Business Central reporting can be challenging for multi-company environments.
Moving to Business Central presents unique financial reporting challenges for finance teams tasked with multi-entity reporting. At a base level, the financial data for each company/entity remains separate and those preparing financial statements have a difficult time consolidating the data for the myriad of reporting needs. Although the consolidation module can help, there can also be problematic compromises, such as the loss of the important audit trail.
Companies experiencing these types of pains are seeking add-on solutions to simplify their financial reporting challenges. Although the three case studies below represent three very different industries, their common goal was to find a better, easier solution for their
In all three scenarios, the chosen solution was FYIsoft’s
Inside Tips on Successful Business Central Reporting for Multi-Entities
Business Central Reporting Case Study: Multi-Store Retail
A long-time Dynamics Great Plains (GP) customer, the company made the strategic decision to migrate to Dynamics 365 Business Central (BC). This migration meant many changes for the accounting department, including the need for a new financial reporting system.
“We had been using Management Reporter with GP, but because Management Reporter isn’t an option with Business Central, we needed a new solution,” shares the corporate controller. “The reporting options that came with BC lacked what we needed. One option was an Excel-based solution but as the controller recalls, “It was a step down – we needed something more.”
Among the criteria for new financial reporting software was the ability to design reports that reflected the company’s business structure. “Business Central reporting options did not allow us to do that. At the very least, we needed the ability to mimic our current reports, which included Balance Sheet, Cash Flow, P&L statements for our various locations, gross profit reports, and payroll reports.”
Upon the advice of a trusted confidant, the controller began looking into FYIsoft’s financial reporting software, ReportFYI®, and found everything she was looking for to simplify Business Central reporting, and much more.
FYIsoft’s automation power is designed to handle complex multi-entity reporting needs that Business Central’s lower-end reporting options could not handle. And because ReportFYI is similar to Management Reporter, the learning curve and disruption are minimal.
“When I saw the software, the ability to keep our existing reports and create new ones, and the great support offered by FYIsoft, I was confident that this was the right solution for us. I definitely recommend FYIsoft.”
Business Central Reporting Case Study: Multi-Entity Healthcare Organization
Financial reporting for the company’s 80 entities is complex, which was a priority concern for the controller. The finance team had become expert users of Microsoft’s reporting software, Management Reporter, a tool that had been weaved into the team’s monthly financial close processes. However, since Management Reporter is a legacy product and not available in the cloud, it would no longer be an option.
It was time to find a new financial reporting engine for Business Central – one that would fill the gap that Management Reporter was leaving and bring minimal disruption to the finance team.
Beyond having a report structure that is similar to Management Reporter and therefore easy to learn, the additional functionality of ReportFYI immediately made the reporting process even easier and faster for the finance team.
“The biggest improvement we noticed was with the report generation process. With Management Reporter, there was still a lot of manual work after we ran reports, e.g., going into the report viewer system, printing out PDFs and XLS statements, and emailing or sending them out to all of our groups.”
“With ReportFYI, we simply build all the reports and set up the packages based on how they’re actually used (the reports, who has access to each, formatting…everything right down to the names we want to add to each report), and it’s just a click of a button to create and send everything. We were able to cut our report generation and distribution time by at least 50 percent, if not more.”
Business Central Reporting Case Study: Multi-National Manufacturing Company
The company’s US headquarters relies on an on-premises version of Sage ERP, with Sage Intelligence as its reporting tool. Across the globe, its European operations run on cloud-based Microsoft Business Central (NAV).
Before every monthly close, the accounting team would need to pull a trial balance from NAV, and then import the data into Sage for reporting. When adjustments were needed, the process would repeat. But that wasn’t the end. The team still had multi-currency issues to deal with, which they converted manually.
“With our different ERPs, we could not consolidate the numbers effectively,” shares the CFO. “There was a lot of manual work to get it into one consolidation package. It was a process that took weeks for every month-end close.”
FYIsoft uniquely offered an entirely integrated system that pulled data directly from the general ledger (or multiple GLs, as in this case). That data could then be called directly to its reporting, analytics and budgeting modules, which meant an end to much of the inefficient, manual work.
Within weeks of going live, nearly all of those complex reporting requirements had been automated.
“With FYIsoft, we automated the entire process, eliminated nearly all of the manual tasks, and reduced our month-end close cycle significantly.”
If you are a multi-entity company and are struggling with Business Central reporting, schedule a