You pay a significant chunk of money for your chosen ERP system and expect it to address all of your business needs across various departments. Sounds fairly reasonable, right?
The problem is that a few weeks or months into your use of your ERP system (in this sample scenario, your Microsoft dynamics 365 for finance and operations or AX as it was previously known) you quickly realize that one system just can´t do it all.
Sure, your ERP system is integrated and makes inventory easier and straightforward. Your General Ledger and use of dimensions afford you a lighter chart of accounts and a more dynamic use of data categorizations for reporting and a certain level of budget control. However, you might also find that the reporting and budgeting side of things isn´t really at a level that´ll bring the needed agility to your business.
How come? There are so many examples but to keep this article light, we´ll just cite a few examples.
To start with, don´t get us wrong. Microsoft Dynamics 365 ERP system is really good and powerful and we´d recommend it in a heartbeat. It just can´t do everything as well.
When it comes to self-reporting, the available reports within the system usually do not fit the needs of the business and they oftentimes have to be heavily customized expending a lot of consulting money and hours.
Microsoft Dynamics 365 for finance and operations contains all the data, the biggest issue here is that converting them into a report in a good, easy, and sustainable way has to go through a third-party solution like Performance Canvas Financials.
Even bringing in new fields into current data set is extremely challenging and confusing.
When it comes to Standard process workflows – there is way too much flexibility for good and bad. There is one downside to this that we see, it could mean it is so easy to complicate and mess up this process if no stringent rules are in place by the user organization.
When it comes to Sales Ledgers – right now, the idea is that the company prepares a sales order for another company, not so much a company preparing a sales ledger for the same company or unit. If your business is not set-up this way, this is pretty much a useless module for you.
When it comes to the bank modules – reconciliations are hard because statements from banks are not directly uploaded unless it is in a specific format.
Lastly, if you have not used a third-party reporting and budgeting solution like Performance Canvas Financials, it´ll be hard for you to realize how much slower the performance is of dynamics 365 ERP when it comes to financial reporting and budgeting in comparison to a specialized reporting and budgeting software.
Few of the many reasons why Performance Canvas Financials is a strong SaaS reporting and budgeting software for dynamics 365 ERP users are:
- Strong integration with dynamics 365 ERP system
- Tried and tested Workflow and Approval Process
- User-friendly Financial Reporting Wizard for true self-service reporting
- Rigid Budget Control through a clearly defined and transparent Budget process
- Easier Comparisons between Actual and Historical Figures
- 98% better data quality
- Affords you instant access to decision-driving financial insights
- It has the ability to bring together various data sources for a seamless flow of information
- Unparalleled Performance
- Best Practices in Reporting, Budgeting, and Forecasting are enforced in the System
If you want to see proof of why Performance Canvas Financials is deemed the best SaaS-based reporting and budgeting software for dynamics 365 ERP users, book a demo by visiting www.performancecanvas.com or email firstname.lastname@example.org.
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