Further, recent reports outline that while 52 percent of CFOs are concerned about revenue growth within the organizations they work for, 37 percent are worried about complying with regulatory changes and 25 percent find it more and more difficult to meet quarterly financial goals. Thus, being a CFO isn’t easy. Yet, an increasing number of corporate executives responsible for financial control and planning meet their targets. How do they do this?
The Solution
Industry-specific ERP solutions, such as Dynamics AX, include tools that facilitate efficient management of various business areas, including finance. For instance, Dynamics AX financials, reporting and analysis can be used to get real-time insights into financial processes, automate procedures, consolidate and integrate finance data into various business activities and grab opportunities, such as credit facilities and supplier discounts, for increasing working capital.
With this solution at your disposal, you’ll also be able to see exactly what items are coming in and going out of your business, when and where, which makes possible efficient management of revenue and expenditure, order monitoring and stock control – three factors that play an essential role in developing accurate forecasts and budgets. But, Dynamics AX goes far beyond all these, also helping CFOs with:
- Cash Flow: Dynamics AX Financial Management supports specific cash flow operations, including liquidity analyses, cash flow forecasting and foreign currency management. In addition, this software solution includes an electronic payment option that not only enables you to authorize, make and import payments into the payment journal, but also gives clear visibility over accounts to allow you to manage business finances more efficiently. Financial Management also incorporates a Bank Management module that can be used to reconcile accounts, monitor and report deposits, make payments, verify balances on accounts and format checks.
- Financial Tracking: To ensure an accurate overview of cost and revenue flows, Dynamics AX provides all the tools you need to track transactions within and between your departments and subsidiaries. As well, AX can be used to track and record employee expenses as they occur (e.g. when employees must work at other offices or attend conferences), which is more efficient than drafting extensive expense reports at a later date. To support financial tracking even more, Dynamics AX now includes mobile apps that retrieve data from receipts captured with Smartphone cameras and send information to the office.
- Accounts Payables: Included in Dynamics AX financials, the Accounts Payable module delivers one of the best solutions you can get to receive, approve and track vendor invoices. Special functions included in this module automate invoice review, matching and policy submission so that all invoices meeting certain criteria are approved automatically. The system can also be configured to flag unapproved invoices for review by authorized users and to centralize payments, which means that payments can only be made from the headquarters or a subsidiary of your choice. Additionally, the Accounts Payable module supports multiple payment formats, including checks, electronic payments and promissory notes.
- Accounts Receivables: Financial Management in Dynamics AX facilitates accounting, billing and reconciliation procedures, which translates to a lower number of days for accounts receivables and improved cash flow, implicitly. Fully integrated with other modules included in Financial Management, the Accounts Receivable section allows CFOs to keep track of sales and incoming payments, create client groups and set up different payment options, prices, discounts, commissions, bills of exchange, etc. Depending on your settings, you can use the Accounts Receivable module to automate many tasks relating to customers and sales, which will save you a lot of time.
Dynamics AX financial modules provide all the instruments you need to deepen your financial management abilities, improve the efficiency of financial operations, solve various financial issues that hinder your company’s progress and make the right financial decisions every time. In conclusion, Dynamics AX is a user-friendly, efficient and secure software solution that can literally make your life easier.