Enterprise Resource Planning (ERP) software enables companies to automate several back-office functions to improve organizational efficiency while gaining real-time visibility of key performance indicators (KPIs) that are required to meet corporate objectives. Whenever we hear the term “ERP”, production, inventory, order management, and quality often comes to our mind. However, ERP is much beyond than that. An advanced ERP solution like Microsoft Dynamics NAV will help in financial management with comprehensive capabilities for bank reconciliation, tax management, capital management, account receivables, and purchase management. Financial Management & Reporting – Advanced ERP solutions such as Microsoft NAV come with comprehensive reporting capabilities that help organizations to make better and smarter decisions. Accountants and financial analysts can easily extract critical business data from chart of accounts, budgets, cash flow accounts and cost types into financial reports. With this, decision-makers can efficiently monitor health of the business while ensuring well-informed, data-driven decision making. It streamlines financial reporting process to deliver meaningful, comprehensive, timely and highly customizable financial reports that transforms financial data into actionable insights. Better Asset Management – With NAV ERP, organizations gain better visibility of their assets such as buildings, machinery, and equipment. ERP lowers risk of loss as it comes with efficient and timely inventorying methods. You can also post various fixed-asset transactions: acquisitions, depreciation, write-downs, appreciation, and disposal. Furthermore, you can setup depreciation books to satisfy legal requirements, and for tax and internal accounting purposes. Thus, ERP delivers better visibility and greater control over assets, like machinery, enabling companies to avoid wasting funds on unnecessary capital expenditures. Flexible Deployment Option – NAV offers you the flexibility to deploy it on a local server located on the customer’s premises or in the cloud. Based upon your unique business requirements, IT infrastructure maintenance costs, customizability and accessibility, you can decide whether to deploy it on the cloud or on-premise. Cloud deployment reduces initial upfront costs while on-premise deployment is considered as more reliable and system performance is not dependent on access to the Internet. Rich Functionality – With Microsoft Dynamics NAV, modern business get comprehensive capabilities for financial, accounting, fixed assets, marketing, logistics, manufacturing, and project management. Built-in productivity tools such as Office 365, CRM app and business analytics application help in addressing wide variety of particular needs of companies, enabling them to stay competitive even in the era of cut-throat competition. With support for 195 local language versions, NAV enables you to meet the legal and accounting requirements of a specific country. Final Thoughts Thus, we can infer that NAV uniquely brings together business applications, data, documents and devices. With this, you can automate your business, enhance sales, & improve collaboration. NAV is sold, implemented, and supported by a global network of solution consultants known as Microsoft Dynamics NAV Service providers or partners. Microsoft Dynamics NAV partners deliver planning, implementation, customization, and support services aimed at optimizing the solution based upon your unique business needs. It comes in two licensing types (i) Perpetual Licensing – which is designed to help businesses to start with an affordable upfront starting price, rapid start tools and built in functionality. (ii) Subscription Licensing which keeps upfront cost to a minimum through a “per user per month” licensing fee. Small & mid-sized businesses can start with low initial cost.