In this blog I will provide evidence and reasoning supporting the use of Microsoft Dynamics 365 Business Central’s native financial reporting (Financial Reports, formerly Account Schedules) for Balance Sheet, Income and other standard statement reporting. It explains why many organizations mistakenly default to external apps and why, in most cases, BC’s built-in tools are both capable and preferable.
The Righter Way™ philosophy promotes mastering standard functionality first, empowering users to do more with what they already own before reaching for third-party tools.
Key Position
Business Central’s Financial Reports are powerful, dimension-driven, and fully integrated with the general ledger. For most companies, they can deliver all required management and statutory financial statements without additional apps, subscriptions, or integrations.
Investing time to understand and configure the native functionality almost always costs less and yields more control than purchasing an external solution to solve a problem already answered within BC. This is The Righter Way™ – prioritize what’s built-in, keep ownership within finance, and avoid unnecessary complexity.
Tool Maturity and Recent Enhancements
When looking for supporting materials, examples, or other advice about financial reporting in Business Central, remember that the feature was historically known as Account Schedules. Because of this, it’s often best to include both “Account Schedule” and “Financial Reports” in your searches for blogs, videos, or documentation. Much of the existing community and Microsoft content still uses the earlier terminology, even though the functionality is now labeled Financial Reports within Business Central.
The native Financial Reporting engine (previously called Account Schedules) has been a cornerstone of Microsoft Dynamics ERP systems for decades, originating in Navision and evolving through Dynamics NAV into today’s Business Central. Its longevity means it is mature, stable, and deeply integrated with the General Ledger and dimensions framework.
Yet it continues to evolve—proof that The Righter Way™ does not mean standing still:
• 2024 Release Wave 2 – Added five new financial reports, expanded row and column definition options, and delivered new templates. (Source: ERP Software Blog, Oct 2024)
• 2025 Release Wave 1 (BC26) – Introduced the ability to hide empty rows, include narrative text in reports, define ‘Month to Date’ columns, and run reports via Excel templates with improved telemetry. (Source: Yzhums.com, 2025)
• 2025 Release Wave 2 – Delivered the Enhanced Financial Reporting feature with an improved report viewer and richer authoring experience for finance users. (Source: AzureCurve.co.uk, Aug 2025)
These enhancements confirm that Financial Reports are not a relic—they remain an actively developed, modern tool that continues to grow more capable each year.
Comparison and Context: Financial Reports (BC Native) vs External Tools
Financial Reports in Business Central (BC) are an effective, built-in financial reporting tool ideal for everyday General Ledger (G/L) analysis by finance teams. External tools such as InsightSoftware, Cosmos, and so many other modern Business Central-connected solutions offer enhanced flexibility, visualization, and multi-company capabilities for more complex or specialized reporting needs. This comparison illustrates where each tool fits within The Righter Way™—leveraging BC’s built-in strengths first and extending with external tools only when necessary.
The Righter Way™ should not make you adverse to using any add-on or app when the need is warranted. External tools play a vital role in the Business Central ecosystem and can add significant value when facing genuine complexity—such as multi-company consolidation, cross-platform analytics, or visualization beyond BC’s native capabilities. The concern arises when the need is assumed rather than verified. Too often, reporting extensions are implemented before evaluating what BC can already do, leading to unnecessary costs, redundant data models, and additional maintenance overhead. The Righter Way™ approach encourages objective evaluation starting with BC’s built-in functionality, validating its limits through real use, and adopting external tools only when clear business needs and measurable benefits justify them.
Expert Evidence
Together, these sources demonstrate what The Righter Way™ teaches: strong reporting comes not from add-ons, but from understanding and applying the foundation already provided.
1. Boyer & Associates – “Understanding Financial Reports in Business Central”
“Financial Reports are now the native tool to build Balance Sheet and Income Statement layouts directly from the G/L with no external setup.”
👉 Boyer & Associates
2. Microsoft Learn – Official Documentation
“Use financial reports to create custom financial statements without changing the chart of accounts. You can include dimensions, budgets, and filters to tailor your view.”
👉 Microsoft Learn: Work with Financial Reports
3. Logan Consulting – “Setting Up Financial Reporting Using Account Schedules”
“Account Schedules provide a flexible way to present your data directly from the general ledger without exporting to Excel or third-party tools.”
👉 Logan Consulting
4. Velosio – “Mastering Financial Reports in Business Central”
“Financial Reports include dimensions, allowing you to break down the chart of accounts by department, cost center, project, or location without add-ons.”
👉 Velosio Blog
4. Kerry Peters, Microsoft MVP – “Account Schedules 101” Series
“Using account schedules is when you really start to get powerful with your reporting. Dimensions allow you to analyze without creating hundreds of G/L accounts.”
👉 Kerry Peters, New View Strategies
Key Advantages
Financial Reports (BC Native):
• Integrated – Built directly into BC, ensuring consistent user experience and immediate data access.
• Data Integrity/Trust – G/L-driven reporting guarantees data accuracy and real-time synchronization.
• Rapid Research – Immediate drill-down to source transactions streamlines audits and reconciliations.
• Cost-Effective – Included in the BC license, requiring no additional software investment.
External Reporting Tools (InsightSoftware, Cosmos, Power BI, etc.):
• Advanced Analytics – Deliver enhanced visuals, dashboards, and AI-driven insights.
• Consolidation & Integration – Merge data across multiple BC companies and external systems effortlessly.
• Familiar User Interfaces – Excel-style environments or web-based dashboards reduce adoption friction.
• Scalability & Automation – Handle large data volumes efficiently and enable automated report delivery.
In The Righter Way™, organizations start with BC’s integrated reporting first to maintain accuracy, real-time insight, and cost control. External tools have their place, but they should extend, not replace, the core financial reporting that already exists within Business Central.
Proof Exercise:
1. In a sandbox, copy the standard Income Statement.
2. Add dimensions (for example, Profit Center, Cost Center, Product Line — your dimensions will differ based on business design).
3. Create columns for Actual, Budget, and Prior Year.
4. Run the report, export to Excel, and compare to your add-on output.
Most controllers discover that BC’s native reports meet 80–90% of requirements immediately. The remainder can be enhanced—not replaced—through Power BI or Excel.
This experiment is putting The Righter Way™ into practice. Test what’s possible in standard functionality before buying yet another license.
Conclusion
Business Central’s Financial Reports are often underestimated because their strength lies in design logic, not interface flash.
Why spend more money and time on something else if it isn’t needed? The smarter investment is learning how to use what you already own. The Righter Way™ may just be learning, configuring, and trusting the standard toolset to discover what you already have is everything you need.
