Exploring Financial Reporting and Analysis

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Microsoft Dynamics AX 2012 Financial Management

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Get to grips with how to successfully use Microsoft Dynamics AX 2012 for financial management with this concise and practical reference guide

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by Mohamed Aamer | November 2013 | Enterprise Articles

In this article by Mohamed Aamer, author of Microsoft Dynamics AX 2012 Financial Management, we will learn about financial management as the core foundation of enterprise resource planning (ERP) is the financial management, it is vital to comprehend the financial characteristics in Microsoft Dynamics AX 2012 from a practical perspective engaged with the application mechanism. It is important to cover the following topics:

  • Understanding financial management aspects in Microsoft Dynamics AX 2012
  • Covering the business rational, basic setups, and configuration
  • Real life business requirements and its solution
  • Hints of implementation tips and tricks, in addition to the key consideration points while analysis, design, deployment, and operation

(For more resources related to this topic, see here.)

The financial reporting is one of the basic implementation corner stone. The main principles for reporting are reliability of business information and the ability to get the right information at the right time for the right person. Reports that analyze ERP data in an expressive way represent the output of the ERP implementation; it is considered the cream of the implementation, the next level of value that solution stakeholders should target for. This ultimate outcome results from building all reports based on a single point of information.

Planning reporting needs for ERP

The Microsoft Dynamics AX implementation teamwork should challenge the management's reporting needs in the analysis phase of the implementation, with a particular focus on exploring the data required to build reports. These data requirements should then be cross-checked with the real data entry activities that end users will execute to ensure that business users will get vital information from the reports. The reporting levels are as follows:

  • Operational Management
  • Middle Management
  • Top Management

Understanding the information technology value chain

The model of a management information system is most applicable to a businesses' Information Technology (IT) manager or Chief Information Officer (CIO). Business owners likely don't care as much about the specifics as long as these aspects of the solution deliver the required results. The basic layers of the value chain are as follows:

  • Infrastructure
  • Database Management
  • Business Processes
  • Business Intelligence
  • Frontend

Understanding Microsoft Dynamics AX information source blocks

In this section, we will explore the information sources that eventually determine the strategic value of BI reporting and analytics. These are divided into three blocks:

  • Detailed Transactions Block
  • Business Intelligence Block
  • Executive Dashboard Block

Discovering Microsoft Dynamics AX reporting options

The reporting options offered by Microsoft Dynamics AX are as follows:

  • Inquiry Forms
  • SQL Reporting Services (SSRS) Reports
  • Original Transaction
  • Original Document
  • Audit Trail

Reporting Currency

Companies report their transactions in a specific currency that is known as accounting currency or local currency. It is normal to post transactions in a different currency, and this amount of money is translated to the home currency using the current exchange rate.

Autoreports

The autoreport wizard is a user-friendly tool. The end user can easily generate a report starting from every form in Microsoft Dynamics AX. The autoreport wizard helps the user to create a report based on the information in the form and save this report.

Summary

In this article, we have covered financial reporting from planning to consideration of reporting levels. We also covered important points that affect reporting quality.

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Microsoft Dynamics AX 2012 Financial Management Get to grips with how to successfully use Microsoft Dynamics AX 2012 for financial management with this concise and practical reference guide
Published: November 2013
eBook Price: $23.99
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About the Author :


Mohamed Aamer

Mohamed Aamer is a Microsoft Dynamics AX Support Engineer for EMEA region with Microsoft, Egypt. In 2013, he was awarded Microsoft Dynamics AX MVP, and is the first AX MVP in the Middle East and Africa. His main focus is on implementing Microsoft Dynamics AX to fit customers' needs. He uses his time to understand customer business cycles and solve customer business problems through a combination of business process re-engineering and utilization of the application functionalities. He is a Microsoft Certified Professional (MCP) specialized in financial management and supply chain management. In addition to this, he is a Microsoft Certified Trainer (MCT).

Mohamed has varied consultation experience in dealing with Microsoft Golden Partners and Microsoft customers. He has worked as a consultant in many industries such as Retail Fashion, Retail Electronics, Cement Manufacturing, Trading, and Ready Mix. He has carried out multiple implementations of Microsoft Dynamics Retail Management System and Microsoft Dynamics AX in numerous capacities, such as Project Manager, Solutions Architect, and Lead Consultant. His consulting skills are complemented by his business, management, and interpersonal skills.

He is also a column author of AX-Excellence at MSDynamicsWorld.com community, an official blogger at Microsoft Dynamics Community, and a blogger on his own blog www.blog.mohamedaamer.com. He delivers evangelizing sessions to Microsoft Student Partners (MSPs) to introduce Microsoft Dynamics AX and Microsoft Dynamics Sure Step to them. He has been ranked in the top 100 influential people in DynamicsWorld.co.uk for two consecutive years. He has obtained other badges from Microsoft, such as Microsoft Community Contributor (MCC) and Microsoft Dynamics Community Expert.

When not working on complex business processes, he attends live Sufi shows and music concerts.

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