A small or medium-sized business needs to be well prepared for the challenges ahead if it is to expand. Unfortunately, many people find that these problems are frequently too complicated to solve, which hinders productivity and business operations.
As the leading technology experts in Malta, we believe that Microsoft Dynamics NAV combats these challenges head-on, providing businesses with a flexible, seamless ERP solution that blends accounting software capabilities with the support specific functionality needs for financial operations.
What is Microsoft Dynamics NAV?
Dynamics NAV is a cutting-edge business software that forms part of the Microsoft Dynamics Suite. As an enterprise resource planning (ERP) tool, it helps businesses track the back-end operations that keep them running daily.
The platform offers coverage in several areas like business intelligence, financial management, warehouse management, retail, inventory management, service management, manufacturing, project management and distribution. Dynamics also offers sales and marketing capabilities for use within your selling processes.
How can Microsoft Dynamics NAV improve my business finances?
The powerful financial reporting tools provided by Dynamics NAV, grant you full control over your accounts, allowing you to contribute to efficient business decision-making and monitor the health of your business.
With Dynamic NAV’s comprehensive general ledger solution, you can track and analyse all of your company’s financial data, manage all financial operations across multiple currencies, and export data to Microsoft Word or Excel using style sheets. Additionally, you can:
- Keep track of your fixed assets, and assign an appropriate portion of asset transactions to various resources.
- Importing or exporting budgets from or to Excel allows you to work with multiple budgets at once.
- Assist in handling multiple currencies and accurate reconciliation.
- To maximise cash flow, monitor customer payments and simplify the accounts receivable processes.
- Posting and reporting in various currencies will help to facilitate your international transactions and increase market reach.
- With the Cash Flow Forecast feature, you can forecast the liquidity of your business over time.
- Find out if your assets are adequately or inadequately insured.
- Using the Inbox/Outbox feature, you can manage document flow and finish transactions through payables and receivables or as general journal transactions.
- Get access to Microsoft Bookings’ bulk invoicing feature.
- Send files to business partners and handle accounts for multiple organisations in a single posting
What can Dynamics NAV do about Timesheets, Billing, and Invoicing?
Dynamics NAV offers a seamless, fully integrated structure for billing and invoicing as part of its Project Management Module. You can set up, approve and record timesheets, and manage job profitability by keeping track of how much time is spent on various tasks.
Billing customers or clients is processed automatically, and the software is suited for fixed or hourly-based projects, making it an ideal solution for professional services.
Is Dynamics NAV adapted for Professional Services?
Yes. The powerful ERP allows you to track costs and bill clients for work delivered in a smooth, efficient way. It also allows you to improve project visibility, plan or manage jobs and allocate resources effectively.
Moreso, you can check whether a project is meeting key targets on time and track employee timesheets automatically. Enjoy a complete overview of resource capacity, allowing you to optimise sales forecasting and demands planning. You can also compare project costs to budgets and estimates, and track costs and revenues using a unified interface.
What if I wanted to improve our business insights?
As a complete ERP package from Microsoft, Dynamics NAV gives back insights through various intelligence capabilities. These include reporting, charts and KPIs and Ad-Hoc Query and Analysis, allowing you to keep business on track, monitor organisation performance, and utilise positive trends to your advantage.
What’s the difference between Dynamics NAV and Dynamics 365 Business Central?
In November 2016, Microsoft rebranded its entire Dynamics suite, with all of its CRM and ERP products integrated into one unified product; Dynamics 365.
Dynamics GP and Dynamics SL have remained standalone products, but the other software was renamed and integrated into Dynamics 365. Dynamics AX became Dynamics 365 for Finance and Operations, Dynamics CRM became Dynamics 365 for Sales, and Dynamics NAV was revamped as Dynamics 365 Business Central. You can learn more about these products by following the links above respectively.
Some of the functionalities were converted into smaller, modular software, allowing businesses to pick and choose the features they want. In total, there are nine apps within the Dynamics 365 suite, with several smaller sub-apps also available.
In 2018, Microsoft Dynamics NAV was officially integrated fully into Microsoft Dynamics 365 Business Central. Microsoft ensured the same rich functionality as Dynamics NAV, with increased flexibility to deploy in the cloud or on-premises with Business Central, a comprehensive business management solution designed for small to medium-sized businesses. Interested in learning more about Business Central? Read more on our comprehensive guide here.
Is NAV right for my business?
If your small or medium-sized business has been steadily growing but is now looking for a solution to suit your different departments, Microsoft’s industry-leading ERP is the right way to go to ensure business longevity.
However, implementing an ERP system is no simple feat to accomplish alone. Many businesses fail in their digital transformation efforts due to uncertainties about how best to make use of NAV/Business Central.
Therefore, having the guidance and expertise to ensure a seamless transition from your legacy system is pivotal to achieving the optimal results your business deserves. That’s precisely why we are here to help!
Who can help guide me with my next project?
Exigy is a Microsoft Gold Partner, comprised of industry experts that have been implementing digital transformation projects for over 20 years.
Our expertise in ERP implementations has allowed us to lend a hand to the evolution of several innovative companies, both locally and internationally.
Interested in learning more about how we can make it happen? Get in touch with us to have a chat with one of our Inspired Minds!
