Wednesday, 03 March 2021 18:11

Multi-company. Multi-country. Infinite Possibilities

The multi-company capabilities of Dynamics NAV / Dynamics 365 Business Central are near legendary. It is implemented all over the world as a multi-company, often multi-country, solution with both consolidation and intercompany trading capabilities.

 

We have implemented so many multi-company solutions in so many different ways using Dynamics NAV / Business Central because it’s the most important architectural decision that you can make. The structure needs to deliver the benefits the company needs, not pander to just the finance department (sorry if that’s you!) We have customers with hundreds of companies running within a single Dynamics NAV / Business Central company entity, where the balance sheet and income statement is split by a company ‘dimension’ because it’s the best solution in that case. We also have different international Dynamics NAV / Business Central databases moving intercompany transactions between them, again because it’s the right way to do it for that customer.

 

As business grows, so does the complexity of its financial operations and requirements. Operating a business across different locations creates challenges for an accounting department like monitoring and processing payments, maintaining accurate data, supporting strong communication across locations, and navigating the different tax laws that vary state to state.

 

Of course, within an accounting department, accounts payable is one of the most tedious processes, especially if you are managing payments from a single system across multiple locations. Within this article, we will be exploring the process of managing the accounts payable workflow for a business that operates multiple locations.

What is multi-location accounts payable?

Dynamics 365 Business Central Multi Location Tenancy
Multi-location accounts payable, to put it literally, is just what it sounds like. The technical definition of accounts payable is: the task of processing invoice payments for multiple business entities through a single, centralized accounting system or department.

 

Whether you own a franchise business or have a small professional business firm with multiple branches in different states, if you have more than one location, you’re likely going to have a large number of vendors and suppliers to pay in different locations. Under these circumstances, your business is likely to require multi-location management. Within the umbrella of multi-location management, you find multi-location accounts payable automation.

Advantage Business Central multi – location

  • Accelerate your financial close and reporting with Microsoft Dynamics 365 Business Central. Streamline accounts receivables and payables, and automatically reconcile accounts to close and report on financials quickly and accurately, while maintaining compliance. Besides, you can improve forecast accuracy with comprehensive data modelling and analysis across multiple dimensions. You can also customise and share reports with seamless excel integration. There are many things in financial management that can be covered by using Microsoft Dynamics 365 Business Central.

    Having integrated multi-location modules has its advantages such as:

    • Users across all locations can be given role-based access to view or update transactions for all or specific locations.

  • • Salespeople across all locations can see availability of stocks in real-time and book sales order from their mobile phones. This feature helps them confirm orders based without having to make multiple calls.

  • • Branches can raise indents on Head office and other locations, which can be fulfilled with stock-transfers.

  • • If there is centralised purchase department, the procurement/purchase head from the main office can monitors stocks lying at various locations, orders in hand and indents received from each location. He can then plan purchases, place purchase orders and transfer stocks from one location to another, based on requirements.

  • • The GST Regime, businesses operating from multiple states are required to have multiple GST numbers. Accounts ERP facilitates maintaining books of multiple GST numbers in a single database as you can specify GST number of each location and generate GST reports based for each GST No.
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