Prepare dynamic budgets and financial analyses with Microsoft Dynamics 365
Budgeting during the coronavirus crisis is now literally a kitchen-table issue, as many companies find their staff conducting business from breakfast bars and dining nooks. Fortunately, companies using Microsoft Dynamics 365 Business Central have all the ingredients for successful money management and financial analysis at their fingertips. With access to the cloud, they can go online to prepare budgets, cash flow analyses and forecasts and to perform other core Business Central functions.
Use the dynamic features to create multiple general ledger budgets — for instance, for full- or part-time salaries. Add dimensions to categorize data entries. Or, transfer budgets from the general ledger, create and analyze costs budgets for fiscal years or allocate budgets.
Perform cash flow analysis
Like many businesses, you may be financially affected by the downturn. Visit Business Central’s Accountant Role Center to get a real-time view into cash flow and tighten controls. As Microsoft suggests, look at the sales cycle, inventory levels, seasonal cash flow and questionable income and expenses. Access tools here to analyze cash flow by timeline or source.
Use cash flow forecasting
Look ahead to your future income with cash flow forecasting tools. How is the crisis going to impact your liquidity? Factor in loans from the $350 billion (and growing) small business fund created by the Coronavirus Aid, Relief, and Economic Security (CARES) Act and see how this cash infusion could impact decision making. Integrate cash flow forecasts with general ledger, accounts payable, receivables, budgeting and inventory data.
Few can foresee when COVID-19 will abate or how it will reshape the global economy. However, you can use this time well by anticipating sales and production needs in Business Central. With the Demand Forecast function, create forecasts based on best- and worst-case scenarios in sales or production. Import data into the system, sketch out some options and prepare now.
Integrate with other Microsoft products
Another advantage of Business Central is its integration with other Microsoft products, such as Excel, OneDrive, Outlook and SharePoint. Remote teams already using those products and platforms may see Business Central as a seamless, intuitive solution.
If business slows, fill the time with training. In addition to in-depth documentation, Business Central has easy-to-access learning modules. Review key features and functions and rachet up your skills.
How Wipfli can help
Wipfli is here for you. As Microsoft-certified advisers, we can implement Business Central for your health care, manufacturing or nonprofit organization. Be sure to visit our COVID-19 resource center for more tips on financial planning, analysis and accounting during a crisis.