Dynamics AX 2012 R3, Microsoft’s latest release of its premier ERP software solution, provides new capabilities that allow Management and IT consulting firms to manage their projects and resources more efficiently. As a result, these firms can increase their return on investment and decrease their overall cost of business.
The new Dynamics AX 2012 R3 includes improvements to inter-company project accounting, project billing, revenue recognition, and project budgeting. In addition, Microsoft updated the mobile apps for time sheets, expense processing and workflow approval.
While the updated mobile apps give a firm the ability to file expense reports and get workflow approval on the fly, Dynamics AX has improved its project budgeting capability. Consulting firms can now budget both the cost and revenue of a project at any point within the project. Firms can budget by hours/labor, expenses, items, and fees. Users now have increased budget control.
A core improvement of the Dynamics AX 2012 R3 is its budget control screen. In the past, users were disappointed with the screen’s usability and its presentation of budget data. Users were only able to view data by transaction type. As a result, users had to modify their screen to read data easier.
However, Dynamics AX improved the budget control screen to let users group and view their budget using additional attributes that include Category Group, Category, and Cost Template. This improvement gives firms increased agility in budgeting projects. They can go as small or as big as each project demands.
Another improvement is Dynamic AX’s inter-company project functionality that makes projects easier to use in multi-entity scenarios. Different entities can now invoice each other for time, employee expenses, and vendor expenses. Firms can adjust fee schedules between other entities and align the timing of the inter-company revenue of the resourcing firm with the revenue accrued and earned in the contracting firm. This is extremely beneficial to firms with subsidiaries in multiple countries and have tax liability for sharing resources.
The new Dynamic AX 2012 R3 also gives firms flexibility in project billing. R3 allows firms to bill or invoice by type of project. Firms can invoice either by fixed-price or time-and-material. As a result, firms can customize their invoicing based to the needs of their customer.
From this vantage point, it looks like the new Dynamics AX 2012 R3 is giving Management and IT consulting firms the tools to expand their reach either locally or globally. These new features allow firms to build amazing customer experiences and expand relationships. All of which increases return on investment and decreases cost of doing business.