time.
Detailed Customer View
Business Central’s 360-degree perspective of customer interaction with the business helps employees gather a comprehensive customer view. This type of information assists in understanding the clients you are dealing with and their requirements.
Customization And Integration
Many of Business Central’s features, like role centers and AI technology, help employees improve the customization of businesses according to their needs. Business Central is also known to benefit these departments by easily integrating into the existing systems and supporting other applications to be integrated into its working pattern.
Business Central has proven to be helpful for many industries. Nowadays, companies known for mobile app development or managing online or on-site businesses are getting more and more interested in availing of the solutions of Business Central to uplift their work performance. The platform offers robust features, intuitive interfaces, and seamless integrations, contributing to improved efficiency and streamlined operations. Embracing Business Central empowers organizations to stay ahead in the dynamic market, enhance customer satisfaction, and drive sustainable growth.
Frequently Asked Questions Regarding Microsoft Dynamics 365 Business Central
Q: What Are The Hosting Options For Business Central?
A: The hosting options for Business Central include acquiring the services through Software as a Service (SaaS) or opting for an independent hosting option.
Q: What Are Some Of The Reasons To Consider Microsoft Dynamics 365 Business Central For Businesses?
A: Some of the many reasons to consider Business Central for businesses are
- Budget-Friendly Ownership.
- ERP And CRM Features.
- Flexible Scalability.
- Easy Integration.
- Safe And Secure.