No two businesses are alike and for this reason, software add-ons for business solutions such as Microsoft Dynamics NAV are a necessity in today’s competitive business world. Add-ons are actually an excellent low cost alternative to customizationsand simplify upgrade processes in the future. The money you spend on add-ons is generally returned very quickly by the amount of time and effort you save. Let’s take a look at how the following add-ons for Microsoft Dynamics® NAV can help you:
Reconciling bank transactions is a critical component of your accounting processes. Bank information needs to be accurate to ensure the organization doesn’t lose track of cash, the life blood of an organization. Despite its importance, bank reconciliations are often the last task carried out by the company accountant. For companies running in an overdraft position or with limited working capital, this is a dangerous situation to be in. The Auto Bank Reconciliation module for Microsoft Dynamics NAV automates the process of clearing checks and deposits from transaction files imported from banks, which reduces the risk of error and significantly shortens the time required to reconcile the bank accounts. If the organization has a number of bank accountants and perhaps a number of companies, the time savings add up very quickly. One of our larger clients added the Auto Bank Reconciliation module and changed a process that previously took 4 days per week to complete and now takes just half a day instead. By any standard measure of ROI, that is an excellent return on an investment of a few thousand dollars.
Management of your accounts payables sets the tone for your business. Ensuring your vendors get paid accurately and on time develops strong relationships that attribute to the longevity of your business. The Advanced Accounts Payables module for Microsoft Dynamics NAV builds on the strong payables functionality already found in the core product and offers several additional check formats, the setup of ‘Automated Check Signatures’ that allows for up to two pre-defined signatures, and printing on blank check stock by taking advantage of the MICR font bundled with the software to provide an all-inclusive solution. An option for entering invoices for one-time vendors significantly reduces the size of the vendor list and improves traceability for those miscellaneous payments.
Open Door Technology has been integrating people, processes and technology since 1992. Focused exclusively on delivering Microsoft Dynamics NAV products and services, Open Door has become one of the top resellers and development partners in North America.
By Malcolm Roach of Open Door Technology, Calgary Microsoft Dynamics NAV, formerly Navision, Partner