Easy & Quick Financial Reporting: Microsoft Dynamics 365 Business Central

Easy & Quick Financial Reporting: Microsoft Dynamics 365 Business Central

This article is about Microsoft Dynamics 365 Business Central (D365BC) software and its financial reporting capabilities. D365BC is an ERP (enterprise resource planning) system and is a part of Microsoft Dynamics 365 platform.

To learn more about D365BC, including its modules, its budgeting capabilities, the industries and sectors it serves, its license types and their prices and to estimate your implementation cost and savings, visit the corresponding page or contact us.

What Financial Reports Are Available in D365BC?
D365BC is rich in financial, inventory, project and other kinds of reporting. Companies from different industries and sectors have fully satisfied their reporting needs with D365BC. Most companies use D365BC for both operations and reporting (as well as all other ERP needs); some companies use their industry-specific (legacy) system for operations and D365BC for finances and reporting.

Reports in D365BC can be run as is; enhanced (in terms of both functionality and design); new reports can be created. Reports are created relying fully on the out-of-the-box tools easily and without any programming knowledge.

Below are some of the financial reports available in D365BC:

  • balance sheet;
  • income statement, incl. by month with a total;
  • trial balance;
  • year (quarter, month, etc.) to date;
  • budget to actuals, incl. by %;
  • cash flow, incl. forecasting;
  • cost accounting in great detail;
  • aged AP;
  • aged AR;
  • statement of retained earnings;
  • last year vs this year;
  • analysis (revenue & expenses) by: department, area (region, country, province/state, city, etc.), customer/vendor group, sales person, purchaser, project (Job), product/service line, Item, Resource (human and machine); etc.

Importantly, financial report numbers can be typically drilled into to see exactly what each amount is made of (e.g. invoices, General Journal Transaction, Bank Deposits, etc.), including all the details about the document behind those numbers (the Posting Date, Customer / Vendor, Document Number, User ID, etc.).

How Long Does It Take to Run or Create Reports in D365BC?
Running reports in D365BC is as easy as a click of a mouse. Depending on the size of the database and the filters (e.g. date, region, amount, G/L Accounts, departments etc.) that have been applied, the results are usually displayed immediately. For large databases (e.g. 20 years of data with millions of records) and complex report structures running a report may take some time; however, reports can be scheduled to run at night or at any convenient time.

It is easy to create financial reports in D365BC. For example, it takes only about 5 minutes to create a custom balance sheet, income statement or trial balance report. Companies wishing to create reports with a complex structure and exquisite appearance, may require more time. Edocation provides training on building reports with all D365BC implementations which enables users achieve all their reporting goals and makes their work pleasant and successful.

Report Export Formats
This section discusses in what formats financials reports in can be presented.

These are some of the available report formats:

  1. Screen – reports can be viewed on the screen (desktops, laptops, mobile devices) – as has already been mentioned, the amounts displayed can be drilled into for details.
  2. Excel – reports can be in plain or pivot format. Moreover, It is possible to create a new Excel file or to update an existing one. Sometimes it is convenient to update an existing file instead of creating a new one because the existing file can store all the formatting, additional (Excel) formulas and supplementary data (from a different system).
  3. PDF – these reports including can be set run with alternating shading so that users can easily follow each line. PDF files can be conveniently shared with external stakeholders. A place for a manual or electronic signature can be designated on a report (Account Schedules).
  4. Word (DOCX) – this format is convenient for further editing of report appearance (if necessary) or if companies prefer Word for some reports compared to other formats.
  5. Email – reports can be emailed right from the system.
  6. Print – it is also possible to send reports directly to a printer.

It is worth mentioning that exported reports display booth the data within the applied filters (e.g. the date, the department(s), the region, etc.) and the filters themselves which makes viewing and working with reports convenient.

Other Features
Below are some additional financial reporting functions in D365BC:

  • free new features (Cloud / SaaS);
  • copy reports from existing ones to create a similar report;
  • mix rows and columns of different reports to save time on creating new reports and for extra flexibility;
  • show opposite sign (e.g. for revenue) to display the data conveniently;
  • easy formatting: bold, underline, double underline, italic, etc.;
  • show data in the report from each G/L Account or combine multiple G/L Accounts per line;
  • keep the report line name same as the corresponding G/L Account name or change the name of the report line manually (e.g. if the line combines financial data from multiple G/L Accounts);
  • show / hide rows;
  • start a report section (e.g. assets, revenue, etc.) on a new page (e.g. print, PDF) or a new file tab (Excel);
  • create notes for a report;
  • add a link to a report (e.g. to a related file on SharePoint);
  • notify a User about a new report or notes on a report;
  • fast to handle;
  • unlimited number of reports and runs;
  • abundant training materials;
  • fresh data immediately;
  • easy to learn new functions;
  • clear & professional layout;
  • permissions can be tightened;
  • integration with Power Platform;
  • etc.

Bottom Line
Microsoft Dynamics 365BC has a variety of financial reports to be run as is or enhanced; a variety of tools can be used to create new reports fast and easily. The variety of reporting tools, their flexibility and simplicity of use enable companies in different industries and sectors to meet their reporting objectives fully, efficiently and effectively.

At Edocation, we work with companies to help them implement D365BC and take full advantage of its financial reporting capabilities. If you would like to discuss you ERP and financial reporting needs with one of our certified Microsoft Dynamics 365 Business Central consultants, contact us.