Business Central in a fund or financial company

Do you manage money/funds from external actors?
Are you able to document your billing basis?
Have you set up user rights so you know you comply with segregation of duties?
For many foundations/financial companies, it is a challenge to document the processes related to cost allocation, re-invoicing and actual disbursement.

Jakob Wrang

COO

Tel: +45 551 72 78 75 75

Mail: jaw@vektus.dk

Challenges for funds and financial companies

  • Has everyone paid their dues? On time?

  • Do our processes support the principle of segregation of duties?

  • Can we document our processes?

  • How do we ensure that our re-invoicing is distributed correctly to the different areas/projects?

  • How do we ensure correct cost allocation on the different projects?

  • Are we on top of time tracking?

  • Can we document that our billing basis is correct in relation to e.g. membership numbers/share?

  • – And what about the subject systems?

Integration between business systems and Business Central

A fund/financial company typically has a number of specialist systems that solve very specific and very limited tasks, such as handling mortgages, investments or CRM. To get a complete overview of the fund’s projects, the data from the specialist systems is imported into Business Central – so that data is registered on the correct projects. This requires knowledge and experience of the processes typically found in a fund.

We have the experience to create effective integrations between important specialist systems and Business Central. Integrations that make even small specialist systems work naturally with Business Central.

Digitalization with standard Business Central and dealer-independent apps

We help you find, use and digitize the functions and workflows that support the work of a fund or financial company within the possibilities Dynamics 365 Business Central offers. Perhaps combined with vendor-independent, recognized and proven apps.

We have experience working with funds/financial companies from several of our existing customers, and work on a daily basis to digitize tasks such as collection, payment, control and invoice approval.

System for you as a recipient of EU funds

We have developed a special system for foundations/financial companies that receive EU funds. When receiving EU funds, the EU requires, among other things, that time registration is divided into work categories and that timesheets are approved by both a case manager and a personnel manager. You need to be on top of this, otherwise you won’t receive EU funds.

Funds and financial companies work under strict requirements

A foundation/financial institution is typically a company that manages either public or private money/funds (associations, investment companies, building funds, etc.).

The foundation/financial company usually receives a number of fixed contributions, membership fees and payments that must be used for defined purposes and/or investments. This means that payments and disbursements must be tightly controlled to ensure that the money administered is registered and disbursed/spent on the correct projects for the right purposes. The purpose is typically to support and develop selected areas (politics, business, housing, construction projects).

Therefore, a foundation/financial company is subject to strict documentation requirements with precisely defined processes and must also ensure that there is a clear separation of functions between the people who decide, approve and disburse.

Business Central can handle this.

Business Central Cloud - in short

Document with Business Central

Dynamics 365 Business Central includes a wide range of tools for project, resource and financial management as standard.

These tools enable you to digitize functions and workflows within the standard solution. Digitization can not only minimize human error and free up resources, but it can also make it easier to document processes, payments and cost allocations.

Expand functionality with retailer-independent apps

If you need functionality other than what you find in the standard Dynamics 365 Business Central, there is a wide range of apps that simply connect to your solution and digitize and systematize various resource-intensive functions. Apps do not interfere with the code in Dynamics 365 – but are connected to the solution in the same way as it is known from your smartphone.

See the many apps

You have many options for financial and project management in a foundation/financial company – with standard Dynamics 365 Business Central

What do you get with Dynamics 365 Business Central?

  • Overview of the distribution of costs between the different projects
  • Overview of re-invoicing – whether expenses are allocated correctly
  • Possibility to document the billing basis
  • Ability to set up processes and user rights to maintain segregation of duties
  • Time registration that complies with EU requirements
  • – and much more

How to get started with Business Central

Are you getting started with Business Central Cloud in a fund or financial company? Then contact us for a chat about what you need to consider and how to get started.

Contact us

Why Vektus

How we work

We work to make your investment in Business Central a success both now and in the long run.

Read more about it
Link to: Kontakt os

Do you have any questions? Send us an email or give us a call

We are available at the office every weekday Monday to Thursday from
8.30 – 16.30 and Friday from 8.30 – 16.00.

Call us on tel: +45 5353 2020
Write to us at kontakt@vektus.dk

Addresses

Vektus A/S: Måløv Byvej 229 V, 2760 Måløv | Vektus – VALBY: Paradisæblevej 4, 2500 Valby | Vektus – AARHUS: Runevej 2 , 8210 Aarhus | Vektus – KOLDING: Jernbanegade 27 , 6000 Kolding
Phone: +45 5353 2020 | Email: kontakt@vektus.dk
CVR-Nummer: 34728720

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