ERP Software Logo1

Microsoft Dynamics vendors provide comparisons and opinions to professionals in the ERP/Accounting software selection process

 
 

Solver Global

Web Budgeting 101 for Dynamics NAV


Email | Print

You might think you have read everything you might ever need to know about budgeting and forecasting.  We have blogged about how important it is to shop around and do your research to find the easiest to use, most intuitive and collaborative planning software.  We have discussed costs associated with implementation of planning tools, so you could start to budget for…a budgeting application.  We have written about exact questions and how to shop for the right tool to solve your team’s particular business problems.  Meanwhile, we know it is not an easy process to budget and plan, as companies grow, develop into international entities, and/or become parent companies.  However, on the horizon, the future of budgeting is here.  Web budgeting has arrived from a few third party software manufacturers, and this article will discuss this important development for Microsoft Dynamics NAV customers.

Web Budgeting for NAV

Firstly, it is important to note that there are several independent software vendor (ISV) solutions that can streamline and smarten your planning processes.  Microsoft Dynamics NAV is a powerful tool, and Microsoft Excel is nearly ubiquitous around the globe, but neither can serve as solutions for every company’s specific business needs.  Excel can be tedious as a method to budget and forecast for any organization of a healthy size without acceleration via an ISV tool.  In regard to Dynamics NAV, the ERP has a budgeting input built in, but it is also not that easy to use for business end users to utilize, without the familiarity of Excel formatting, and lengthy process of creating a less than dynamic or accessible organization-wide budget or forecast.  Third party products are generally direct responses to customer requests to help them overcome common business problems in the planning process.

Dynamic and easy-to-use have been signature characteristics for ISV solutions, but today’s premier tools also focus on powerful budgeting, forecasting, and modelling capabilities.  Templates you can reuse, multi-year budgets, and rolling forecasts are just a few modern features and functions that you should be seeking in a planning product for you and your team.  Automated budgeting and forecasting invites you to set up the specifics of your budgeting and forecasting needs, and then let the software routinely produce financial plans without your interference.  You should also look for the ability to add multiple line items for accounts, authorship visibility, roll-ups, multiple currency (reconciliations and conversions), what-if scenarios, and parameters, like Department, Division, and Entity, so that your planning processes receive a true upgrade.  Due to how many people and moving parts are involved in a proper budget process, business user friendliness and collaboration should be primary focuses for the product as well.

To continue learning more about web budgeting for your Microsoft Dynamics NAV experience, read the rest of this article here.

by Solver, Inc.

 

Comments are closed.