PrecisionPoint launches daily multi-currency consolidation reporting software

Andrew Mennie Product

20 November 2013: Business intelligence software provider, PrecisionPointhas today announced the availability of a new release of its PrecisionPoint business intelligence (BI) software which supports daily multi-currency consolidation for Microsoft® Dynamics AX 2012 users.

The PrecisionPoint BI software includes a Common Currency Module for those organisations that need to consolidate multiple balance sheet and profit and loss accounts in multiple currencies on a day-to-day basis, without waiting to run a month-end routine and without loss of detail or drill-down capability. The Common Currency Module has been available for Microsoft Dynamics NAV and AX for many years but today’s announcement now adds support for the latest version of MS Dynamics AX 2012.

PrecisionPoint is designed specifically for use with Microsoft Dynamics NAV and Microsoft Dynamics AX delivering business intelligence as an on-premise managed service, providing a low-cost, real-time deployment solution for any organisation’s reporting and analysis needs. PrecisionPoint’s software is built for mid-market organisations as an affordable solution for detailed, accurate business intelligence.

The PrecisionPoint Common Currency module allows multi-country organisations to consolidate reports that are in different currencies into a single common currency. The unique tool enables the use of different exchange rates depending on accounting standards or business needs, based on either a default standard or configured to meet the organisation’s specific financial reporting requirements.

Kevin Stanway, Business Intelligence Consultant at PrecisionPoint Software, comments, “Today’s announcement has been driven by requests from our customers who require sophisticated analysis and detailed ‘drill-down’ within their consolidation reporting. Multi-country, multi-currency businesses have basic functionality built into the MS Dynamics AX and NAV software that they use on a daily basis, it’s just that they can only consolidate on a summary level as part of their month-end routines.”

Stanway continues, ”Many of our customers have opted to use this Common Currency module because they need the enhanced capability to run consolidation of business reporting, on a daily basis, and then drill-down into the detail of those reports to take actions and decisions as a result. Something which they either could not do before or was only possible with a huge amount of manual effort.”

Stanway concludes, “Having the right accounting intelligence that is designed with accountants in mind, ensures that businesses operating in multiple countries are able to make informed decisions, on a day-to-day basis, armed with precise, accurate information that will provide trusted insight into cross-business performance.”