Business Central Finance Module Explained

Business Central includes the standard format of various financial processes and you can change those formats as per the needs of the business. It is a type of ERP system and provides a multi-functioning and adaptive platform.

Let’s understand what is Business Central finance module

In the Business Central finance module, we streamline your accounting processes and connect financial data across systems to get an end-to-end view of your business. You can take advantage of advanced reporting with integrations to Power BI and Excel with the Business Central finance module.

Functions include in Business Central Finance Module

Managing Receivables and payables

With the help of the Business Central finance module, you can not only manage the receivables and payable of your business but also keep track of reconciliation statements.

Managing intercompany transactions

You can use Business Central finance to keep the balance of intercompany transactions. It will do the whole process manually or automatically, between legal entities within the same company. You can easily keep a record of intercompany transactions.

Managing Inventory Costs

The Business Central financial module helps your business to manage inventory costs. You can also keep a track of manufacturing costs, report costs, and reconcile costs with the general ledger.

Import Payroll Transactions

With the help of the Business Central financial module, you can have a record of salary transactions from your payroll provider into the general ledger. It helps in decreasing fraud like double pay in your company.

Making cash flow Forecasts

Now Business Central financial module helps you to follow up on an end-to-end procedure on how to use account schedules to make cash flow forecasts.

Report VAT to Tax authorities

The Business Central financial module helps you to prepare a report that lists VAT from sales. It also helps in submitting the report to tax authorities in the Emirates.

So now, it’s clear that the Business Central finance module is very beneficial for the accounting of our business. You can take advantage of all the features of this module by installing a Business Central finance module at your workplace.