How to save time during the closing of the fiscal year

The end of the financial year is always all hands on deck for the finance department of your company. They try to balance numerous accounting procedures with day-to-day tasks, such as wage payments and the approval and entry of purchase invoices… You name it.

Keeping the closing of an accounting year as simple as possible saves you a lot of time, and relieves your staff.

There are always a number of things you can’t afford to overlook during such a closing. For each of these tasks, Microsoft Business Central proves time and again why your financial department can no longer go without this ERP system.

Collecting and analysing financial statements

No financial year is complete without financial statements, which give a great view over the financial condition of your company. This way, you can look back on the current figures, but also make budgetary decisions for the coming financial year. Some of these overviews are:

  • Profit and loss account
  • Cash flow statement
  • Balance sheet

With Business Central you are already one step ahead with tailored overviews, including ready-made reports. Business Central immediately gives you a general overview and collects information for you about accounts, sales, purchases, inventory, customer interactions, and more. Manage your finances easily and in detail with accurate reporting.                                          

Collecting overdue invoices

You can collect overdue invoices with a simple reminder or a more direct approach, but the most important thing is that your invoice management always runs optimally throughout the entire year. Did you know that this can even be fully automated with InvoiceWorkflow? Streamlines your invoice management from A to Z and:

  • Save up to 50% of your time by using an automated and digital workflow
  • Avoid manual errors
  • Work with the most user-friendly solution on the market
  • Fully integrated with your ERP system (such as Microsoft Dynamics 365 Business Central)

Organizing receipts

Unorganized receipts can lead to faulty entries and even incomplete tax returns. That is why it is useful to organize your receipts and invoices, based on type of publication, chronology and preferably even digitally. Here too, InvoiceWorkflow makes life easy with a fully automated and digital work process. This way you no longer have to do everything manually and you can focus on what is really important.

Inventory

No financial year is complete without an accurate inventory control and by checking it against your balance sheet. A good insight into your current inventory also helps to anticipate busy periods next year and thus optimize your management.

Inventory management doesn't have to be complicated. With Online Warehouse Management, registrations are entered directly into Dynamics 365 Business Central. This is not only useful for your warehouse employees, but also for your financial service, who has an overview of the stock at all times. Business Central makes it possible to digitise your inventory management and replace manual procedures with a system that optimizes profits and provides more overview.

Dynamics 365 Business Central offers only benefits when closing your fiscal year

Standardizing and automating your financial processes and the associated reporting creates great added value for your activities throughout the year and certainly at the close of your financial year.

Streamline your finances with NORRIQ solutions that make a difference

NORRIQ makes sure you realize your full business potential with digitization and automated processes, reaching all the way to your financial department. Would you like to know more about our services?

 

Contact our NORRIQ Consultants for advice.