Microsoft Dynamics AX is an ERP solution that helps businesses across industries expand from one entity to a global organization. It provides a unified view of the business, which boosts the finance team’s performance and keeps everybody well-connected and well-informed about their financial stature. With Dynamics AX, the finance division can coordinate with sales, service, inventory, and many more departments. It helps break down silos so that different teams across countries and departments become united, and it allows them to build a strong global business.
Financial modules of Dynamics AX
Accounts receivable
This module helps employees view and manage client details such as payment options, time for revenue collection, and more. Global businesses handle multiple currencies and multi-business entities for accounting and reporting, and a unified view of all branches improves organization decision-making and financial health management.
Accounts Payable
With this module, the finance team can view and manage vendor transactions. Custom criteria can be created for each vendor (group), such as limiting the maximum purchase cost, suggesting alternate payment methods, and scheduling.
Fixed assets
This module allows you to track all financial assets using multiple techniques to find the current asset value. It makes choosing the depreciation method that best suits the business easy. Asset document review becomes simple, and you can group and track assets for accurate forecasts of the asset lifecycle.
General ledger
The general ledger provides an aggregated view of module businesses’ critical financial information and options to drill down into the transactions. Automation within the module helps reduce the time manually spent on calculations and allows teams to focus on improving their financial decision-making.
International business capabilities
Dynamics AX supports international currencies and languages to facilitate global business transactions. In addition, the platform seamlessly integrates with third-party websites and automatically specifies currency exchange rates. If the countries where the business operates use different fiscal calendars, they can configure the module to keep track of those countries and the divergent calendars for reporting purposes.
Project management and accounting
Without project management, the rollout rates of projects and ROI can take a nasty hit. The Dynamics AX module ensures that projects happen on time within the planned schedule, budget, and requirements. A unified dashboard enables businesses to identify projects at risk of being delayed and can better shape how the company uses its time and resources.
Budgeting
Your available funds are visible within the budget module, which makes creating a new budget effortless. You can make changes to the budget and create reports for easier tracking of budget history.
Cost accounting
Fixed and variable costs and critical expenses can be closely monitored. This module deduces all cost-related information while you stay in control of business expenses and helps you forecast expenditures.
Cash and bank management
Deftly maintain all business bank accounts and financial instruments such as checks and deposit slips for various legal entities.
Human resources
Dynamics AX makes it possible to manage employees, help them increase productivity, and improve business revenue. The employee performance evaluation function helps the human resources team act with employees when needed.
Procurement and sourcing
Streamline the purchasing policy in Dynamics AX with this module. Receive regular updates about vendors and agreements.
Product information management
Product information management is a platform to store all product-related information to promote an efficient workflow. The finance team has quick access to all product information to correlate images, details, and information about each product’s location.
Service management
This module makes Client inquiry, order, and subscription management possible. It allows you to create resource allocation guidelines for specific clients, offers a detailed overview of how clients receive invoices, and periodically monitors the response time.
Achieve Cloud Migration Clarity with LevelShift
Dynamics AX is coming to the end of its lifecycle. Businesses worldwide are looking for the best cloud migration, and many opt for Dynamics 365 to make themselves future-ready.
LevelShift is an established Microsoft Solutions partner with many years of experience and a solid team of experts in cloud-based ERP solutions. We take the time to fully understand your business needs and devise a customized migration plan. Our on-demand services allow flexibility and cost savings as you only pay for your services.
For more information about migration or our other services, reach out to one of our experts!
