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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Dynamics AX is coming to the end of its lifecycle. Businesses worldwide are looking for the best cloud migration, and many opt for Dynamics 365 to make themselves future-ready.

DemandDynamics is an established Microsoft partner with many years of experience and a solid team of experts in cloud-based ERP solutions. They will take the time to fully understand your business needs and devise a customized migration plan. Our on-demand services allow you flexibility and cost savings as you only pay for the services you use.

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