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Financial Management Solution

Microsoft Dynamics NAV: A Budget Planning and Financial Management Solution

In today’s competitive business world, organizations need flexible financial management solutions that can be integrated with other applications and data stores for improved functionality. Integration gives management an optimal platform for operating the business by providing insight through rich reports and analytics.

 

As competition in the global marketplaces continues to increase, so do the challenges and complexities of financial management. To thrive in today’s economic pressures, companies need to utilize every advantage, including using solutions that can enhance their budget planning and financial management.

Organizations need financial management solutions that can integrate processes and data, and in turn break down artificial barriers of information silos. One of such solutions is Microsoft Dynamics NAV.

Meet Financial Challenges with Dynamics NAV

Microsoft Dynamics NAV is a proven financial management solution that can enhance an organization’s budget planning. The ERP can provide deep insight that can guide operations and strategic initiatives. Its latest upgrade, the NAV 2013, has robust modules that make financial management easier for manufacturing and distribution companies.

Dynamics NAV offers a full general ledger solution that has the basic facilities required for setting up a company and posting to the general ledger: recurring journals, value-added tax (VAT) facilities, general journal, chart of accounts and source code.

Some of the tasks that can be accomplished with Dynamics NAV include:

  • Setting up accounts in the chart accounts.
  • Viewing net changes and balances as they are continually updated.
  • Checking how journal entries can affect liquid accounts before they are posted.
  • Entering figures in the general journal in any currency.
  • Developing budgets based on business unit, project or department.
  • Creating budges in a matrix window for any defined accounting period.
  • Defining the fiscal year as beginning on any date and dividing it into accounting periods.

Users can easily customize the design of Dynamics NAV by changing the appearance of forms, creating user-specific menus and adding additional tables and fields. The ERP can also be used to automate many of the financial procedures and practices of an organization.

User can define the level of control they want by setting up business rules in Dynamics NAV. For instance, discounts and payment terms for individual vendors or customers can be specified. Moreover, users can also handle the full range of currency issues and legal requirements inherent in international trade. This includes handling business transactions in euros and reporting to the management in the currencies of their choice.

Enhanced Modules in Microsoft Dynamics NAV 2013

Dynamics NAV 2013 is a complete financial management solution that makes it easy to connect financial information and transactions across partner companies and international deployments. The ERP has a number of enhanced modules including:

i) Inter-Company Posting

This module enables users to manage accounting for multiple companies in the same posting process. Users can also send documents to multiple partner companies.

ii) Responsibilities Center

Through this module, users can set up cost and/or profit centers. For example, a user can be connected to a responsibility center so that only purchase and sales documents related to the user are displayed.

iii) Cost Accounting

This module provides visibility and insight into budgeted and actual costs of operations, projects, products and departments. The result is better cost control. The module synchronizes cost information with the general ledger and allocates it to different cost objects and cost centers.

Through the Cost Accounting module, users can:

  • Transfer costs from the general ledger
  • Undo allocations
  • Pre-define recurring costs allocation rules
  • Enter and post internal allocations and charges in the Costs Journal
  • Cost budgets and transfer the entries to actual entries

It is also possible to get predictions of the company’s liquid cash through the Cash Flow Forecast. The module comprises of Cash Disbursements and Cash receipts, which when used together, can show a direct flow forecast.

Maximize Financial Management with Dynamics NAV 2013

NAV 2013 delivers integrated functionalities to support solutions for a wide range of organizational needs including distribution, manufacturing, supply chain management, customer relations management, financial management and e-business.

The ERP enables users to capture, share and leverage critical business information across the company as well as with partners. The solution can be customized and more functionality added as the needs of the organization change over time.






MRO Software

How To Prepare For Microsoft Dynamics NAV 2015

Part of Microsoft Dynamics’ family, NAV delivers an ingenious ERP solution able to assist small and medium-sized enterprises in finance, manufacturing, supply chain, and customer relationship management. Ready to go one step further, Dynamics NAV 2015, formerly codenamed “Crete,” promises to take care of two pain points most NAV users have encountered over the years:

Dynamics NAV 2015Download our NAV 2015 guide on the new functionality that can automatically match your entries with transactions

1) Upgrades – NAV 2015 includes more upgrade tools to make possible technical upgrades instead of full upgrades. This means that users don’t have to perform any of the additional technical tasks they used to complete before, which will reduce overall deployment and maintenance costs.

2) User experience – Coming with a brand new interface, NAV 2015 will provide a more consistent user experience across Windows, Apple and Android devices.

According to Kirill Tatarinov, Executive Vice-President of Microsoft Business Solutions, the cloud-based Business Intelligence (BI) technologies included in NAV 2015 will also make possible seamless integration with the new Office 365, extending system functionality for superior reporting capabilities. In a nutshell, users will be able to use the tools they’re already accustomed to (Excel, SharePoint and mobile devices) to complete different operations more efficiently.

Why Choose NAV 2015

Although very little information has been published so far, a demo performed during Microsoft Convergence 2014 revealed that “Crete” delivers a wide range of new features, which will make possible advanced data processing. For instance, you’ll be able to develop more relevant formulas and even to use information derived from NAV in conjunction with data collected from other systems in order to perform more complex analyses.

Additionally, you can use the system to create color codes for highlighting titles and different areas of your reports. This way, identifying specific elements on a page becomes a very simple task. Browser performance has also been improved, offering users a truly intuitive and smooth browsing experience.

Upgrading to Dynamics NAV 2015

One thing is for sure: as many people are currently running pre-NAV 2013 versions, an increasing number of users will start looking for system upgrades very soon. Furthermore, Microsoft will end technical support for NAV 2009 in 2015, which means that the latest software version is going to be in high demand.

Fortunately, NAV 2015 is on its way, proposing new, more powerful features, which will not only streamline financial, inventory, warehouse, sales, marketing and service management, but also allow current users to keep customization to a minimum when replacing previous software versions with the latest one.

Besides, the most recent solutions released by Microsoft (e.g. Dynamics NAV 2012 R3 and GP 2013 R2) indicate another essential aspect: over the past few years, the developer has made impressive efforts to develop new mobile business management tools. Dynamics NAV 2015 should be included among these solutions not only because it delivers a new software version, but also because it’s one of the few tools that will help developers turn “mobility” from a simple trend into one of the most essential concepts of Information Technology. Further, the concepts especially created for this new upgrade will provide more reliable upgrade paths for future software solutions.

Should You Upgrade or Re-Implement?

If you’re a NAV user, you have the option to either upgrade or re-implement. To make the right choice, you need to consider the following factors:

  • An upgrade may be a better option if you use a recent NAV version, such as NAV 2009. In case of an older version, it’s better to re-implement.
  • If the version you’re currently using has been heavily customized, re-implementing the system is the best alternative to get stable business solution.
  • If your organization has changed significantly since the last implementation, it’s important to consider the degree of customization performed and required for the future before deciding between a system upgrade and a re-implementation.

As Dynamics NAV continues to evolve, manufacturers will be able to streamline more business areas, while meeting growing customer needs and demands. Though quite brief, the overview presenting the features and technologies included NAV 2015 reveals the fact that this software solution will probably become a key business success factor, helping small- and medium-sized enterprises overcome inefficiencies and move forward toward their goals.









eProcurement

Microsoft Dynamics AX 2012 R3: Transparent eProcurement

The latest capabilities included in Dynamics AX 2012 R3 are nothing short of the “Engage. Run. and Expand.” theme that Microsoft has promised.  Introducing a rich assortment of new end-to-end service frameworks, apps and features, R3 allows organizations not only to manage processes more efficiently than before, but also to develop and distribute custom apps that fit almost any requirements.  The net of it is: AX 2012 R3 is aimed at “Delivering Amazing Customer Experiences,” and eProcurement is no exception.

Advancements have been conceptualized to expand the capabilities of AX 2012’s modules, with a focus on transparency in eProcurement. As we all know, businesses find value in insight and visibility, shouldn’t our ERP functionality be the same?  The new features added to this area offer superior functionality, enabling AX users to:

Technology migration

  • Public Sector External Vendors. In Dynamics AX 2012 R3, vendors can be assigned not only an ‘external vendor’ role but also an ‘external vendor for Public Sector’ role.  Vendors with these privileges will be able to see open RFQ’s and public documents from their vendor portal-thus, granting the ability for vendors to bid on an RFQ, even if they were not specifically invited.
  • Make documents public. By enabling the Public Sector configuration key, you can publish documents, including RFQs and purchase orders, to the public Vendor portal. Any unregistered vendor can view these documents as a guest, but must register with your company and be assigned as a ‘Public Sector External Vendor’ to be able to bid on your offers.
  • Develop vendor scoring criteria. Rating, filtering, comparing, selecting and adding vendors to your RFQs has never been easier. Additionally, you can use AX R3 to evaluate RFQ replies based on preset scoring criteria.  Scoring criteria, as seen in our latest eProcurement demo in Part III consists of a ‘Collaboration’, ‘On time performance’, ‘Quality’, ‘Transportation’ and ‘Cost’.   These of course can be based on user-defined criteria.
  • Create questionnaires. You can create questionnaires for vendors by combining different questionnaires you already have or by collecting queries from new users. Vendors have the opportunity to complete questionnaires upon registering, or as part of their replies/bids from the public vendor portal.
  • Find the most advantageous offers. Making possible item/service substitution in bids, new eProcurement capabilities allow vendors to provide a variety of items/services for the same order, which means that you can choose the most advantageous offers. You can also setup the system to notify you every time a vendor makes a change to his bid.
  • Easily Manage Requests and Bids. In Dynamics AX R3, you can add or remove RFQs and renumber RFQ lists as needed. Furthermore, you can handle vendor bids, sealing and hiding them until solicitations are closed or bid tabulation begins.
  • Make updates and attach additional documents. Another thing you can do is to add documents, modify current RFQs and inform bidders of any changes by communicating updates via the Vendor portal.
  • Place requisitions on hold. For better requisition management, AX R3 allows you to place requisitions on hold and provide various reasons for the hold.
  • Create discount agreements. You can use specific eProcurement functions to require discounts from vendors and even set up long-term rebate agreements.
  • View price details. AX R3 makes available a Price Details form that provides information about the prices of trade agreements, which are especially useful when calculating rebates and potential profit margins for orders.
  • Create purchase orders for direct deliveries. With the direct delivery workbench feature, you can develop and handle purchase orders not only for your company, but also for other organizations.

In addition to all these, vendors are able to access the Vendor portal through Windows Live, Google, Yahoo and even Facebook after registering with your organization; view various details, including their scores, notes on their bids and changes to RFQs; and adjust fees according to your changes.

Assessing the Advantages of New and Improved eProcurement Functionality

One of the most critical aspects for an organization is to gain insight not only into customers’ needs, but also into its core operations. Understanding how things work can help leaders streamline processes, run more agile operations, engage customers on their own terms and last, but not least, build lasting relationships with vendors.

The new eProcurement tools included in Dynamics AX 2012 are flexible, agile and scalable enough to help you handle any procurement processes efficiently, while offering your vendors the ultimate service experience.

 





Microsoft Dynamics Comparison

Microsoft Dynamics Comparison: Dynamics NAV vs. Dynamics AX

Update February 16, 2018: Since this article was published there have been changes to the Dynamics AX platform.  It’s now written in HTML 5 which means you can access it on any Internet enabled device.  It can be deployed as a software as a service (SaaS) or purchased for an on premise deployment.  Dynamics AX is now called Dynamics 365 for Finance and Operations Enterprise Edition. Dynamics NAV will also be available as a SaaS or on premise solution in the 2nd quarter of 2018.  It’s name is Dynamics 365 for Finance and Operations Business Edition.   This article is still very helpful but it does not include the latest features for either product.  Contact us to find out which Edition is right for your business.

Dynamics NAV and Dynamics AX deliver two fully integrated, highly scalable ERP software solutions especially designed for companies planning to expand locally or globally. How could you find out which system best suits your organization? The answer is quite simple: by checking the differences that set these products apart from each other. Below is a comprehensive Microsoft Dynamics comparison. A Dynamics NAV versus Dynamics AX review that can help make your choice.

Microsoft Dynamics Comparison

NAV versus AX: Exploring Capabilities

The main difference between these two systems relates to the size of organizations. While NAV includes capabilities appropriate for small- and mid-sized companies, AX can handle extensive operations that usually characterize large organizations. Both solutions provide features capable to support operations in different industries, ranging from manufacturing, distribution and retail to finance and service. However, for a comprehensive Microsoft Dynamics comparison of these two systems to be truly possible, we’ll focus on the functions they provide for certain business areas.

Manufacturing Management

Both systems allow organizations to improve performance by streamlining and automating different operations, tracking costs, gaining better visibility into production and supply chain, and responding quickly to changing market conditions. While Dynamics NAV offers an additional discrete manufacturing management feature, AX provides all the functions an organization may need to manage discrete, process, job shop, mixed mode and lean manufacturing.

Project Management

Focusing on project management more than Dynamics NAV, AX delivers a rich assortment of tools that you can use to efficiently handle multiple projects, regardless of how small or large they are. Assessing production capacities, scheduling and prioritizing tasks, controlling expenses, streamlining project-related accounting processes, running analyses, drafting reports and calculating ROI for each project are easy tasks with AX. NAV includes a few extra functions for managing special jobs, calculating extra costs and planning the resources needed to complete each task.

Financial Management

A Microsoft Dynamics comparison of NAV and AX would be incomplete without talking about financial management. Both systems offer accounting and financial features to help you get up-do-date, comprehensive financial information, monitor financial performance, meet regulatory requirements, reduce the time your employees spend on accounting tasks, optimize cash flow, maximize cash resources and perform multi-currency, cross-border payments between international subsidiaries.

Supply Chain Management

Dynamics NAV and AX propose a series of common supply chain management features for demand planning, warehouse and inventory management, picking and putting away, shipment and cost management, item tracking, substitution and transfer, cycle counting, purchase return order management, requisition management, campaign pricing, analysis and discount, and sales and purchase order management. AX includes a few more features that can be used to manage trade agreements along with RFID, logistics, and product development and quality. Compared to NAV, the supply chain management features included in AX are more complex, thus more suitable for handling complicated supply chain processes.

Sales, Marketing and Service Management

Organizing campaigns based on target audience, recording interactions with customers, sorting contacts into categories according to your own criteria, keeping track of sales opportunities and setting up sales and marketing activities have never been easier. But with Dynamics NAV and AX, you can complete much more, including assigning employees to work orders, managing field personnel, set up notifications, registering and prioritizing service requests, and setting up agreements and prices. Since the main role of this Microsoft Dynamics NAV versus Microsoft Dynamics AX review is to indicate the differences between these two systems, it’s imperative to know that AX includes several auxiliary features for telemarketing management, and marketing and sales force automation.

Human Resources Management

Dynamics NAV makes available functions for basic human resources management, allowing you to handle employee information, sort personnel by skills, education, and union membership, keep track of benefits and record absences. With Dynamics AX, you can complete additional tasks, among which recruiting, performance and compensation management, employee development and training administration are the most essential ones.

Matching the functionality of a system to your organization’s needs and calculating the value it could deliver are not the only things you need to do in order to get the most out of a modern ERP solution. Equally as important is finding a vendor capable to fine-tune the system for optimal performance.

If you want more information on the software and our services, we invite you to get in touch with our friendly advisers at Clients First Business Solutions.  We are a Gold ERP and CSP (Cloud Service Provider).  We focus on manufacturing, supply chain and MRO industries and implement Dynamics 365, AX, NAV and Acumatica.

Email: Dallas/Fort Worth, Texas , or call at 800.331.8382.