Do You Have A "NAV Year's" Resolution?
Updated: Jul 27, 2021
FYI, Microsoft Dynamics NAV has been rebranded and reimagined into Microsoft Dynamics 365 Business Central.
Download the full eBook: Do You Have A "NAV Year's" Resolution? here.
Do you make a list of resolutions to make sure you're starting out the New Year right? Giving up sweets, exercising more, picking up a new hobby, implementing a new budget--no matter what your New Year's Resolution is, creating new, positive habits to improve your personal life is a great way to kick off a new year.
But, do you have a New Year's Resolution for your business?
If it's your goal to become more efficient, streamlined, and organized in 2016, we recommend that you embrace a "NAV Year's" Resolution, and by that we mean implementing Microsoft Dynamics NAV ERP as your company's financial system.
Microsoft Dynamics NAV offers a wide range of business management functionality from financial to supply chain and manufacturing. It is extremely customizable and offers increased visibility into your business's goings-on. Microsoft Dynamics NAV is designed for virtually any industry, including wholesale distribution, retail, manufacturing, professional services, etc. It also contains strong financial and cash management capabilities and is targeted toward companies with an annual revenue of $10-500 million.
So, if a new financial system is part of your New Year's Resolutions, we recommend that you consider Microsoft Dynamics NAV and make it a Happy NAV Year (yes, all the puns are intended).
Making the most of your NAV solution with automation
Your new Microsoft Dynamics NAV ERP is powerful on its own, but can be streamlined even further by integrating a document management/AP Automation solution. Whether you're automating your accounts payable, accounts receivable or human resources, paperless transactions create efficiency for everyone. A document management solution teamed up with NAV provides your company with:
Full visibility of all documents - When you have a pile of paper documents to search through, it's hard to get a big, clear picture of the financial state of your business. Document management automatically archives all your documents in one place and communicates with your Microsoft Dynamics NAV solution so that you can pull up documents, reports and charts that are updated in rea-time so you know exactly what's going on at all times.
Efficient payment – Nothing is worse than late payments and the fees that accompany them. Document management and its workflow capabilities makes sure that you are getting paid on time, and that you are doing the paying on time by optimizing payment times. This assures that you’re taking advantage of early payment discounts and can track invoice approvals.
Improved accuracy – Investing in a paperless document management solution mitigates the risk of typos caused by manual data entry, invoices getting lost in a pile of papers during the approval process and payments being submitted late. You set the rules and the document management solution will follow them, making sure that documents are being processed accurately.
Cost savings – A document management system and a Microsoft Dynamics NAV ERP are a big investment, but can actually help you save money in the long-run. When you consider that 2-7% of files are misplaced, at a cost of $120 per document, and that it costs 2-5 cents to print a single page, it’s clear where the cost savings can begin. From document storage to printing and copying, the potential ROI of document management is substantial.
Improved visibility and reporting - Need insight into your business processes right away? A document management system processes data and returns it to you in real-time so you always have the most up-to-date information. Rather than shuffling through one of a hundred files for a specific document, you can simply search for it by typing in a specific term, or run a query to gather data. Decision-makers have the ability to keep an eye on company goings-on with better visibility.
Implemented with your new Microsoft Dynamics NAV ERP, document management creates a fully paperless environment and incorporates workflow automation to mitigate the inefficiency that goes into invoice approval and processing. For example, MetaViewer Paperless ERP, a fully browser-based document management/AP Automation solution, is a great add-on with its seamless integration with Microsoft Dynamics NAV. MetaViewer is packed full of functionality to make your invoice process more efficient, including OCR, automated workflow, automatic escalation and approval emails, real-time reports for visibility and more.
This New Year, we hope you will make it a NAV Year and make a resolution to increase efficiency with Microsoft Dynamics NAV and Paperless ERP.