A big chunk of a company accountant’s work tasks revolve around month-end and year-end close activities and financial audits. They continually field questions from various stakeholders of the business with the theme “How are we doing?” Faster, deeper, and timelier access to relevant data to answer those questions is a must.
There are many Financial Management improvements in the new release of Microsoft Dynamics AX (AX7). Three of these features will be of great interest to any accounting staff.
- Financial Period Close Workspace – Closing schedules and templates with due dates can be created to manage the workload and track progress. Progress can be tracked across multiple companies. This eliminates the need for commonly used paper or Excel based checklists that are manually maintained and have limited visibility to other team members. Resources can be maintained and assigned to various roles and tasks. Dependencies can also be defined and tracked. My colleague previously introduced workspaces in this blog post.
- Print Management Reporter Financial Reports from Microsoft Dynamics AX – Microsoft Dynamics AX 2012 R3 provided access to Management Reporter Report Designer via a menu item. The Management Reporter Report Designer application was launched separately and the report was generated outside of AX in a desktop or web viewer. In the New Microsoft Dynamics AX, financial reports are available within the General Ledger area and can be generated without leaving AX. Also, several default MR reports are provided for use. The Report Designer is still available to edit the default report designs or create new report designs to fit a company’s needs. Report options, such as changing the base period or base year for the report, are available to change from within AX instead of having to open the MR Report Designer as in previous versions. This provides a viewer of the report the opportunity to change filter criteria without requiring access to the Report Designer.
- Analyze Financial Data using the Monitor Financial Performance Content Pack from Power BI -A connection to the available Power BI content packs can be easily configured in the New Microsoft Dynamics AX for easy access to key financial data such as cash balances, YTD revenues, YTD profits, profit margins, and total expenses. The information is displayed in easily understandable visualization tiles that can be attached to workspaces in AX. This eliminates the manual effort needed to gather data from different functional business areas and combine into a consolidated document for review. Combined with the mobile capabilities of the New Microsoft Dynamics AX, this information can be made available anywhere.