Unlock Next-Generation Financial Analytics and Reporting with Microsoft Dynamics 365 Business Central

In an era where CFOs are expected to drive growth and navigate complexities, a comprehensive understanding of business performance is more crucial than ever. By adopting a data-driven approach, finance leaders not only gain greater visibility into their operations but also empower the entire organization with actionable insights. This fosters smarter, secure decision-making across daily workflows, fueling better business strategies.

A recent white paper, 9 Emerging Trends for the Futurist CFO, reveals that over 50% of the trends expected to influence finance departments in the coming years are centered around data and reporting.

If you asked Microsoft Copilot: What are the top three challenges that CFOs in small and medium-sized businesses face in 2024 that could be improved through internal reporting? you might receive this response:

1. Economic Uncertainty: CFOs must make quick, informed decisions in response to global economic fluctuations. Comprehensive financial reports provide vital insights, enabling accurate forecasting.
2. Cost Management: Controlling costs is essential for profitability. Internal reports identify inefficiencies, helping CFOs implement cost-saving measures without compromising quality.
3. Performance Measurement: Monitoring the performance of departments and projects is key to strategic planning. Internal reports deliver essential KPIs, allowing CFOs to evaluate progress and make data-driven decisions.

Turning Insight into Action

How can CFOs translate this advice into practical steps? By breaking analytics down into manageable tasks. The Business Intelligence (BI) Triangle provides a model for mapping specific analytics scenarios to the right tools, making data accessible and actionable across your organization.

The BI Triangle: Aligning Scenarios with Tools

Finance leaders often face challenges when it comes to accessing, analyzing, and presenting data in a way that meets the diverse needs of their teams. Microsoft Dynamics 365 Business Central addresses this by offering a flexible suite of analytics tools that allow CFOs to harness data for smarter decision-making.

The BI Triangle is your guide to selecting the best tool for your financial analytics needs. This framework consists of four core analytics tools:

• Microsoft Power BI Finance Reports: These out-of-the-box reports offer interactive, visually stunning dashboards with customizable metrics. Power BI provides a comprehensive view of finance KPIs, enabling you to dive deep into your data and share insights with ease. The 2024 release wave 2 brings even more powerful updates.
• Financial Reporting: With no-code capabilities, this tool simplifies the creation of tailored financial statements like balance sheets and income reports. Customize reports to match your business needs with a straightforward interface.
• Ad-Hoc Data Analysis: Built directly into Business Central, this tool allows for quick, on-the-fly data filtering, grouping, and pivoting. When standard reports don’t cover your specific needs, drill into the details or export data to Excel for further analysis.
• Excel Finance Reports: For those who prefer Excel, Business Central provides pre-built Excel reports. These reports let you manipulate financial data, create visualizations, and apply advanced formulas, offering the flexibility to customize your data presentation.

All tools within the BI Triangle are fully integrated with Business Central and share the same data source, ensuring seamless transitions between platforms.

Access Power BI Reports on the Go

One of the key advantages of Power BI is its accessibility across multiple devices. Whether you're in the office, on the road, or at home, the Power BI app allows you to view and interact with your reports, receive notifications, and monitor your business performance from anywhere.

The 2024 release wave 2 will include over 70 reports covering finance, sales, purchasing, inventory, and project management—offering even more ways to analyze your business data.

Track KPIs and Get Alerts in Microsoft Teams

Power BI allows you to create and monitor key performance indicators (KPIs) from your financial reports. Set targets and thresholds for your KPIs and receive alerts through Microsoft Teams when those thresholds are crossed—ensuring that you're always informed and ready to take action when needed.

Get Executive Summaries with Copilot in Power BI

Harness the power of AI with Copilot in Power BI, a conversational assistant that helps you derive insights from your data using natural language. Ask Copilot for an executive summary of your financial data, and receive quick, concise insights—perfect for busy finance leaders.

You can ask questions such as, "What was my net income last quarter?" or "How does this year's cash flow compare to the previous year?" Copilot will analyze your data and provide relevant, easy-to-understand answers in the form of charts, tables, or text.

Business Central's Full Suite of Analytics for the Data-Driven CFO

Business Central’s capabilities extend beyond Power BI, offering additional features to support data-driven decision-making:

• No-Code Financial Reporting: In the 2024 release wave 2, Business Central introduces new templates for no-code financial reporting. Customize statements like balance sheets and cash flow reports easily, drill down into detailed data, and export your reports to Excel or PDF for sharing with stakeholders.
• Copilot in Dynamics 365 Business Central: Explore your finance data using natural language with Copilot in Business Central’s analysis assist. Uncover trends and insights faster, making financial analysis more efficient.

Unlock Business Central's Full Analytical Potential

As the role of the CFO continues to evolve, leveraging data for strategic decision-making is essential. Dynamics 365 Business Central empowers finance leaders with versatile analytics tools that drive data-driven decisions and optimize business performance. Whether you need to quickly explore data, conduct in-depth analysis, or utilize familiar tools like Excel, Business Central has the solution. Seamlessly integrate with other Microsoft products, such as Teams, to enhance collaboration and streamline communication—keeping your organization informed and agile.

Learn more about Dynamics 365 Business Central: Microsoft Dynamics GP | Business Central | Dynaworx