From improved business insights to streamlined processes, the Microsoft Dynamics suite of products offers a wide array of benefits. Users of systems ERP and CRM systems like Dynamics 365 Business Central, Dynamics 365 Finance and Operations, and Dynamics 365 Customer Engagement enjoy:
Lower operational costs through streamlined business practices
Enhanced collaboration between users sharing data through contracts, requisitions, and purchase orders
A common user experience across several business functions
High data integrity and lower risk via financial controls
Constant infrastructure with all business activities sharing the same look and feel
But when pulling data from your ERP into Microsoft Excel and using static spreadsheets for month end close, finance teams can run into obstacles when the time comes to manipulate or scale information. This leaves these finance professionals crunching data to meet deadlines, resulting in insufficient time for vital data analysis.
When Static Spreadsheets Aren’t Enough
With monthly usage up 30% annually, Excel is among the most ubiquitous programs used in finance and accounting. But time-consuming manual tasks, like dumping static data into Excel, negatively impact the finance department’s ability to extend their analysis past base-level reporting. With static spreadsheets, important reporting tasks run into setbacks such as:
Time wasted on manual data exports and manipulation
Lack of data integrity
High risk of human error
Complicated processes to stitch together ERP data
Heavy reliance on IT or technical experts to produce custom reports
Once data is exported from Dynamics, it immediately becomes stale, losing the real-time quality of the information living in your ERP. If changes need to be made to the data after exporting, it can be a time-consuming process.
insightsoftware’s 2021 Finance Team Trends Report reveals 46% of financial professionals are unable to do their jobs fully because of the time it takes to complete manual reporting tasks. Further, using manual spreadsheets for planning lacks the flexibility to easily model different scenarios for strategic analysis.
Risks of Leaning on IT
These problems are further exacerbated by heavy reliance on already-taxed IT departments. When finance departments are tasked with creating custom reports, from company-based KPI reports to ad-hoc requests, out of the box reporting tools from Microsoft Dynamics can be hard to manipulate by untrained users. All too often, creating the reports you need requires programming knowledge, a deep understanding of the underlying Dynamics data structures, and SQL coding.
Many companies lean on IT to complete these essential reports or even outsource to consultants. Creating financial reports is often not a top priority for IT departments. Due to the complexity of maintaining communication with outside consultants, report creation can take weeks.
Incorporating a Solution
When hampered by manual processes, inflexible native reporting tools, and reliance on IT departments, month-end close can stretch from days to weeks. That’s why it’s critical to implement a software solution custom-tailored to the challenges that finance professionals face on a daily basis. When incorporating technology that simplifies, streamlines, and gives you access to real-time information from your ERP, you can:
Gain more insights from your data
Remove IT dependency
Shrink reporting cycles and effort in preparing analysis, reports, and visualizations
Introducing Jet Reports
One solution custom made to meet the needs of financial professionals is Jet Reports. The software is purpose-built to enhance the Microsoft Dynamics ecosystem, eliminating reporting errors, cutting the cost of programming reports, and removing the need for IT departments and consultants. With Jet Reports, you can access data from your ERP via Excel in a real time, refreshable format. That way, your information is never out of date.
Jet Reports enables you to drill down into transaction-level data anywhere, anytime. Easily open, view, and share secure reports through Excel online or the Jet hub. Key benefits of Jet Reports for Microsoft Dynamics include:
Access to real-time data. Real-time integration with your ERP puts you in control, giving you a single source of truth with information you can trust. You can be confident your decisions are based on consistent, reliable, and accurate information.
Easy to install and easy to use . Install in hours and see immediate value thanks to an intuitive user interface, deep integration with Microsoft Dynamics, and self-service systems that enable business users to get up to speed quickly without having to rely on IT.
Data security. Jet reports uses the same security features as Microsoft Dynamics reporting tools, ensuring that your company’s and clients’ sensitive information will remain secure from potential threats.
Results Don’t Lie
Websan is a renowned customer service and software solutions provider. When its Dynamics-based clients needed more flexibility than their out of the box reports provided, they partnered with Jet.
WebSan has integrated Jet Reports as part of its standard offer to clients, which saves customers days of financial reporting work. WebSan also developed a library of best practice reports to ensure their client’s success and to accelerate their implementation process. With Jet Reports, Websan’s clients were able to easily analyze data at a depth that was simply not possible with their previous BI tools.
Microsoft Dynamics provides financial professionals with vital insight in a way that lowers costs and encourages collaboration. But many finance teams still experience unnecessary delays when completing manual processes surrounding more advanced data analysis and reporting. However, there is an easy solution at hand. With the help of software solutions like Jet Reports, financial professionals are empowered to create reports with refreshable, real-time data that helps them meet deadlines while freeing up time for deeper analysis.
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