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Business Central Financial Management
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Financial Management
Financial management covers the company's focus on planning, organizing, managing and controlling the financial activities, such as key figures, debt and procurement.
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Financial growth and stability
Financial management is the business process where the company's finance manager manages the company's financial activities with the aim of ensuring financial stability and growth.
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The term is typically used about a company's financial strategy, not only long-term budgeting, but also the distribution of short-term resources such as the company's short-term liabilities which must be settled within the current. Financial management also deals with dividend policy.
Financial management covers the business function where the company's finance manager manages all financial resources
Why financial management?
Financial management is important because it gives you control over your company's financial resources and ensures sustainable growth, profitability and stability.
With financial management, you get help with:
- Planning and budgeting: Create an overview of future income and expenses so that you can make better financial decisions.
- Cost control: Identify and reduce unnecessary costs and expenses in your business.
- Liquidity: Be sure that your company has sufficient funds for day-to-day operations.
- Risk Management: Minimizes financial risks by monitoring market trends and securing investments.
- Performance measurement: Follow the company's financial performance and create a basis for improvements.
The right financial system
With the right financial system, you get the most out of your data and can therefore go a step further. By dividing silos and centralizing your data from finance, sales, service and operations, you get an accurate overview of your business. And you can go even further. By using real-time updates, you have the opportunity to identify trends or problem areas before they develop into major issues.
Manage the company's finances with Business Central
Standard Dynamics 365 Business Central includes configuration of virtually all the economic processes that exist in a company and this configuration can even be customized so that the solution fits the individual company.
By default, the configuration in Business Central includes an overview of accounts and standard posting groups. The overview streamlines the process of assigning standard ledger bookkeeping accounts to customers, suppliers and goods.
Holistic finance function
Dynamics 365 Business Central enables holistic and integrated management of your finance function and other business areas, all on one platform, promoting greater data and financial visibility.
The financial functions in Business Central cover areas such as:
- General ledger
- General ledger budget
- Intra-company transactions
- Management of liquidity and payment flows
- Creditors Debtors
- Several companies
- Credit and collection management
- eCheck
Manage finances with Business Central
Dynamics 365 Business Central enables holistic and integrated management of your finance function and other business areas, all on one platform, promoting greater data and financial visibility.
Gain insight into your financial activities
Microsoft Dynamics 365 Business Central helps the company's financial officers and operational managers streamline and optimize the finance function and connect it with other business functions. In this way, Business Central facilitates easier data sharing, greater financial visibility and the opportunity for the company's decision-makers to make decisions on an informed basis and lay out business strategies, so that the company can move towards a common future goal.
Streamline the company's finance function and connect it with other business functions
Gain control over your financial data
Business Central makes it easy to manage the company's budgeting, liquidity, bank reconciliations, recalculation of projects and fixed assets.
Expand your business to the global market
Business Central seamlessly supports multiple currencies, exchange rates, internal transactions and local tax rules.
Speed up reporting and financial close
Business Central helps you reduce month- and year-end closing timeswith the related financial, fixed asset, debtor and creditor data.
Achieve maximum financial visibility
Use the built-in reports which is included in Business Central, Microsoft Excel, or Power BI and the unlimited data dimensions to get real-time cash flows, analyze trends, identify financial trends and not least to plan business strategies and improve your future business planning.
Optimize your reporting and make better financial decisions
With Business Central, you can connect your reports, charts and Power BI data to employees across your company's accounting, sales, procurement and inventory teams to gain accurate insights and make realistic financial decisions.
Financial management FAQ
What is financial management and why is it important for your company? Get answers to questions relating to financial management. If you have questions that are not answered here, you are of course very welcome to contact us.
What is economic and financial management?
Financial management is a technical term used in financial departments and companies worldwide. The term financial management covers the business function and strategic practice in which the company's finance manager establishes, controls and monitors all financial resources such as profitability, expenses, cash and credit, so that the organization has the means to optimize the company's operations and achieve the desired business goals as satisfactorily as possible.
Does Business Central have finance and financial management?
Yes, Dynamics 365 Business Central has integrated finance and accounting functionality and advanced analytics capabilities that can help you gain greater financial visibility into your business, make informed decisions, and comply with applicable legislation.
What finance functionality does Business Central offer?
Business Central contains standard financial management functionality that covers the vast majority of financial business processes. Additionally, this functionality can be modified and customized to fit the unique business needs and workflows of your company.