Business Central and Intercompany Transactions
Posted on: June 25, 2023 | By: Page Wildridge | Microsoft Dynamics Business Central
In today’s interconnected business world, managing operations across multiple branches or subsidiaries can be challenging. Business Central, Microsoft’s powerful ERP system, is designed to streamline intercompany operations. In this blog, we will review the benefits of using BC to manage your intercompany transactions.
By using Business Central, your company can automate intercompany processes to reduce manual effort and minimize the chance of errors. The streamlined workflow enables faster approvals and document processing. Business Central allows your business to handle these transactions either manually or automatically.
Accurate and Detailed Financial Reporting
Your business can harness the power of Business Central to maintain accuracy throughout your complex intercompany transactions. You can use the software to gain a holistic view of all transactions. This visibility provides accurate financial reporting, allowing you to eliminate discrepancies and ensure compliance with regulatory requirements. Business Central allows for one-time entry of information, making your intercompany work trackable and accurate. Additionally, Business Central allows for precision in your transactions across multiple types of databases, including different countries, dimensions, item numbers, and between multiple currencies.
The different parts of your business can seamlessly communicate, share data, and work together through Business Central, promoting efficient decision-making. The consolidation of data from multiple branches into a single system allows for cost effective, comprehensive reporting and analysis. Once information is entered once, it will cascade throughout all the other companies. This allows for effective and affordable tracking of all transactions.
2020 Nucleus Research Report on ERP Technology