Finance is packed with expensive, time-consuming, and error-prone manual procedures, from the administration of invoices to ensuring regulatory enforcement. In periods of instability, these problems are compounded and continue to impact organizations worldwide.
The Microsoft Dynamics 365 Finance 2020 Wave upgrades in 2020 include additional core functional features, automation of shared processes, and stronger global support. Together, these changes help finance organizations prioritize impactful work, strengthen their financial systems, and promote global development while keeping the evolving accounting regulations in line with them. These improvements are essential.
Some of the Key Factors are:
1. Optimizing Finance Processes
Due to the current climate, most companies have been facing obstacles that they have not anticipated or prepared for. In times like these, companies have little time to properly understand and react to accounting law changes even though they cannot risk keeping them unresolved. To avoid this, companies should optimize financial operations so that they might be able to reduce all these risks.
Dynamics 365 Finance core tenant will help you reduce the risk, simplify, and modernize your global financial transactions. Microsoft has launched asset leasing in November 2020 to help you achieve this. Asset leasing allows you to adjust and conform to the FASB and IFRS 16 accounting standards on leases’ management and financial effect. Asset lease can cut manual errors and save users’ time by automatically updating lease status, using assets, holistic tracking and analytics, net present value estimation, leasing interest, and cash payments in the future.
2. Automating Finance Processes
A widespread set of fairly basic and recurring financing activities are mostly automated by Microsoft Dynamics 365. For example, the platform’s features and capabilities automate cash collections by automatically submitting records and pdf invoices when payments are overdue and incorporating tracking records in Outlook.
“D365FO also contributes to invoice preparation, which is often considered one of the most boring tasks in a financial department,” said Laurens, “D365FO helps to automate this using an OCR optical character recognition solution from a third-party framework. When you receive a PDF-size invoice, the OCR service generates an electronic document and accepts invoice metadata for the header and invoice lines through the standard guide. The program then compares the invoice to the order and automatically processes it if no irregularities are identified. Invoices which cannot automatically be processed are put in the working area ‘exception’ so that the financial team can concentrate on cases where the action is needed.”
Additionally, to improve effectiveness and performance along with the vendor invoice automation, financial organizations often build true business value, the integrated Power Automated RPA features (robotic process automation) can also fully automate repeated tasks.’
3. Next-level Finance/Controlling
By establishing a cost accounting leader, Microsoft has also invested a lot to improve the capacity to account for costs leading, finance and operations to a better risk management system. Since this directory is not an individual, it enables businesses to review data at a genuinely global level in the cost accounts module. The present complex international background needs to concentrate on cross-company benefit centers rather than legal entities.
Besides, the D365FO provides the pricing feature, which splits revenue between various divisions automatically making your financing lease more efficient. The suite also enables users to process fractures or payments for more than one individual or organization, conduct reconciliations, analyze data, and generate financial reports. As a result, organizations with multiple agencies or corporations will close their books much quicker, report together, and improve profitability and security compliance globally.”
4. Improve User Experience
Finally, it is easy to understand and use MS Dynamics 365. “There is every single feature in MS Dynamics 365 developed for a smooth user experience from the user interface to the integrated analytics tool,” says Laurens. “The workspace is especially useful. For example, the user has a simple, role-based workspace when opening the platform, which contains all of the processes, data, reports, and links required in their job. They will accomplish all the activities without having to move between applications in this work field – e.g., general journal processing, consumer credit, and collections, seller invoice entry, payment of the seller, etc.”
“Microsoft also has mobile features to ensure that apps and users have a single experience. For example, you can either control your invoice authorization process or enter your costs in all devices anytime, anywhere.
If you are ready to take a plunge and ready to implement electronic invoicing, it’s time to ask experts and move on to the next step immediately. For the consultation, you have the best experts from the DFSM team. Reach us, and we can take it from there towards the journey of automation of your finance department.