In the April 2023 wave release, Microsoft added Statistical accounts to Business Central. But for what is this functionality used?
What are Statistical Accounts?
Statistical accounts in the general ledger accounts improve analyses and progress tracking by letting you add a number-based statistical value to a separate ledger.
They are used to track non-monetary data, providing valuable insights for decision-making and analysis. These accounts capture quantities, units, or other statistical measures related to business activities. In turn, these can be used for reporting.
Now, let's delve into 10 use cases, each with a summary and examples from different industries.
1. Occupancy Rate Analysis (Hotel/Hospitality): Statistical accounts such as "Occupancy Rate (%)" and "Room Nights Sold" can be used alongside revenue figures and cost accounts to report on the financial performance of the hotel. By combining occupancy rates with revenue per available room (RevPAR) and cost of goods sold (COGS), a comprehensive analysis of profitability can be achieved.
2. Project Utilisation Metrics (Professional Services): Utilisation metrics like "Billable Hours Utilised" and "Project Hours vs. Capacity" can be paired with revenue accounts and employee cost accounts. This combination allows for reporting on project profitability, resource efficiency, and overall financial health by comparing billable hours against project budgets and associated costs.
3. Customer Demographics Profiling (Retail): Pairing demographic profiling accounts like "Male vs. Female Purchases" and "Customer Age Groups Distribution" with sales figures and inventory data enables retailers to generate reports that guide marketing strategies, inventory stocking decisions, and overall sales performance based on customer demographics.
4. Product Return Rates (E-commerce): Statistical accounts monitoring returns, such as "Return Rate (%)" and "Top Reasons for Returns," can be combined with sales figures and customer service costs. These figures help assess the impact of returns on revenue, identify areas for product improvement, and manage customer service resources effectively.
5. Employee Training Hours (Education/Training): Tracking employee training hours with accounts like "Training Hours per Employee" can be linked to training program costs and employee productivity. This pairing allows organisations to assess the return on investment (ROI) of training programs and measure their impact on employee performance.
6. Inventory Turnover (Retail/Manufacturing): Combine statistical accounts such as the "Inventory Turnover Ratio" with inventory valuation figures and cost of goods sold (COGS) to report on inventory management effectiveness. This analysis provides insights into stock performance, carrying costs, and potential areas for improvement in the supply chain.
7. Customer Support Response Time (Technology/Service Providers): Statistical accounts tracking response times, like "Average Response Time" and "Resolution Time for Support Tickets," can be paired with customer service costs and customer satisfaction metrics. This combination helps assess the efficiency of support operations and the impact on overall customer experience.
8. Energy Consumption per Unit (Manufacturing): Pairing statistical accounts for energy consumption, such as "Energy Cost per Unit," with production costs and revenue figures allows manufacturers to assess the environmental and monetary impact of energy usage. This reporting aids in optimising energy efficiency and reducing operational costs.
9. Patient Wait Times (Healthcare): Statistical accounts monitoring patient wait times, such as "Average Wait Time" and "Peak Hours for Patient Visits," can be linked to healthcare service costs and patient satisfaction scores. This pairing provides insights into operational efficiency and helps in optimising scheduling and resource allocation.
10. Social Media Engagement Metrics (Marketing): Combine social media engagement metrics like "Engagement Rate" and "Top Performing Social Media Posts" with marketing campaign costs and sales figures. This integration allows marketers to assess the impact of social media efforts on brand visibility, customer engagement, and overall marketing ROI.
Configuration in Business Central1. Choose the Statistical Accounts icon, enter Statistical Accounts, and then choose the related link. On the General Fast Tab, fill in the fields. Hover over a field to read a brief description.
2. To post the amounts you want to track, on the Statistical Accounts page, choose the Statistical Accounts Journal action. In the Posting date field, enter the last date of the posting period that you want to post amounts for. Optional: If you want to track amounts for a specific document, in the Document No. field, enter the document’s ID. In the Statistical Account No. field, choose the statistical account that you’ll post amounts to. In the Description field, enter a brief description of what you’re measuring. In the Amount field, enter the amount to post.
Optional: If you want to include the statistical account in more advanced analyses, specify dimensions in the Department Code and Customergroup Code fields. To learn more about dimensions, go to Analyse Data by Dimensions
3. On the Statistical Accounts page, use the Statistical Accounts Balance action to verify that the registered amounts are correct for each period.
4. Choose the Financial Reports icon, enter Financial Reports, and then choose the related link. Create a new financial report:
- Choose the New action, and then fill in the fields on the Financial Reports page.
5. In the Definitions page, choose the Row Definition action, and then fill in the fields.
6. In the Definitions page, choose the Column Definition, you can select from existing Columns definitions or create a new one.
7. To run the Report, select Print or … and View Financial Reports
8. Make any further selections needed including the periods over which you want to view the report and any Dimension filters.
9. You can Print, View or Export the Report
In summary, Microsoft Dynamics 365 Business Central's Statistical Accounts provide powerful financial analytical insights. With ten distinct use cases, these accounts offer a sophisticated understanding of corporate performance.
For straightforward integration, follow our detailed instructions. Contact our team of business central consultants SpiderGroup for professional assistance with Statistical Accounts implementation and optimising business insights.