The accounting department is one of the most stretched in any organization, especially those that employ many people. It is the one department where efficiency is paramount. Otherwise, the rest of the organization can easily be crippled if the accounting department is poorly managed. Human error is common in accounting. Therefore it is vital for organizations to have an automated system that reduces the workload, saves time, and improve efficiency. An offered MSC Consulting solution, Microsoft Navision helps with accountability and timely financial reporting.
Reconciliation of bank accounts after each payment application
The Microsoft Navision makes it possible for the accounting department to keep track of payment, both incoming and outgoing, and the bank account balance. This ensures the management knows at any given time the financial status of the company without requesting for bank statements every time.
Manage customer payments before shipping
Customer satisfaction is important in every business. Likewise, the company needs to earn for it to be able to provide the services as expected. Any mix-up in the customer payments and shipping demands may result in either the company making losses through shipment of products that are yet to be paid for or delay in delivery for clients who have made the payments. Microsoft Navision ensures there is a systematic movement of services, from the point the customer places an order, makes the payment, and the product is shipped.
Process transactions between inter-company partners
Some businesses require cooperation with other entities to help facilitate the smooth movement of products and services to consumers. For example, some companies need the support of others in the industry to help it to be more productive. For example, a company that offers online shopping needs to work with a shipping company to help ensure the goods get to the customers as scheduled. Microsoft Navision ensures that the flow of information is open to all partners involved. Payment obligations are also recorded and approved by the partners to avoid future disagreements.
Employee personal expenses and reimbursements
Sometimes employees may be in a situation where they pay out of pocket and expect to be reimbursed. Microsoft Navision maintains a record of such payments with details of what the expenses were and the automatic reimbursement to the employee bank accounts is done. This feature creates confidence in employees to meet the important goals when in the field, knowing they will be reimbursed quickly.
Import the payroll from the provider
In a company where hundreds are employed, both in the office and field, it is important to have the payroll updated and prepared in time. This could take a long time if each employee’s pay were to be done independently. Microsoft Navision saves time and money by integrating the employee details with the company’s accounts to ensure the employees can receive their pay at a predictable time, and more importantly, at the same time.
Easy creation budgets
Budget creation is an important part of accounting. These projections help the company to make plans. The various departments need to work within a budget framework that is practical and manageable based on income. Microsoft Navision is helpful to companies that need a clear picture of the company’s finances and predictions for the future.
Every business is run with the mission of making profits. Failure to keep track of the financial state of the company can be devastating for the company. Microsoft Navision helps to create a visible balance between the company’s expenses and revenue.