Five Tips to Boost Your Company's Financial Healt Part 3: Cash is King, Get the most Out of Every Dollar.
This is the third post in our five-part series “FiveTips to Boost Your Company’s Financial Health” which is focused on the importance of utilizing a proven financial management system to run a better business. We previously discussed how the right tools and access to the right information (http://bit.ly/1Cbq2Rk), improves everyone’s performance and how you can make data (http://bit.ly/1Cbq2Rk) work to make the most of your money. Today, we’ll look at the tools for tracking and managing the ever-important cash-flow.
Cash is King, Get the Most Out of Every Dollar
After the downturns and instabilities of recent years, it’s easy to understand why every business is a little cash-obsessed. Whether you’re saving for a rainy day or doing accounting gymnastics to stretch your thin reserves, every finance department is zeroed in on making every dollar work as hard as it can.
Microsoft Dynamics NAV gives you the tools to track and manage your cash. A cash-flow calendar lets you look back or look ahead to see how your funds flow in and out of your business—simply by selecting a given day, week or month. Bank reconciliation tools give you a clear look at your actual cash on hand as well as all your deposits and debits across all your bank accounts.
You can also track collections to keep tabs on accounts receivables and make sure you’re getting paid as quickly as possible. A simple, out-of-the-box report pulls a list of customers whose balances are over a threshold you choose, allowing you to prioritize and evaluate their history to see if the balance issue is a one-time occurrence or a trend you need to address. And with a direct connection to Microsoft Outlook, you can take care of issues right away by sending a simple email.
Read how UK based NCFE improved its cash flow and managed credit control by switching to Microsoft Dynamics and join us for the next post when we discuss the pros and cons of moving your financial management system to the cloud.
In the meantime, take a test drive, register for an upcoming webcast, or learn more about Microsoft Dynamics ERP.