5 key finance tools in Dynamics AX 7

5 key finance tools in Dynamics AX 7

Article
Published on
Dec 22, 2015

The new Microsoft Dynamics AX 7 is packed full of functionality for financial and project management.

With multi- territory, currency and regulatory operations it’s never been more important to have all critical data in a single, instantly accessible place. Leveraging the data for deeper business insights and better anticipation of needs can create competitive advantage. The new Microsoft Dynamics AX 7 brings the solid financial fundamentals of previous Dynamics AX versions together with Microsoft Power BI, Azure Machine Learning and the Cortana Analytics Suite.

Here are 5 key financial areas of functionality offered in Dynamics AX 7:

1. Budget planning and control

With Microsoft Dynamics AX 7, budget planning is made straightforward. Use the built-in wizard to create a budget plan worksheet for Microsoft Excel. Customise the flexible configuration options to your organisation’s unique budget management requirements. Instantly calculate available budget funds, pool budgets, and budget workflows for review and approval.

2. Financial reporting

Custom reporting structures are supported, with mapping of ledger accounts or dimensions. Boardroom-standard financial statements and reports can be created and published to multiple channels and formats straight from the desktop. Both transactional and analytical reports can be embedded in customisable dashboards, providing instant insight into the business’ financials.

3. Compliance and internal controls

Management Reporter in Microsoft Dynamics AX 7 supports the consolidation of multiple legal entities with differing chart of accounts and fiscal periods. The Compliance Centre manages internal controls and organisational processes, and helps ensure adherence to laws, regulations, policies and business rules.

Use Database Logging and Audit Trail to monitor and trace compliance related data fields and tables, and receive alerts for any changes made. Create workflows to automate processes for greater speed and consistency.

4. Financial workspaces

Accessed through the Dynamics AX 7 dashboard, Workspaces bring together all processes, tasks, business intelligence and people required to carry out specific activities or user-customisable roles.

Microsoft Dynamics AX 7 offers a number of preconfigured Workspaces, such as customer invoicing, financial period close, general journal processing, ledger budgets and forecasts, vendor invoice entry, and vendor payments.

5. Project resource and schedule management

The new Dynamics AX 7 provides end-to-end project management with enhanced capabilities for finding, matching and assigning available resources; for tracking schedules, costs and manpower utilisation; and for capturing, distributing and approving project time and expenses.

Microsoft Dynamics AX 7 provides greater visibility of costs and resources across legal entities and divisions. Integration with Microsoft Project Server allows the creation of complex projects of any size with hierarchies of multiple sub-projects, and synchronisation with Office 365 for collaboration and sharing of project information.

This is just a small selection of the functionality offered in the new Dynamics AX 7. The latest generation of Microsoft’s premier enterprise resource planning solution enables you to place all your financial and project management processes on a single, unified platform.

The new Dynamics AX 7 provides a real-time view across your entire organisation. It streamlines internal cost accounting and currency translation, and manages the relationships between subsidiaries and the parent organisation.

With Power BI now integrated as the native business intelligence, users can now deploy and customise a ‘Monitor financial performance’ content pack to provide deep-level analytics of financial data and take advantage of the 22 out-of-the box financial reports.

The new role-tailored Workspaces drive productivity, and the browser-based client offers a familiar interface that is easy to learn and operate.

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Written by
Simon Barrett

A native of London and a graduate in economics, Simon began his marketing and PR career in the music and film industries. Simon is fascinated by the compelling ideas that shape our future and communicates them with passion.