Dynamics NAV is a well-known, widely used ERP offering from Microsoft. It assists in finance, manufacturing, supply chains, customer relationships, and warehouse management. It adapts easily to small and mid-sized businesses and supports them with automation and their sales, accounting, and stock management module connections. Dynamics NAV is an ERP giant and has endured the test of time due to its flexibility and customizable nature—perfect for any industry or business.
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Features of NAV for Financial Management
Microsoft Dynamics NAV helps businesses make informed decisions, identify trends, and strategically plan and control business operations. In addition, it seamlessly integrates with other Microsoft applications and third-party apps, making 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
Microsoft Dynamics NAV is specifically designed for Small and Medium Sized Enterprises (SMEs) across various industries. It offers modules that are flexible, efficient, and easy to deploy.
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.
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 efficiently 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
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.
DemandDynamics 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.
DemandDynamics 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.