3 Great Finance Management Updates in Dynamics AX 7
Posted on: August 31, 2016 | By: Craig Thompson | Microsoft Dynamics AX/365
The release of Dynamics AX 7 or “The New Microsoft Dynamics AX” brought many exciting updates and capabilities, especially for finance professionals looking to expand their reach. As a finance leader, it is crucial for you to be able to monitor your business effectively without spending unnecessary time completing redundant tasks within your ERP system. Luckily, AX gives users the ability to pull data from various locations and bring them to life in one singular workspace. Below are 3 great finance management updates that can help you take your practice to the next level.
Budget Planning and Control
With The New Microsoft Dynamics AX, users are no longer restricted by a singular budget planning document. Instead finance professionals have access to an unlimited number of budget planning layouts. Users can combine dimensions, user defined columns and other misc. rows while still having the flexibility to switch layouts whenever you see fit. In addition to these simplifications, you'll also have the ability to instantly calculate budget funds, pool your budgets & review workflows and much more. AX 7's finance management update allows users to integrate with Excel to give you full access to the resources you need most. Budget planning in The New Microsoft Dynamics AX is easier to use and more powerful than ever.
Project and Schedule Management
With AX 7's Work Breakdown Structures (WBS) templates, planning your next big project has never been easier. This feature allows users to create your own hierarchical WBS for more detailed control and the ability to more quickly plan common types of projects. Users have the ability to match work requirements with available resources as well as schedule tasks based directly off of skill set, project experience, education, certification, etc. so that you can be confident that you are getting the best results every time. AX 7 gives users an enhanced view of the variables that they need and as a result makes staffing and project management decisions far more effective.
Ease of Compliance
For finance professionals, being sure that you are in constant compliance with industry, corporate and national regulations is a big pressure point, especially when standards can change without a lot of notice. Luckily, with the help of Dynamics AX's Compliance Center updates, documents for processes, tasks and activities are automatically created within your task recorder. Managing the implementation and execution of internal controls, a once timely operation, is done quickly and efficiently. Get approval information for user-defined compliance control processes electronically and actively monitor data changes with reports so that you and your employees are constantly in the loop.
Microsoft Dynamics AX 7 is a powerful tool that is trusted by many financial professionals to ensure effective and accurate business activities and transactions. Think that The New Microsoft Dynamics AX 7 could be a good fit for your business? Contact your Chicago based Dynamics AX Partners to schedule a consultation or visit our Reference Library for a complete description of new, changed or deprecated features in AX 7 as well as a helpful finance factsheet to get you started.
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All the best!
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