The Microsoft Dynamics 365 Finance ERP (or Enterprise Resource Planning) solution comes integrated with Artificial Intelligence (or AI), Machine Learning (or ML), and Predictive Analytics features. These future-ready capabilities prompt smart decisions and detailed forecasting outcomes for Small and Medium-Sized Businesses (or SMBs), primarily by automating key business processes and performance indicators at all levels. On-site and in-cloud implementations provide organizations an edge to tune up with global trends and keep an optimal check on costs and revenues.
Understanding Modern Finance
D365 Finance automates and modernizes global financial operations empowering enterprises to enhance operational performances in real time, predict future outcomes, and make data-driven decisions to win business aspirations.
- Decisive Actions through Financial Insights – Assess business health, improve financial controls, optimize cash flow, and make prompt strategic decisions while driving growth with real time, unified global reporting, predictive analytics, embedded insights, and more.
- Unified Financial Processes – Make smarter decisions and take prompt actions, with role-based workspaces, embedded Power BI, and interactive data visualization, for a deep view of key business metrics while analyzing the transactions to monitor the business health and improve performance.
- Budget-Friendly Optimization of Operations – Optimize cost spending across business geographies with process automation, budget control, budget planning, and financial analysis.
Here we will discuss the most popular Microsoft Dynamics 365 Finance modules, including:
General Ledger
Defines and manages business- critical financial records as a digital register of debit and credit entries. D365 Finance supports various General Ledger capabilities like flexible accounting rules’ setup and fiscal- end processing most relevant to modern businesses’ needs. Dynamics 365 Finance helps maintain multiple fiscal calendars and manage the status of a financial period.
The module also allows users to leverage different currency exchange rates for budgeting and compare those with actual. Inbuilt chart of accounts specific attributes enables finance managers to generate insightful accounting charts and share those with stakeholders across the enterprise. Additionally, the innovative consolidation function helps users combine the subsidiaries’ financial results into a single, consolidated organization’s accounts or present those as separate databases.
Besides, pre-integrated flexible accounts structures help determine valid combinations for the main accounts (fixed or variable) while delivering financial dimension values for organizational hierarchies.
Accounts Payable or AP
Comprises an invoice approval journal or Vendor invoice page that helps the finance team review and approve the manually entered or electronically received vendor invoices. Users may automate the review process using invoice matching and vendor invoice policies. The system can even approve the eligible workflow invoices automatically while would flag the remaining invoices for review by authorized users.
Other capabilities in the interface include flexible vendor configuration, settlements, policies enforcement, Record Invoices, Payment Terms, Payment Methods, and Payment Run with Workflows.
Budgeting
A Resource Planning cycle of an enterprise would typically include budgeting, budget planning, and financial forecasting, among other needs. Intuitive Budget planning documents support long term strategic and annual budget planning tightly integrated with Microsoft Excel based budget-planning templates. The user-friendly interfaces, including Budget Control, enable users to configure unlimited monetary and quantitative scenarios while defining a budgeting based organizational hierarchy for bottom-up and top-down budgeting models.
Additional budgeting and planning capabilities integrated with ledger budgets would include:
- Workforce Budgeting feature includes detailed budget cost component planning for compensation groups, positions, and other functionalities across the enterprise.
- Fixed Assets Budgets advantage fixed asset information and allow users to calculate planned depreciation and record other planned fixed asset transactions.
- Project Budgets help deliver detailed project forecasts with insights about planned hours, expenses, fees, and items.
- Demand Forecasting allows finance managers to estimate future inventory demand and create demand forecasts using historical transaction data.
Accounts Receivable
Helps track and monitor customer invoices and incoming payments while allowing users to generate and even enter free text to customer invoices based on sales orders or packing slips. The interface also helps finance teams record payments for the whole organization using a centralized payments mode while enabling users to receive payments using different payment modes with bills of exchange – cash, checks, credit cards, and electronic payments.
AR includes various modules – Customer Ledger, Collection Letters and Cases, Sales Order Invoices, Free Text Invoices, Settlements, Payment Terms, and Payment Methods.
Financial Reporting
Allows financial and business professionals to create, deploy, maintain, view financial statements, and design financial reports with more flexibility using the Report Designer feature. Users can securely generate and share reports using Financial Report Collaboration capabilities. Besides, interactive report viewing attributes and filters help identify and find the most needed report data.
Single Source of Intelligence
Enables prompt employees’ collaborations across the enterprise, helps the supply chain make better business decisions, and does more using a centralized source of intelligent information. The module aligns employees toward strategic goals and drives productivity from assets and resources while enabling process integrations and deep data across Dynamics 365, Microsoft 365, LinkedIn, and other third-party applications.
Concluding Thoughts
Dynamics 365 Finance ERP solution answers all the financial needs of modern finance right from the most basic daily transactions to global level adaptation with the best of the latest technologies. As an automated, intelligent, and trusted core financial management solution, D365 Finance is the most dependable partner for modern businesses’ seamless financial processes.
Team Dynamics Square would recommend leveraging D365 Finance capabilities to take over the most simple to the most daunting finance tasks while enterprises focus on business vision and prospects.
With fast altering global trends, do not wait and connect with team Dynamics Square to adapt and automate all your financial operations, bring strategic impact on finance, and reduce global financial complexities and risks.
