End-of-month becomes easier with AX in that its fully integrated system allows the luxury of always having your ledger and sub-ledger in balance for Inventory, Accounts Payables, and Accounts Receivables.
Month-End Close Almost Disappears Because of Real- Time Financial Reporting
Real-time financial reporting is provided throughout the month and allows for reaction during the month. Additionally, some one-time set-up items completely replace the need for any processing at month-end for:
- Recurring journal entries (reversing for accruals and non-reversing)
- Consolidation for corporate roll-ups
- Inter-company transactions
- Preloaded budget(s) and reforecasts
- Scheduled automated daily business processes that allow for doing “a day’s work in a day”.
Dynamics AX Business Logic Functionality
Dynamics AX business logic allows tasks to be automated, which gives you and your controller visibility on up-to-date information on-premise or in the cloud. As a result, the close procedure is then limited to completing the last days’ business activities such as:
- Completing a bank reconciliation
- Running a few reports to verify all applicable transactions are closed
- Restricting the proper modules from allowing further postings
- Running, reviewing, and displaying the financial statements for easier viewing
The architecture of Dynamics AX alongside the ability to configure the system to the reporting needs of the business gives you the flexibility that you could close your period in just one day. Most organizations do not elect to achieve this in such a short period, but Dynamics AX customers are always pleasantly surprised with the ease of the process.
This is of vast importance as you don't want to lose good employees to bad processes. Your accounting and finance staff at your company contains some of the best and brightest minds. By relieving these individuals of the need to do time consuming repetitive tasks and/or putting out system fires, they are free to have:
- Better work-life balance
- Higher job satisfaction rating
- Greater participation in strategic operational functions and discussions within the business
Clients First specializes in simplifying business processes using ERP systems like Dynamics AX, NAV, and Acumatica. We are a Microsoft Gold Certified Partner that implements new technologies in innovative ways to make your work life easier. If you are interested in working with Clients First Texas, please contact us at 800.331.8382, or email firstname.lastname@example.org.