Over time, ERP systems have changed, and as companies have gotten more adept at using them, they have demanded additional capabilities to increase team efficiency.
Since they carry out the vital duty of preserving the integrity of the system, the finance and accounting team is the most significant business team for managing an ERP system. Since the organization’s entire survival depends on its judgment and insight, its financial accounts and reports must be accurate and precise.
Let us examine the specific aspects of Dynamics 365 for Finance and Operations that can help increase the efficiency of the finance team in more detail.
Streamlined Purchase Processes with Global Entry Forms
In response to the growing prevalence of shared services models, Dynamics 365 for Finance and Operations introduces an innovative feature: Global Entry Forms. This enhancement allows users to optimize human resource utilization by facilitating the seamless creation of purchase invoices for purchase orders and the entry of journal entries across multiple entities. Say goodbye to the hassle of toggling between various legal entities or companies, as this feature empowers finance teams to efficiently manage tasks without unnecessary interruptions.
Simplified Exchange Rate Management
Navigating exchange rate maintenance within a global organization can be a daunting task, often requiring frequent updates to accommodate fluctuations in currency values. Dynamics 365 for Finance and Operations revolutionizes this process through Exchange Rate Integration. By leveraging integration capabilities with leading providers like OANDA, this feature streamlines the management of exchange rates, significantly reducing the burden on finance and accounting teams. Whether dealing with daily, weekly, or monthly updates, users can now seamlessly synchronize exchange rates, eliminating manual upkeep and ensuring accuracy across transactions conducted in diverse currencies.
Enhanced Localization Capabilities
In the realm of global ERP deployments, compliance with diverse statutory requirements across various countries and regions is a paramount concern. Dynamics 365 for Finance and Operations addresses this challenge head-on with robust localization features tailored to the unique needs of finance teams worldwide. These out-of-the-box functionalities empower users to effortlessly navigate and adhere to specific regulatory and statutory mandates in each jurisdiction. From generating country-specific reports to ensuring compliance with localized financial regulations, Dynamics 365 F&O equips finance teams with the tools they need to operate efficiently and effectively in a global landscape.
Revolutionizing Bank Reconciliation with Advanced Features
Achieving accurate reconciliation between bank account statements and ERP systems is essential for finance teams seeking heightened productivity and operational efficiency. Traditionally, the process of reconciliation was laborious and error-prone, involving manual matching of each transaction from bank statements with corresponding entries in the system, or the establishment of custom import processes.
Strengthened Audit Controls with In-built Workbench
As the demand for stringent auditing measures intensifies, particularly concerning duplicate vendor invoices, organizations have historically relied on disparate systems to manage monitoring processes for high spenders and duplicate expenses. Enter Dynamics 365 for Finance and Operations’ In-built Audit Workbench, a comprehensive solution that consolidates auditing functions into a single, user-friendly interface. This robust tool empowers finance teams to conduct sampling exercises, implement additional controls, and enhance visibility across auditing processes. By leveraging this integrated feature, organizations can streamline auditing procedures, mitigate risks associated with duplicate invoices, and provide invaluable support to finance teams in maintaining regulatory compliance.
Empowering Budget Planning and Control
Dynamics 365 F&O revolutionizes budget planning and control with its integrated capabilities designed to optimize financial management processes. This comprehensive suite facilitates seamless budget planning across various scenarios, encompassing both monetary and quantity-based parameters such as Full-Time Equivalent (FTE) counts. Moreover, the platform offers configurable workflow stages for approvals, enabling organizations to establish robust controls over expenditure. With out-of-the-box budget controls tailored for project cost management, purchasing cost control, and more, finance teams gain enhanced visibility into expenses, empowering them to make informed decisions and strategize effectively for the future.
Simplified Financial Reporting with Management Reporter
Unlock the full potential of financial reporting with Dynamics 365 for Finance and Operations Management Reporter, a powerful tool that streamlines report generation according to organizational requirements. Eliminating the need for complex development processes, this out-of-the-box solution enables users to effortlessly configure balance sheets, income statements, and other essential financial reports. Additionally, users can schedule report runs on a monthly or weekly basis, accessing them post-execution for comprehensive insights. Furthermore, the platform facilitates the generation of consolidated reports, offering a holistic view of financial performance across multiple entities. With Management Reporter, finance teams can streamline reporting processes, enhance decision-making, and drive organizational success with unparalleled efficiency.
Enhanced Visibility with Aged Customer Balances Snapshot
Bid farewell to cumbersome custom queries for cross-company customer aging data retrieval! Dynamics 365 for Finance and Operations introduces the Aged Customer Balances Snapshot feature, providing a comprehensive view of customer aging across legal entities in a single glance. This innovative capability streamlines processes for the collections and accounts receivable teams, enabling them to access critical information based on predefined aging definitions. Moreover, users can schedule periodic jobs to update aged balances automatically, ensuring data accuracy and facilitating informed decision-making.
Strategic Cost Analysis with Cost Accounting
Dynamics 365 for Finance and Operations empowers organizations with robust cost accounting features designed to facilitate comprehensive data analysis across various cost objects, including cost centers. Leveraging diverse measures, this functionality enables efficient allocation of costs and overheads, providing valuable insights into cost structures and driving informed financial decisions.
Simplified Reporting with General Electronic Reporting (GER)
Introducing the General Electronic Reporting (GER) module, Dynamics 365 for Finance and Operations revolutionizes reporting capabilities for finance users. This groundbreaking feature allows users to customize elements essential for vendor payments, customer collections, and more, eliminating reliance on developers for modifications. With GER, finance teams gain unparalleled flexibility and control over reporting processes, ensuring compliance with regulatory requirements and enhancing operational efficiency.
Streamlined Cost Allocation Processes
Experience unparalleled flexibility in cost allocation with Dynamics 365 for Finance and Operations’ advanced features. Whether allocating costs based on fixed percentages or revenue basis or facilitating intercompany transactions across multiple entities, this platform simplifies complex cost allocation processes. Say goodbye to manual journal preparations and tedious allocations; Dynamics 365 enables seamless allocation of costs, reducing administrative burden and enhancing accuracy in financial reporting.
Takeaway
Harnessing the features outlined here is paramount for unlocking the full potential of financial teams and driving productivity to new heights. Dynamics 365 for Finance and Operations stands at the forefront of innovation, revolutionizing the way finance teams navigate the complexities of modern business environments.
From streamlining purchase processes and enhancing audit controls to empowering strategic decision-making through advanced reporting and cost analysis, Dynamics 365 offers a comprehensive suite of features designed to boost productivity and drive organizational success. By leveraging these cutting-edge capabilities, finance professionals can transcend traditional boundaries, streamline operations, and unlock new avenues for growth.
With Dynamics 365 for Finance and Operations, the future of finance is brighter than ever, offering limitless possibilities for organizations to thrive in an ever-evolving landscape. Experience the power of Dynamics 365 and embark on a journey towards financial excellence today.