Under the microscope—Financial modules of Microsoft Dynamics AX
Microsoft Dynamics AX is an ERP solution that serves businesses across industries to help them expand from a single entity to a global organization. It provides a unified view of the business, which boosts the performance of the finance team and keeps everybody well-connected and well-informed about their financial stature. With Dynamics AX, the finance division can coordinate with sales, service, inventory, and many more departments. It helps break down silos so that different teams across countries and departments become united and it allows them to build a strong global business.
Financial
modules of Dynamics AX
Accounts receivable: This module helps
employees to view and manage client details such as payment options, time for
revenue collection, and more. Global businesses handle multiple currencies and
multi-business entities for accounting and reporting, and a unified view of all
branches improves organization decision-making and financial health management.
Accounts Payable: With this module, the
finance team can view and manage transactions with vendors. Custom criteria can
be created for each vendor (group), such as limiting the maximum cost for
purchases, suggesting alternate payment methods, and scheduling.
Fixed assets: This module allows you to
track all financial assets using multiple techniques to find the current asset
value and makes it easy to choose the depreciation method that best suits the
business. Asset document review becomes simple, and you can group and track
assets for accurate forecasts of the asset lifecycle.
General ledger: The general ledger provides an
aggregated view of critical financial information of module businesses along
with options to drill down into the transactions. Automation within the module
helps reduce the time that is manually spent on calculations and instead allows
teams to focus on improving their financial decision-making.
International business capabilities: Dynamics
AX supports international currencies and languages to facilitate
global business transactions. In addition, the platform seamlessly integrates
with third-party websites and automatically specifies currency exchange rates.
If the countries where the business operates use different fiscal calendars,
they can configure the module to keep track of those countries and the
divergent calendars for reporting purposes.
Project management and accounting: Without
project management, the rollout rates of projects and ROI can take a nasty hit.
The Dynamics AX module ensures that projects happen on time within the planned
schedule, budget, and requirements. A unified dashboard enables businesses to
identify projects at risk of being delayed and can better shape the manner in
which the company uses its time and resources.
Budgeting: Your available funds are
visible within the budget module, with which new budget creation becomes
effortless. You can make changes to the budget and create reports for easier
tracking of budget history.
Cost accounting: Fixed and variable costs can
be closely monitored along with critical expenses. This module deduces all
cost-related information while you stay in control of business expenses and
helps you forecast expenditures.
Cash and bank management: Deftly maintain
all business bank accounts and financial instruments such as checks and deposit
slips for various legal entities.
Human resources: Dynamics AX makes it
possible to manage employees, help them increase productivity, and improve
business revenue. The employee performance evaluation function helps the human
resources team take action with employees when there is a need.
Procurement and sourcing: Streamline
the purchasing policy with this module in Dynamics AX. Receive regular updates
about vendors and agreements.
Product information management: Product
information management is a platform to store all product-related information
to promote an efficient workflow. The finance team has quick access to all
product information to correlate images, details, and information about each
product’s location.
Service management: Client inquiry
management, order, and subscription management are possible with this module.
It allows you to create resource allocation guidelines for specific clients,
offers you a detailed overview of how clients receive invoices and monitors the
response time periodically.
Related: All you need to
know about the Microsoft Dynamics AX 2012 to Dynamics 365 upgrade
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