We’re back with week 2 of our Top 5 things a CFO can do with Business Central!
I hope you enjoyed the first week and have been able to put some of the workflows into use. Or at least put it on your to-do list.
This week we’re going to be looking at how you can build out an awesome reporting structure in your system.
Now I know ‘reporting structure’ isn’t as exciting as seamless process integration using Power Automate. But, I promise, it’s worth carrying on reading. And to be honest, it’s stuff like this that will generate the right reporting for your business, and identify more detail than you might be getting from your current system.
Business Central has the concept of ‘Dimensions’ which are like analysis codes for your finances.
If you have BC already then ideally your partner went through this with you, but if not, or if you’re thinking of moving to Business Central, let me show you how they work.
Imagine a normal company might have a Chart of Accounts where they have, say code 5000 for salaries and payroll expenses. Then maybe they have code 5000 01 01 for Department Code 1 and Cost Centre 1.
This works to a degree, but it’s a bit clunky. If you also had 50000102 and 50000103 then reporting on salaries is a case of exporting the G/L and summing the codes. Or, if you just want to see all costs related to ‘03’ cost centre, then you have to export the G/L and remove all the non-03 related transactions.
This is what Dimensions fixes. Instead of having hundreds of G/L codes which makes reporting very difficult, you can just use ‘Cost Centre’ and ‘Department’ – or whatever you want – as Dimensions.
Dimensions, therefore, are a very powerful tool to enable detailed reporting with great drill-down and speed.
Join me next week where we’ll be talking all things collaboration. And please get in touch if you want to report quicker and easier with Business Central!
Don’t forget to head on over to Business Central HQ for all the latest Business Central top tips and how tos.