Microsoft Dynamics NAV – Best Accounting Software

Microsoft Dynamics NAV ( Navision), formerly known as Dynamics 365 Business Central, is an easily adaptable Enterprise Resource Planning (ERP) solution for SMEs which helps small and medium-sized businesses to automate and connect their sales, purchasing, operations, accounting, and stock management.

It is one of the most popular high-class integrated management systems in the world, running the operations within 120,000+ companies from various industries across more than 165 countries.

This business management solution covers all your business processes from finance and purchasing to warehouse management and general reporting. Plus, its super flexible and easily customizable nature helps you to fit your business needs no matter what your industry.

Microsoft Dynamics NAV ERP stores data in a centralized manner and makes it accessible whenever required to the concerned person. NAV manages all operations and processes to ease data management, making data reporting and sharing seamless.

However, it also has some CRM features (Customer Relationship Management), but this application is not specific. If you want to avail the CRM features as well, you need to opt for Microsoft Dynamics Suite, which is equipped with CRM and ERP applications.

Microsoft Navision ERP allows the users to automate the manual and repeating tasks of finance, sales, operations, purchase, accounts, and inventory. This makes the users more productive by eliminating the automated tasks from the day-to-day schedule.

Is Dynamics NAV an ERP System?

Yes, Microsoft Dynamics NAV (Navision) is a comprehensive end to end ERP finance solution introduced by Microsoft to offer greater control and visibility over your accounting, commercials, projects, supply chain and day to day operations.

It is specifically designed for small and medium sized businesses (SME’s) and  can be seamlessly integrated with Microsoft products such as Office 365 and other third-party products specific to your industry requirements.

Plus, it is so flexible and adaptable in nature as you can start with what you need now and add additional elements according to your business demands. 

Why Choose Microsoft Dynamics NAV

Below we’ll discuss why you need to choose MS Dynamics NAV ERP business management solution for better growth. 

Streamline your Business Operations

With Dynamics NAV, you can get out-of-the-box MS Excel report templates used for trial balance, cash flow statements etc. helps your business to improve your day-to-day operations.

Your business can now make greater use of Microsoft Cognitive Services for image recognition for both inventory items and contacts.  

Improve Workforce Productivity

Dynamics NAV allows you to integrate with Microsoft Flow which makes it simpler for its users to automate tasks in the context of their overall experience.

It empowers your employees with newly, embedded and contextually relevant power BI reports, improving both your visualization and visibility within your most highly-used lists under Dynamics NAV.  

Reduce Implementation and Adoption Costs

The automated setup directions in NAV helps you to simplify the process of setting up MS Dynamics NAV. This process makes it much easier for your business to seamlessly integrate with Dynamic 365 for sales.

Also, a new user tasks function has been added to the Dynamics NAV software to improve the productivity and efficiency of your users. 

What Industries Benefit Most from Microsoft Dynamics NAV?

MS Dynamics NAV is a versatile enterprise resource planning (ERP) software that can be customized to meet the industry-specific needs.

Here are some of the industries that commonly use MS Dynamics NAV:

Manufacturing: MS Dynamics NAV offers features such as bill of materials, production scheduling, capacity planning, and quality control that are essential for the manufacturing industry.

Distribution: The software has inventory management, order processing, and shipping capabilities which make it ideal for distribution companies.

Retail: MS Dynamics NAV provides retailers with features such as point-of-sale (POS) systems, merchandising, inventory management, and customer relationship management (CRM) to streamline operations and improve the customer experience.

Service industry: Dynamics’s software project management and resource planning capabilities give benefit to the professional services, construction, maintenance and repair industries.

Finance and Accounting: Dynamic NAV has excellent financial management capabilities, including general ledger, receivables and payables, fixed assets, and accounts receivable.

Non-profit: MS Dynamics NAV comes up with the features that can help non-profit organizations manage donors, volunteers, and fundraising campaigns, as well as track expenses and grant funding.

What is Dynamics 365 Business Central and How Does it Relate to Dynamics NAV?

Microsoft Dynamics 365 business central is a cloud-based ERP solution that enables SMEs to manage their entire business from finances, operations, sales to customer service, using a single integrated platform.

It aims to provide a centralized platform for manufacturing businesses, helping in planning their orders and deliveries, demand forecast and handling production versions.

It combines CRM (Customer Relationship Management) and ERP (Enterprise Resource Planning) tools to unify your data, business logic, and operations. 

Instead of separate, segregated sales and marketing processes, Dynamics 365 offers automated, integrated, and intelligent sales and marketing strategies that integrate, analyze, and convert prospects into paying customers.

It is built on Microsoft Azure, which offers a secure platform and a wide range of services.

Microsoft NAV adds up functionality for scheduling and purchasing, picking, inventory and warehouse management, packing and shipping with regard to supply chain management.

The software also introduces project management and enables users to build their idea towards capacities and budgets, automate invoices, cost resources and fundamental human resource management features including absence tracking and employee records. 

Microsoft Dynamics NAV was next to Business Central which is the software of the cloud based version. Dynamics NAV Microsoft was positioned in the private cloud even so it touched bases on the on-premise version usually.

It is in 2018, both these versions were made Business Central by calling and that the name Microsoft Dynamics NAV was retired formally.

The workability of a few apps was made to offshoot into small and modular software so as to let the business avail the customized features as required.

On the whole, Dynamics 365 has 9 main apps in addition with diverse small sub-apps made available.

With Dynamics Nav, all the business data is shielded in one place, the user will be able to access faster and the software goes one step forward to automate so as to make the user get free from the repetitive processes completely.

Which Type of Business Uses Microsoft Dynamics NAV?

Various industries like small businesses, mid-sized companies and organizations use Microsoft Dynamics NAV for better future growth.

Below are the names of the industries popular for using Microsoft Dynamics NAV software:

• IT Service & Tech
• Manufacturing
• Distribution & Supply chain management
• eCommerce & Retail service companies repair shops
• Financial Services
• Healthcare and,
• Educational Institutions

Besides businesses, non-profit organizations and government entities also use Microsoft Dynamics NAV. The software has a large user base in manufacturing and distribution companies as its inventory management, manufacturing, distribution, and cost accounting features are very advanced.

Accounting firms leverage Microsoft Dynamics NAV for accessing and reviewing client NAV software accounts. NAV is also popular among companies requiring project accounting and management features.

Plus, e-commerce and retail businesses can integrate the NAV system with third-party add-ons, including storefronts, to meet their specific business requirements.

How Does Dynamics NAV Integrate with other Microsoft Products?

Dynamics NAV  is a powerful, market-leading ERP system which itself holds so many functionalities including integration with other Microsoft applications like MS Excel, SharePoint, MS Outlook etc.

It helps you to automate the data-sharing process and reduce the possibility of human error so that your company can focus on profitability and revenue.

Integration with MS Excel

Through Microsoft Dynamics NAV’s integration with Microsoft Excel, users can work on NAV journal pages from the most intuitive Excel user interface (UI) they are used to.

Data that has been edited in Excel can be seamlessly sent back to NAV at the click of a button.

When editing in Excel, users can hit refresh to load the latest data from NAV.

With this integration, you can save time and eliminate the need for manual data extraction, including balance sheet, income statement, cash flow statement, retained earnings, accounts payable and accounts receivable. 

Integration with MS Sharepoint

Microsoft SharePoint is a collaboration platform which can be used to significantly improve your business efficiency. The application can act as a front-end web portal for NAV, allowing users to easily share and manage content, knowledge and data.

Once a SharePoint site is set up, you can add Dynamics NAV as an app, so NAV data can be accessed, edited and updated in real-time from within SharePoint.

Integration with MS Outlook

Microsoft Dynamics NAV’s built-in integration with Outlook makes it possible to handle business tasks alongside your emails, calendar and contacts, eliminating the need to switch between two applications to access their data.

Users can create, send and view NAV documents such as quotations, invoices, sales orders (SO) and purchase orders (PO) from directly within Outlook.

Data is synchronized across both applications so, if a sender is not an existing contact, a record can be created in Outlook and the data automatically sent to NAV.

When Should an Enterprise Select Dynamics NAV?

Microsoft Dynamics NAV Enterprise is a popular business management system that can help your company to stay connected with vital business processes and information.

Below are some common reasons that will give you an idea why companies rely and have selected  Microsoft Dynamics NAV for their enterprise business system.

Connect People and Processes Across your Enterprise

Microsoft Dynamics NAV is a robust accounting system with the intuitive functionality to connect all areas of your business to gain efficiency and boost productivity.

Dynamics NAV’s unique “Role Tailored Client” gives you the tools you use to manage the tasks that are most relevant to your job function. Microsoft Dynamics NAV offers easy to customize and relative information to help you work faster.

Access your Work from Anywhere

With Dynamics NAV, you can monitor your business, collaborate on documents, track, enter and approve transactions—all from your phone, tablet, or desktop.

Meet your Business Demands

The Microsoft Dynamics NAV System is easy to customize and modify; making this enterprise system a key to your business success. You can start with what you need now and add capabilities or users as your requirements change and your business grows. 

Host On-Premise Server

Use Microsoft Dynamics NAV if you want to host your ERP on your own servers. It is primarily dependent on your business demands whether you should use Dynamics NAV or Dynamics 365. You can go for NAV if you want an on-premises solution.

Modify the Source Code

Many NAV clients want to change and customize their ERP by diving directly into the source code. It is no longer possible with Dynamics 365, however NAV still offers the capability.

Benefits of Microsoft Dynamics NAV

Microsoft Dynamics 365 Business Central automates and modernizes your business processes.

With an up-to-date view of the supply chain even if wherever you’re, purchasing processes can be better controlled, manufacturing and warehouse processes can be optimized, products can be delivered on time and costs can be reduced.

The integrated sales and service process ensures a better relationship with your customers and offers a deep integration with other solutions in the Microsoft ecosystem no matter how big your company becomes, your ERP solution will grow with it.

Dynamics NAV, is a management solution that enables your company to present business growth. It can reduce costs and transform your work method, providing an increment in profitability and productivity of your company.

It’s a flexible software with a powerful management tool, adaptable to the size of any company and type of business.

Lower Upfront and Maintenance Cost

Implementing and upgrading a technology requires assets to be invested, and it is one of the major concerns for small and mid-sized organizations.

With on-premises deployment, the installation and maintenance costs are much higher compared to cloud deployment as it works on a monthly subscription basis.

This makes the organization save a lot of money with no investment in hardware or software. Even, the ERP vendor made the updates and changes in the ERP system with no extra cost and involvement of the organization.

Nowadays, an ERP can respond to several departments of a company, such as:

• Financial Management and Cash Management;
• Accounting;
• Human Resources Management;
• Purchases;
• Sales and Marketing;
• Manufacturing;
• Warehouse management;
• Jobs and Resource Planning;
• Customer Service.

Seamless Data Entry and Reporting

Due to centralized data management, it has become easier not only for users but also vendors, suppliers and workers to store and share data with the concerned people whenever required.

It streamlined the data management process using automation where there is no place for multiple entries and completing the repeating task.

You can produce simplified reports about the business area that you want to analyze. You can also publish them on the web or give access to your view through mobile devices.

Cloud or On-Premise

There is flexibility for the customer when choosing ERP implementation between on-premise or cloud. If you choose on-premise, the software is purchased and installed on the company server.

If you opt for the system in the cloud, it will be entirely managed by the provider and will be accessible, for example, through a web browser.

Microsoft Dynamics NAV, provides the following options for the customer:

On-premise – Total flexibility for customization, autonomy and management, performed by the customer;

Cloud – Available in a short period of time, with automatic and guaranteed updates and without initial costs for the customer.

Automation and Implementation

Automation allows a total synergy between departments, reducing duplication of tasks and probability of errors. Microsoft Dynamics NAV provides a workflow tool that enables process structuring with standards. Thus, you can implement best business practices.

NAV provides basic Workflows templates for different departments of an organization and allows you to create automated workflows for notifications, file synchronization and data collection, among others.

Scalability and Adaptability

When your business grows, there is no need to be concerned about increasing hardware on servers or adopting new technologies for the business to keep updated.

In such a case, your ERP vendor provider, like Dynamics Square, will do it automatically without affecting the current processes or operations.

This will allow you to focus on growing your business and embracing advanced technologies to serve your customers better.

Data Accuracy & Security

With ERP you can control who can view and edit your data and personal info. You can implement routines that allow you to guarantee data accuracy, consistency and security.

Also, it will achieve an unmatched quality improvement, reducing almost the entire probability of errors occurring.

Data with credibility gives you all confidence and support in decision-making. Microsoft Dynamics NAV is in compliance with the General Data Protection Regulation (GDPR) since May 25, 2018.

The availability of support features to partners and customers, which ensure compliance with the regulation, allowing the companies:

• Identify personal data saved and where it’s stored;
• Define control and security mechanisms to prevent, detect and respond to potential defaults;
• Report failures and keep all necessary documentation up-to-date and available.