What is Microsoft Dynamics 365 Business Central?
If you’re looking for a comprehensive business management solution that is designed specifically for small and medium businesses, Microsoft Dynamics 365 BC ( Business Central) is the perfect choice. It allows you to centralize your data from accounting, sales, purchasing, inventory and customer interactions to get an accurate end-to-end view of your business. Plus, all data stays up to date so you can spot trends, prevent issues and deliver great customer experiences.
What is QuickBooks?
QuickBooks is an accounting software developed by Intuit. It is created specifically for small businesses and offers services such as cloud accounting, invoicing, reports, cash flow management, etc.
Why is QuickBooks in News?
As of April 30th, 2023, Intuit’s QuickBooks products and services will no longer be available to customers in India. And as QuickBooks is shutting down its operations in India, so it is now more important than ever for SMBs to switch to a new ERP solution.
In this blog, let us look at what makes Microsoft Dynamics 365 BC the most suitable alternative for users using QuickBooks in India.
Manage Receivables & Payables
Microsoft Dynamics 365 BC provides several options for payment management that can make the process much easier for small businesses, including the ability to apply for incoming payments, reconcile bank accounts, and collect outstanding balances. Similarly, SMBs also have the option of making payments, applying for outgoing payments, and working with checks.
Invoice Prepayments & Reconcile Bank Accounts
Business Central offers an easy and efficient way for customers to submit payment before shipping to them, as well as to submit payment to vendors prior to receiving the shipment. You can also reconcile and transfer funds between bank accounts without any issues. This makes the whole process much simpler and lessens the chances of any mix-ups or delays.
Ensure Accounting for Costs
Microsoft Dynamics 365 BC provides cost analysis capabilities so that you can understand the actual and budgeted costs of running your business at the level of operations, departments, products, and projects. This way, you can make informed decisions about where to allocate resources & improve efficiency and profitability.
Manage Inventory Costs
By using Business Central you can effectively manage your inventory and manufacturing costs. Similarly, you can also report and reconcile those costs with your general ledger.
Create G/L Budgets & Work with Dimensions
Microsoft Dynamics 365 BC enables you to create general ledger (G/L) budgets for forecasting various financial activities and assigning dimensions for business intelligence purposes. This will help you get a clear picture of your company’s future finances, as well as give you greater insights into your past business performance.
Allocate Costs & Use Item Charges for Additional Costs
With Microsoft Dynamics 365 BC, you can allocate an entry in a general journal to several different accounts when you post the journal. This is especially useful when you want to assign extra costs, such as freight and physical handling expenses, to the involved items. This way, the cost is reflected in inventory valuation.
Import Payroll Transactions
Business Central can help you streamline your payroll processes by importing salary transactions directly into your general ledger. You can also post employee expenses and make reimbursements directly to employee bank accounts, making it easier to keep track of work-related expenses.
Work with Recurring Revenue
Microsoft Dynamics 365 BC offers options to automate sending subscription invoices to customers and register recurring revenue. This can save you a lot of time and hassle in the long run, especially if you have a lot of customers or if your business relies heavily on subscription-based services.
Work with VAT on Sales & Purchases
With Microsoft Dynamics 365 BC you can stay on top of your VAT calculations for sales and purchases, as well as generate reports for the tax authorities. You can also manually convert service contracts to change their VAT rate, giving you more flexibility and control.
Analyze Cashflows
Business Central provides you with the ability to monitor your business’s cash flow and generate financial reports to forecast future cash flow.
Conclusion
Here at Dhyey Consulting, we have over a decade of experience in Business Management Consulting. In light of QuickBooks’ recent announcement to shut down its India operations, we understand how significant of a change this is for your business. Our team of experts can help with everything from evaluation to go-live, ensuring a smooth transition for your organisation if you choose to upgrade to Microsoft Dynamics 365 Business Central.
We understand how difficult this time may be, but we want to remind you that our team is here to help make the transition as seamless as possible. For more details, do write to us at enquiry@dhyey.com.
