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.

What Financial Reports Are Available in D365BC?
D365BC is rich in reporting. Companies that have fully satisfied their reporting needs with D365BC belong to different industries and sectors, including: agriculture; construction; education; finances; food & beverage; hotel & hospitality; HR; IT; marketing; healthcare; mining; non-profit; oil, gas & renewable sources of energy; supply chain, etc. that used D365BC for reporting and other ERP purposes.

Some companies are using D365BC side by side with their legacy ERP system specifically because D365BC meets their financial reporting needs.

Financial reports in D365BC are run as is; new reports can be created or the existing ones can be enhanced in terms of their function and appearance. Reports are created easily and without any development (programming) or code knowledge. Below are just some of the 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)

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 chosen, the results are going to be displayed immediately or within several seconds. For large databases (e.g. a complex report structure with millions of records), running a report may take some time; however, reports can be scheduled to run at night or at any convenient time.

It is also easy to create financial reports in D365BC. For example, it takes about 5 minutes to create a custom balance sheet or income statement 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 makes using the experience with D365BC tools pleasant and the resulting reports efficient and effective.

Report Export Formats
This section discusses in what formats financials reports in D365BC can be exported. It is worth mentioning that exported report display the filters (e.g. the date, the department(s), etc.) that have been applied which makes work with the produced reports convenient.

Below are the available export formats:
      1) Screen – reports can be viewed on the screen (desktops, laptops, mobile devices). Numbers in reports can be drilled in to see what they are made of (e.g. what invoices have contributed to the current revenue amount, etc.).
      2) Excel – simple or pivot format; creating a new Excel file or updating 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 formatting, additional formulas and supplementary data.
      3) PDF – including with alternating shading to be able to follow each line of the report easily. PDF files are appropriate for sharing with external stakeholders. A place for manual signature can be designated on a report (Account Schedules).
      4) Word (DOCX) – this format is convenient for further editing of report appearance.

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

▫ free new features (Cloud / SaaS);
▫ copy reports from existing ones;
▫ mix rows and columns of different reports;
▫ show opposite sign (e.g. for revenue);
▫ easy formatting: bold, underline, etc.;
▫ 1:1 or combine G/L Accounts per line;
▫ show / hide rows;
▫ unlimited number of reports and runs;

▫ fast to handle;
▫ abundant training materials;
▫ fresh data immediately;
▫ easy to learn new functions;
▫ clear & professional layout;
▫ permissions can be tightened;
▫ can be combined with Power BI, etc.
Bottom Line
Microsoft Dynamics 365BC has a variety of financial reports to be run and different tools to create and enhance different aspects of reports to meet objectives of a company efficiently and effectively. The variety of reports, the flexibility and simplicity of reporting tools in D365BC have been appreciated by companies in different industries and sectors. D365BC financial reports can be exported in Excel, PDF and other formats. A number of additional functions help work with D365BC reports easily, quickly and productively.

At Edocation, our goal is to help Canadian companies take full advantage of D365BC financial reporting capabilities. Our specialists provide training, consultations and prepare tips & tricks handouts. If you have questions about Microsoft Dynamics 365 Business Central, contact us.