Side by Side Dynamics 365 Comparison :Business Central, Finance and Supply Chain

The idea of having a smooth operational process at your organization sounds very tempting unless you have to choose between the two options. You have to plan, figure out your business needs, future, and much more to get the one that works for you.

When we talk about ERP business and industry, Microsoft has always been the leader in custom solutions. Since it has been there for many years, many different solutions exist.

Modern ERP solutions enable an organization’s efficient and effective digital transition. One of the advantages of having a successful ERP solution is being able to use the power of data availability to accomplish the organization’s goals, provide a positive disruptive presence in their sector, and outpace the competitors. However, picking an ERP that meets your demands now and in the future can be very challenging.

Let’s compare Microsoft dynamics 365 BC and Dynamics 365 Finance and supply chain without further delay.

What is Microsoft Dynamics365 Business Central?

Business Central is an all-in-one ERP system that combines finance, supply chain management, sales, and customer care. Microsoft’s cloud-based ERP solution is designed for small and midsize businesses.

In addition, it is made to assist businesses in managing their funds, projects, services, production, and shipping. To aid in sales efforts, Business Central has relationship management features too.

Microsoft-Dynamics-365-Business-Central-in-UAE-and-Dubai
Supply-Chain-Management

What are Microsoft Dynamics365 Finance and Supply chain?

It is a powerful and all-encompassing financial, manufacturing, and retail solution. Microsoft Dynamics 365 for Finance and Supply Chain Management streamlines business operations, complicated financial structures, and international expansion while assisting you in managing organizational risk.

Dynamics 365 BC vs. Dynamics 365 Finance and supply chain

Capabilities

Dynamics 365 BC

Dynamics 365 Finance & Supply Chain

Company Size

Small businesses to Midsize companies

Midsize to large enterprises

User Range

5-250

20+ 

Price

  • Dynamics 365 Business Central Essentials: $96.10 Per user/month.

 

  • Dynamics 365 Business Central Premium: $137.30 Per user/month.

 

  • Dynamics 365 Business Central Team Members: From $11 Per user/month.
  • Finance or Supply Chain Management: $180.00 per user/month.
  • Add Finance to Supply Chain or Supply Chain to Finance: $30.00 per user/month.

Business Requirements

With extensions, which are add-on applications that you can find on Microsoft AppSource or your Dynamics 365 partner can design for you, you may increase the business capabilities in Business Central.

Large corporate organizations that need to manage numerous intricate business processes for production and supply chain management may consider finance and supply chain management.

Product Geolocation

For many businesses, the optimal method is to monitor products in Business Central using batch or serial numbers.

Finance & SCM provides extra monitoring through the use of a pallet’s allocated identification number.

Supported Industries

Discrete manufacturing, project management, supply chain management, service management

Manufacturing, Distribution, Project Based including Professional Service industries, Public Sector, Retail.

Manufacturing modes

Discrete manufacturers get the Integrated ERP solution.

The system is intended to be a complete solution for discrete, job shop, process, lean, and mixed-mode production.

Multi-company

You will have the facility of intercompany in Business Central.

Operate several organizations within a single database, with easy interoperability between them.

Service Deployment options

Cloud-based deployment

On-Premise

Hosted

Cloud-based. (Cloud-connected on-premise option coming.) Anywhere, Anyhow, Anytime.

Client Deployment options

Browser

iOS

Android

Windows

ClickOnce

Browser

iOS

Android

implementations

Dynamics 365 Business Central is simple to set up and use.

Dynamics 365 Operations is more functionally rich than typical on-premise ERP software, necessitating more considerations during the setup process.

Business Intelligence

Microsoft Power BI and several other business intelligence software are available in AppSource.

You will have access to Microsoft Power BI and many other BI applications.

Features

  • Financial Management
  • Reporting and Analytics
  • Order Processing
  • Sales & Marketing
  • Warehouse Management
  • Resource & Project Management
  • Service Management
  • Manufacturing
  • Production Planning
  • Production Control
  • Inventory Control
  • Sales Management
  • Purchasing Management
  • Quality Management
  • General Accounting
  • Project Accounting
  • Expense Management
  • Cost Management
  • Accounts Receivable Management
  • Accounts Payable

What is the level of complexity for D365 BC & D365 FSCM?

Business Central And Microsoft Teams Integration

Business Central & Finance and Supply Chain Management are all capable of assisting product-based organizations in industries such as manufacturing and distribution. However, the level of complexity that these systems can handle is proportional to the size of the enterprises to which they are most suited.

Business Central is not a simple solution, but it works best for organizations with defined procedures. For example, integrating Business Central into an existing IT infrastructure is simple for manufacturing companies with sequential activities. Business Central will then manage money, inventory, and supply utilization planning.

Finance and supply chain management collaboration will streamline even the most complicated operations. Your company can use IoT intelligence to control overall production, view all technology involved in a given process, and track pertinent sales and marketing data on the supply chain management side.

The Finance module handles AP and AR, assists your teams in creating and adhering to budgets, and compensates for variations in legislation between the public and private sectors.

Wrap-up

D365 BC is typically known to help small and medium-sized businesses (SMBs), whereas D365 FSCM is thought to benefit complex and huge organizations. This is due to the profiles of their respective installed bases, which support this notion, indicating that the two solutions have settled into their proper positions.

There is a huge overlap in the sizes of organizations that use each product, so it doesn’t really matter how many clients you have or how big your company is. Instead, it is tailored to your specific business requirements.

Are you trying to determine which ERP selection is suitable for your business? We at DFSM can help you with the process, from analyzing business needs to implementing costs. Consult with our team about the ERP, Microsoft dynamics 365 finance pricing, and business central options. Know about Microsoft products and services with us to make your Enterprise Resource Planning – ERP selection process easy.

Microsoft Dynamics Professionals

AX 2012 to Dynamics 365 F&O Migration (Value’s optimisation guide)

It might seem challenging, but upgrading the ERP is significant for your good.

As a result of Microsoft discontinuing support for dynamics ax in October 2021, many businesses are currently rushing to switch from their on-premises ERP to a new cloud-based platform.

Many businesses still hesitate when considering switching from Dynamics AX or another ERP to Microsoft Dynamics 365. Customers of Dynamics AX must act quickly. However, if you are unsure about your decision, we can help you through this thorough article about migrating from AX 2012 to Dynamics 365 F&O.

Why Migrating from AX 2012 to Dynamics 365 F&O

Migrating from AX 2012 to Dynamics F&O offers many benefits for all kinds of businesses. Most importantly, licensing has made a huge difference, and many consumers find it more appealing.

The Impact of Migration on Reporting

Business Intelligence (BI) ToolsDue to their daily influence on the entire firm, reports are a very visible and user-tangible upgrading component.

The ability of a company to stay ahead through communication and quick decision-making is facilitated by effective reporting. Thankfully, D365 Finance and Operations (F&O) offers a large selection of out-of-the-box reporting solutions that probably cover up to 80% of business reporting requirements.

Hence, when looking into reporting options, starting with the built-in reporting features is a good idea.

Additional methods for customization include:

Get in touch 

Hopefully, you can now easily get dynamics 365 for the unified operations data upgrade checklist. 

Having the perfect planning for the ax 2012 to dynamics 365 F&O migration can help you achieve a lot in your business. With the latest reporting features, it is even more beneficial for the businesses trying to scale their company after 2022. We at DFSM have the most amazing team working around the clock to assist businesses in meeting their needs for Dynamics 365.

customer support

Microsoft Dynamics 365 (F&O) Tips & Tricks: Integrations

Microsoft Dynamics 365 (F&O) is the modern version of Dynamics AX. As it offers new features, it also has some tricks and tips that can help you with better software performance. So, while you are at the Microsoft dynamics 365 integration phase, check out the integration tricks and tips to apply and get through the processes smoothly.

Make your organisation more profitable with Dynamics 365 Finance—financial management software with embedded analytics and financial intelligence.

Get in Touch

This might be a bit tricky if you are not a developer. Therefore, we recommend you get in touch with the experts for better integration between finance and operations apps.

Now, if you are integrating with dynamics 365 and looking for a consultation with the experts, DFSM is ready to help. Just give us a call, and we will get back to you.

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Dynamics 365 FO – Understanding Approval Workflows

Workflows are software programs that automate the approval process. Workflows are a technique to change today’s unstructured process into a formal repeatable one for those transactions or activities that need to be managed. Have you ever received an irate call from a vendor demanding payment? “You must have misplaced your invoice,” was your only response. However, it was sitting on someone’s desk, awaiting their approval. That won’t happen again with Workflow in Dynamics 365.

what is dynamics365

What is Approval workflow dynamics 365?

Workflows in SharePoint can help you automate your business operations, making them more consistent and efficient. However, the Approval workflow in Dynamics 365 allows you to send documents and other SharePoint items to one or more persons for review and approval.

Where to find approval workflow

To find the workflows and templates, go to the module where you want to configure the workflow. Workflows are often found one or two pages below the Setup area page, but they can also be found a few levels down. It should be simple to determine if it exists for this module.

Workflow editor essentials

The Workflow Editor window will be divided into four major components: the ribbon, which will have four sets of buttons. Navigate is on the far left and allows you to level up to design the entire process or drill down to a specific step to configure all of the conditions. Using the Edit group, which is a basic collection of actions, you can cut, copy, paste, and delete each phase of the procedure. The Show group is useful when you want to hide your toolbars and have as much room as possible to deal with the process phases. Click on the different buttons to see the different controllers. By default, the user will see the Toolbox and the Error pane.

Workflow Editor Essentials

Modify: Using the Modify element buttons, configure the process step’s triggers, actions, and notifications (element). Because this is where the majority of the workflow action occurs, you’ll become rather acquainted with these buttons.

Modify

Canvas: The workflow canvas is where you organize and connect the various processes based on the design and outcome you want to achieve. The canvas displays the workflow’s Start and Endpoints when you first launch the editor. As you design the process from step to step, you connect the processes in the order you want them to be completed. If you’ve used Visio before, you’ll notice that it features a simple user interface that seems familiar and uncomplicated.

Canvas

How do I create a workflow in D365?

In this example, we’ll walk through the process of creating a simple purchase order approval workflow from start to end.  There are additional process options, but we won’t go over them all because our goal is to construct a basic workflow.

Step 1: Create a new workflow

To get started, go to Procurement and sourcing > Setup > Procurement and sourcing workflows. To create a new workflow, click the “New” button. Then select “Purchase order workflow” from the drop-down menu.

Create a New Workflow

Step 2: Drag elements to the canvas

Yes, the elements that you can add to your workflow can be found in the Workflow elements portion of the workflow editor. Drag pieces onto the canvas to add them to the workflow. Check out below it is adding the “approve purchase order” element to the canvas.

Drag Elements to Canvas

Step 3: Connect & Configure

Hold the pointer over an element until you see connection points connecting one workflow element to another. By clicking and dragging a connection point to another element. Make sure that all of the components are linked together.

Follow these steps to configure the workflow's characteristics.

  • By clicking the canvas, make sure no workflow elements are chosen.
  • Click Properties to see the workflow’s Properties page.
  • Complete the procedure by following the instructions in the Configure workflow properties section.

Step 4: Save and activate the workflow

The workflow is now complete! Click Save and close in the form’s bottom right corner, then enter notes for the version you made. Finally, select whether or not to activate the new version so that it can be utilized straight away.

Follow these steps to configure the workflow's characteristics.

  • By clicking the canvas, make sure no workflow elements are chosen.
  • Click Properties to see the workflow’s Properties page.
  • Complete the procedure by following the instructions in the Configure workflow properties section.
Save and activate the workflow

How to setup auto-approve in workflow

We occasionally need to take steps that are pre-authorized. To be completed, some transactions require the usage of an approval workflow. One of them is the creation of the original budget and the adjustment of the budget in the project module. It is occasionally necessary to configure the auto-approved step since the client does not require an approver.

After selecting the ‘Approval’ option, click the Automatic actions button at the top of the form. Select the Approve on Action Complete Activities option after enabling automated actions and setting the prerequisites.

An exceptional workflow list Dynamics 365 for Finance and Operations

General ledger workflow types

Following are the available types for the general ledger.

  • Ledger daily journal workflow
  • Ledger allocations journal workflow
  • Advanced ledger entry workflow
  • Ledger eliminations journal workflow

Accounts payable workflow types

Accounts payable has the following types:

  • Freight Invoice Approval
  • Vendor invoice line workflow
  • Vendor invoice approval journal workflow
  • Proposed vendor changes workflow
  • Vendor disbursement journal workflow
  • Vendor invoice journal workflow
  • A Vendor settle promissory note journal workflow.
  • Vendor redraw promissory note journal workflow.
  • Vendor invoice workflow.
  • A Vendor bank remittance journal workflow.
  • Vendor invoice register journal workflow.
  • Vendor draw promissory note journal workflow.

Accounts receivable workflow types

For accounts receivable, you will find the following types:

  • Customer-free text invoice workflow.
  • Customer draw bill of exchange workflow.
  • Customer settle bill of exchange workflow.
  • Customers redraw bill of exchange workflow.
  • Customer payment workflow.
  • Customer protest bill of exchange workflow.
  • Proposed customer change workflow.
  • Customer recurring invoice workflow.
  • Customer bank remittance workflow.

Budgeting workflow types

Budgeting offers you the below mentioned types:

  • Budget plan workflow.
  • Budget register entry workflow.
  • Commitments approval workflow.
  • Budget account entry workflow.
  • General budget reservation workflow.

Cash and bank management workflow types

Cash and bank management workflow offers the following types:

  • Bank reconciliation journal approval workflow.

Expense management workflow types

Expense management workflow has the following types:

  • Travel acquisition workflow
  • Expense line item auto-posting.
  • Expense report auto-posting.
  • VAT tax recovery.
  • Expense line item.
  • Cash advance request.
  • Expense report.

Fixed asset management workflow types

For fixed assets workflow, you have the following types:

  • Ledger post-fixed assets journal workflow.
  • Ledger fixed assets budget journal workflow.

Human resources workflow types

Human resources has the following workflow types:

  • Worker project experience.
  • Worker identification number.
  • Transfer worker.
  • Worker loaned amount.
  • Worker review.
  • Human resources actions workflow.
  • Worker position of trust.
  • Worker courses.
  • Change worker fixed compensation.
  • Worker image.
  • Worker education.
  • Hire worker.
  • Worker skills.
  • Worker certificates.
  • Terminate worker.
  • Worker professional experience.
  • Worker course registration.

Organization workflow types

Organization workflow is manageable with the following types:

  • Signing limits workflow.
  • Create management workflow.
  • Document handling.

Procurement and sourcing workflow types

Procurement and sourcing has the following types for workflow:

  • The invoice received notification workflow.
  • Product receipt failed notification workflow.
  • Vendor rebate approval.
  • Purchase agreement approval workflow.
  • Purchase order line workflow.
  • Unconfirmed product receipt rejection notification workflow.
  • Purchase requisition line review.
  • Catalog import approval.
  • Delivery due date notification workflow.
  • The vendor adds application workflow.
  • Purchase order workflow.
  • Catalog import product approval.
  • Purchase requisition review.

Project management and accounting workflow types

You can work with project management and accounting workflow using following types:

  • Review original budget workflow.
  • Review timesheet line workflow.
  • Request for quotes workflow.
  • Review timesheet workflow.
  • Review project invoice proposal workflow.
  • Resource request line workflow.
  • Review project quotation workflow.
  • Review budget revision workflow.

Retail workflow types

For retail, available workflow types are:

  • Retail sales line workflow.
  • A Retail catalog line workflow.
  • Retail sales quotation line workflow

Sales and marketing workflow types

Sales and marketing workflow types are mentioned below:

  • Create customer rebate workflow.

Time and attendance workflow types

The Time and attendance workflows has the following types for workflow:

  • Time and attendance journal registration workflow
  • Time and attendance days total workflow.

Bottom Line:

If you are looking for a more clear understanding on  how to use workflow processes in Dynamics 365, get in touch with the team of DFSM immediately. We have a team of professionals amazingly working to assist you in all matters including approvals with F&O workflows, dynamics 365 customer engagement and custom workflow.

Microsoft Dynamics Professionals

New finance insights features for Dynamics 365 FO

Microsoft’s approach, as you can see, is to explicitly link some data insights with the global Business Apps eco-system. This is the actual force in comparison to other solutions: when you combine them all, you’ll be able to obtain real value out of your ERP: aka PowerPlatform (AI Builder) and Azure Services.

These AI d365 finance apps from Microsoft are designed to deliver real-time insights to people like Credit Risk Officers and Accounting Teams / CFOs. However, the major global aspect, similar to PowerPlatform’s AI Builder, is to assist you in configuring and deploying a rapid model without needing to be a genuine data scientist. And this is the key worldwide change: you can configure and even do some extension in a couple of hours if you want and need to (especially if you want to improve the accuracy of the model).

Dynamics 365 Finance And Operations Extensible Data Security 2

New AI instruments to assist D365 Finance clients

Various financial management processes make it easy for D365 finance clients to deal with their transactions. Adding the feature of finance insights, gives you predictability, cashflow forecasting and intelligent budget proposals.  Check out how the finance insights features of dynamics 365 are benefiting businesses:

Improve your cash flow with built-in AI features that enable proactive collections via payment predictions, quicker budget creation via intelligent budget recommendations, and more accurate cash flow forecasting with intelligent cash flow forecasting.

With an intelligent and personalized cash flow forecasting tool, you can monitor cash flow in real-time, predict future trends, and make data-driven choices.

Allowing the system to conduct the duties for you will save you time and effort when budgeting. To forecast your budget, quickly consolidate and analyze years of previous data.

Use artificial intelligence to forecast when customers will pay their bills. With quick visibility into the likelihood of late or at-risk payments, you can reduce write-offs and enhance margin.

Transformation capabilities of Finance insights features

Dynamics 365 AI adds automation to Dynamics 365 Finance, allowing for data-driven and outcome-driven finance. It’s a game-changer, changing transactional finance and empowering data-driven and outcome-driven finance. This is achieved, as we’ve seen, by combining AI, machine learning, and intelligent automation in a set of three new financial management tools: customer payment insights, cash flow predictions, and budget proposals.

These solutions will help finance businesses make better business decisions by delivering new AI-driven business insights that are clearer and faster, as well as increasing operational efficiency through intelligent automation. We’re ecstatic at Microsoft to be able to offer these game-changing capabilities, and we’re looking forward to adding more features to finance insights in the near future.

dynamics finance operation 2020

Get in touch

D365 finance and operations modules list is already offering a lot, but the new feature of finance insights is now setting this apart from all the solutions. If you need to know more about the dynamics 365 finance and operations and its new feature, DFSM is working around the clock to assist you with it.

Microsoft Dynamics Professionals

Dynamics 365 Finance And Operations Extensible Data Security

What is Extensible Data Security in D365 FO?

The XDS framework is a feature of D365FO and AX 2012, enabling users to supplement role-based security and enable access to tables to be subject to policy restrictions. This feature was an evolution of the security level in previous Dynamics AX versions.

Simply put, xds sends a WHERE (or ON) statement to a table based on parameters from another related table on each SQL SELECT, UPDATE, DELETE, or INSERT statement.

Data Security

Dynamics 365 finance and operations encryption

Microsoft utilizes encryption technology to secure client data in SQL Server databases and Azure Storage while it is in transit.

To conduct real-time data encryption when written to the disc at rest, all instances use Microsoft SQL Server Transparent Data Encryption (TDE) and Azure Storage encryption.

Server-side encryption with service-managed keys is used in Finance and Operations apps. Microsoft manages all aspects of key management, including key issuance, rotation, and backup.

How to apply Dynamics 365 Finance and Operations extensible data security based on the current user

Some of the queries relevant to extensible data security dynamics 365 come as:

  • ‘I only want a user to be able to access sales orders, vendors, and customers that they created.’
  • ‘Users should only be able to read records for which they are approvers.’

We need the XDS to be deployed against the current user logged into the system in each of these scenarios. So, if you want to add a user to dynamics 365 finance and operations, follow the process.

  • Scenario for Testing

Today’s test scenario is that a user should only be able to communicate with vendors that they have created.

  • XDS Setup

The first step is to create our query; in this example, we’ll need to use a data source table that contains user IDs because we’ll be comparing results against them. The apparent option is the UserInfo table, but I discovered that trying to use it caused an error because X++ considered it to be a “kernel table.” Instead, I used the SysUserInfo table, which contains user IDs as well.

After selecting SysUserInfo as the Data Source, the following step is to select the Range to be used. To get the user ID in this scenario, we’ll utilize the current user id() method. One thing to keep in mind is that this value must be included in parenthesis. If you don’t do so, the value will be treated as a string, and the user Id will not be resolved.

CreatedbyQuery

This CreatedByQuery can also be reused by other security policies as needed.

The Next Step:

The next step is to build up the security policy; in this case, we’ll use the CreatedByQuery from the previous stage as the Query and construct a Context String so we can apply it to a role later. If you want this XDS to be applied to all Read, Update, Create, and Delete functions, make sure to set the primary table to SysUserInfo and the Operation field to AllOperations.

VendorCreatedByPolicy

Setting the constrained table is the final step in creating the security policy; however, because there is no native database relation between the VendTable and the SysUserInfo table, we will actually write a constrained expression in this case. We put the relation clause we wish to use to link the tables in the value property. It’s worth repeating that this value must be enclosed in parenthesis.

VendTable

Now that we’ve developed our query and security policy, the final step is to apply this XDS policy to a security role. In this situation, I built a custom role and set the role’s Context String to the security policy’s Context String. This means that any user with this role will have the XDS policy applied to them automatically.

 

Warehouse worker using laptop and entering data to database

Extensible Data Security (XDS) Examples:

  • Secure Legal Entities

When you apply security roles to organizations, users can still see all of them in the Legal entities form by default. This policy offers the ability to restrict access to only those users that have been assigned to the user.

  • Security of Warehouse

This example demonstrates how record-based security can be implemented on warehouses and sites. The warehouses linked to a user are specified using a special setup form.

  • Security of Retail Channel

The organization hierarchies, security organization assignment, and XDS are all combined in this scenario. This is a compelling example that may serve as motivation for you.

Bottom Line

If you are looking for more information about field-level security in dynamics 365 finance and operations or record-level security in d365, you have a team of experts with you – ready to help. So, Get in touch with DFSM now.

Improve your financial operation with Dynamics 365 FO

In today’s market climate, success cannot occur without leveraging technology to handle your finances globally, track performances in real-time, automate and simplify functions, protect your potential business results and optimize your productivity.

How is Microsoft Dynamics 365 Finance helping in boosting financial performance?

 

With regulatory features spanning 37 countries and 42 languages, Microsoft dynamics 365 finance & operations integration enables companies to compete internationally by adapting locally to diverse workforces and evolving laws. With the individual search study, Dynamics 365 Finance is GDPR-ready, assisting organizations in responding to data topic requests.

  • Electronic reporting: Global electronic reporting includes configurable e-invoicing, making it simple to adjust to regular regulatory changes.
  • Workspaces: New features in D365 Finance and Operations offer workspaces, each with rich analytics views and processes customized to the user’s position. Workspaces provide real-time visibility into overall results, including drill-through and transaction data. Hundreds of pre-built reports provide a comprehensive view of business processes across several dimensions.
  • Legal Support: Customizable tools make it easier to produce end-of-month reports by supporting local and international rules.
  • Enhance your financial decision-making: Dynamics 365 Finance predicts the future by using historical evidence. AI-driven insights, machine learning, and predictive analytics provide strategic insights into future cash flow, allowing for better decisions, behavior, and outcomes.
  • Predictive financial insights: Predicting when customers will pay is a big challenge for businesses. Slow and infrequent payments limit cash flow and impede both long-term planning and regular results. Dynamics 365 finance forecasts when invoices will be billed by evaluating customer payment history. It also provides companies with techniques to increase the likelihood of receiving payment on time.

“Our brand has very strong growth plans, and we needed an ERP system that could flex with it.” – Director of an IT, apparel brand.

licensing changes see dynamics

Unify and automate your business processes

With tools including vendor invoice automation, vendor partnerships, and quote to cash, budget preparation, budget tracking, cost management, and recurring invoices, Dynamics 365 finance simplifies financial operations. The use of a common map of accounts simplifies intercompany movements and routine financial consolidations.

Organizations can easily incorporate external data and automate approvals with configurable data management software. Dynamics 365 finance integrates closely with Office 365, allowing you to work seamlessly with Outlook, Skype, and Excel.

Dynamics 365 Finance enables mobile flexibility with applications such as cost tracking, vendor invoice approvals, vendor collaboration, and more. These apps often operate in offline mode, which is useful when there is little to no internet access.

“One nice thing about Dynamics 365 is that I can take a Laptop out on the production floor or do whatever I need to do off a hotspot. That’s the positive side of the cloud. I can be anywhere and be connected.” – ERP Manager, automotive manufacturing.

Get in touch

 

Dynamics 365 enables companies to compete both globally and locally. It creates true business value by optimizing accurate and timely regulatory reporting and intelligent and predictive insights that are contextualized and supported by machine learning data, enabling efficiencies, new market opportunities, and innovation.

Accelerate into the future of global business by partnering with DFSM for its implementation. Get to know about the Microsoft dynamics 365 finance & operations prices along with the implementation procedure. Start today by getting a Microsoft dynamics 365 finance & operations trial.

invoice automation d365

Microsoft Announcing: Cloud for Financial Services

The new model of Microsoft’s centralized branding solutions now covers financial services, manufacturing, and non-profit industries.

Recently introduced Microsoft Cloud for Retail and Microsoft Cloud for Healthcare are the latest products to grace Microsoft’s cloud industry.

 

Each cloud offerings incorporates Microsoft tools and capabilities, including a market-specific data model, industry standards support, and products using Microsoft 365, Dynamic 365, Power Platform, Azure Services, and security solutions.

DFMS SERVICES

Microsoft Cloud for Financial Services

  • Microsoft Cloud for Financial Services: It promotes industry standards and multi-layered coverage for protection and enforcement. It provides retail banks with tools to strengthen customer relations and defend against fraud. In March 2021, a new lender loan manager is expected and aims to simplify and clear loan closings.
  • Microsoft Cloud for Manufacturing: In June 2021, it will publish a preview and endorse “key processes and specifications.” The offering includes automation, IoT, machine learning, and AI-related software and services from Microsoft. According to Microsoft VP Çagan Arkan, the OSC Foundation and the digital Twins Consortium also support ‘industry-specific standards and communities.’ 

Microsoft Cloud for Nonprofit: It will go into public preview in June 2021, following a slew of recent announcements such as the Dynamics 365 Fundraising and Engagement solution, a Charitable Management Toolkit, and the Dynamics 365 Nonprofit Accelerator. Another method, Volunteer Participation, and Management will be introduced to this offering in June and available in public preview.

Onboarding, servicing, and support

 

Digital networks have created anticipation of a smooth commitment to a worldwide health crisis, hoping that new goods and services can quickly adapt to new circumstances.

For instance, ABN AMRO is already beginning to improve customer experiences via digital channels. Microsoft Teams are used to improve the site and online client’s experience, enabling the clients and consulting applications in the teams setting to be accessible on a single stage for video banking, document sharing, and digital signature.

The new Microsoft Cloud for Financial Services will help you create customized user experiences, for example:

  • Customer onboarding
  • Banking customer engagement
  • Loan Manager
Microsoft Dynamics 365 On-boarding Interface
Microsoft Dynamics Professional

Enterprise operations

 

Financial services institutions must be agile, data-centric, and modernization of old systems must be competitive in today’s climatic situation. This modernization will also help drive new products and services to better support data-centred needs and the users’ experience in a very competitive market, where Nonbanks are also expanding their Fintech innovation. Microsoft Cloud for Financial Services will help you modernize older batch-based core systems so that they run flexibly and in real-time, using the data-driven formats, and embrace new models like open banking and regulatory requirements using your APIs.

Risk management

 

Since the nature of fraud and financial crime is always shifting, it’s crucial to find outliers earlier rather than later to adapt to emerging criminal topologies and protect financial institutions and their customers. Furthermore, several banks continuously update their portfolios to mitigate risk, including reducing operating risk and compliance with regulatory requirements. Financial services companies that excel at data processing would be well on their way to better risk management, which they can leverage as a competitive advantage.

In this area, you can get the abilities:

  • Financial crime protection
  • Risk analytics

How can DFSM help?

 

The prices may vary as the need of the cloud; however, you can always get consultancy and implementation advice from the DFSM. Our team is a certified Microsoft partner still there to ensure that you choose and implement the right solutions within your organization.



Dynamics 365 Finance updates to Improve finance Dept.

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.

finance for businesses

Some of the Key Factors are:

Dynamics 365 Finance updates

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.

Final Thoughts

 

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.



Which Dynamics 365 ERP to choose? BC or D365 FO

Unfortunately, this question has no straightforward answer.

Businesses deciding on which Microsoft dynamics 365 ERP to select different points of decisions, and the first one is cost. We can see that Dynamics 365 Business Central can be less than half the price of D365 for FO, which comprises on 20-user minimum. Back in the day, Microsoft used to direct the number of users to guide businesses to the “Enterprise” version, but today it is not that easy.

The business process and its complexity play a more vital role in choosing the edition of the software. If you have a fixed budget and a limited number of users, the better option is to see if Business Central is supportive of your business operations or not. With large complexes in the businesses, the smart choice is to look at Dynamics 365 for Finance and Operations. Microsoft Dynamics 365 Customer Engagement has the full functionality of the CRM. Well, you can still find some of the CRM features in Business Central.

 

For meeting the complex needs of the business needs, Microsoft Dynamics 365 offers modular configuration, especially for the functions like retail or field service. Microsoft is offering full strength in connections to productivity tools for business intelligence and mobile capabilities.

erp-implementation

Basic Difference amid Microsoft Dynamics 365 Business Central & Finance + Operations

 

The only way to find out the difference between the Microsoft Dynamics 365 Business Central and Finance & Operations is to compare their features. In the end, it is about the complexity of the business operations and which one is capable of fulfilling it.

 

Business Central Main Features 

 

Business central is known to be a revamp of Nav. It includes all the Nav’s functionalities, but users now get the options to choose if they want their ERP on the premises or host it on the cloud. It enables intelligent predictability, provides easy financial management, and one can always prioritize the sales considering the factors like revenue. Some of the highlights of the features of Business Central Australia are:

  • Basic General Ledger
  • Budgets
  • Deferrals
  • Basic Fixed assets
  • Bank Account management
  • Audit Trails
  • Currencies
  • Full CRM Functionality
  • Supply Chain Management
  • Human Resources Management
  • Project Management
  • Instant reporting
  • Outlook integration Reason Codes
  • Service order management
  • Manufacturing
  • Power BI, PowerApps, and flow

All of these features are representing the quality functions to manage the business operations in an organized manner.

business central wave 2
dynamics finance operation 2020

Dynamics Finance & Operations main features 

 

As we all know that Dynamics Finance & operations are the revamp of the AX. It also can host on both premises and cloud. With it, you can use PowerApps, get access to real-time information, a dashboard, and adaptability or the changes. The features you might be familiar with or looking for in your business solutions are:

Some of the common benefits of dynamics 365 finance and operations:

Features & functions For Finance:

  • Accounts payable
  • Accounts receivable
  • Budgeting
  • General ledger and financial reporting
  • Project management and accounting
  • Public sector
  • Cash and bank management
  • Cost accounting
  • Expense management
  • Financial reporting
  • Fixed assets

 

Features of Dynamics 365 for Supply Chain management:

 

  • Asset management
  • Production control
  • Sales and marketing
  • Service management
  • Transportation management
  • Warehouse management
  • Cost accounting
  • Cost management
  • Inventory management
  • Master planning
  • Procurement and sourcing
  • Product information management

These are the simple functions and well-known Dynamics 365 finance and operations features. However, you may still find yourself questioning a few things, so let us help you with it.

 

Let us decide for you!

 

Ultimately, you will look into the expert to help you determine the best that can save you both time and money. You can talk to the Microsoft certified partners as they have worked with Microsoft CRM and ERP systems and they have dealt with the evolution of Dynamics 365.

DFSM start by understanding your business requirements and then match the solution that best fits. We will help you understand the implications and limitations of licensing, which in themselves can be daunting. Most importantly, they can help you establish the right software and technology foundation to support your long-term business strategies.

On-hand Inventory in Dynamics 365 F&O

Inventory is the most essential part for many business, specially when we talk about the Manufacturing, and Retail. industries.

And to make sure that it goes smoothly, you can have On-hand inventory.

Now, you might be thinking that what is inventory On-Hand?

On-hand inventory is all the stock available at the store or online eCommerce website. You can say the items that ready to sold and used by the customers.

 

What is on-hand inventory in D365 for FO?

hand on inventry

The general inventor on-hand is also offered in Dynamics 365 Finance and Operations. It is the form used various times because of its ability to show the real-time view of on-hand inventory. The form is quite a busy form, yet an important one for any organization.

You can simply open the form, add a filter, and set up all the settings as the requirement of the company.

How you can you use On-hand inventory in D365 FO?

Inventory on-hand form is essential and once you get the idea to use it, you will be relieved when you have to calculate the day on hand of inventory. Therefore, you can take the training or consult from the experts at DFSM to help you with the navigations in a form. However, the following are the few important buttons that you can use, and also it will ease the management of inventory. 

  • Using a transaction button, you can check the transaction details.
  • Set up the storage, transaction, and tracing dimensions as you need.
  • Rest move on to the fields and fill them up.
  • You can further create a reservation and see the result.
  • You can manage the inventory on hand adjusting entry too for maintaining the general ledger.

Furthermore, the form offers you the modifications that allow you to add the item and details considering all aspects. You can trace the item, reset the shelf life dates, or even reset the vendor batch details. More buttons include:

  • Inter-company on-hand
  • Quantity adjustment
  • Released product details
  • Counting history
  • Inventory batch attributes
  • Non-conformances
  • Reset batch disposition code
  • Inventory blocking
  • Quality orders
  • Net requirements
  • ATP information
  • Supply overview

 

Each button mention above enables you to enter or modify the details about the on-hand inventory without any hassles. If you understand the form, you can easily calculate the inventory days on hand.

Still, wondering? How to calculate inventory days on hand?

 

Divide the inventory turnover rate into 365 and you can get the days on inventory on-hand. It is a simple and frequently used inventory on hand formula.

In dynamics 365 you can have the auto inventory days on hand and view the results through the data you stored through the form.

 

Get in touch!

 

You might have a great idea by now how the On-hand can give you a better isight and control over your inventory.

By using the form you can find multiple ways to ease your inventory management and offer exceptional customer services to your customers. And if you need expert advice, we have a team with hands-on experience on the form in DFSM to guide.

The new payment automation in dynamics 365 FO

Today, we are going to reveal the new payment processing automation in Dynamics 365 finance and operation . The new process allowing people to create a pre-defined schedule with a combination of payment proposal criteria. It further enables you to create payment journals, with less user intervention. So, when you install the PU35 (see how to setup), you will be able to fully benefit this feature as it is managed by PU35.

 

payment automation dynamics 365

Steps of Process Automation

Source: community.dynamics.com
  1. Set Up a schedule (Set it up under Accounts Payable–>Setup–>Payment–>Process Automations)
  2. For creating a new process every time, you can start it by selecting “Create new process automation”, then you will further see the schedule type as “Vendor payment”.

This new feature is easing the process by allowing you to schedule the automation process. It can be effective without changing any of the daily activities of the company.

  • One can schedule the payment processing considering different criteria for different days or times of the day.
  • It will reduce the manual processing of journal creation for the payment process.
  • The dashboard enables you to view all the details of the schedule along with the errors, so you can resolve them.

How to setup an Automated payment processing systems  

 

  1. Click on the “Create Series”, you will see the options to set the batch job and define alerts to monitor the processing.

 

  1. Then, you click “Next” and you will be presented with a similar form as the payment proposal. Options will be like Amount limit, Include invoices from other companies (Centralized payments option), Delete negative payments, etc.

 

  1. The options that are not available in this form are the From Date and To Date. In this Form, you will get these options as Date criteria check box and number of day adjustments for to date. It will automatically pick any payment that is due for a given day when the job is executed.

 

  1. Also, you can mark the Define to date criteria to pay invoices earlier than a due date and then enter the number of days before the due date.
  2. In the end, finish the button and you will see the schedule setup. On the right side, you can view the schedule and disable or edit as you wish.

 

  1. Even if the job starts, you can view and change from scheduled to executing.

 

  1. Finally, you can see the results to view journals by clicking on view results.

 

  1. In this case, the job has processes journal is created with all invoices that are having payment as a check.

 

Conclusion

 

Ultimately, the Dynamics 365 finance and operations sales order processing is a blessing and one can always save a lot of time. So, no more manual scheduling and you can set it on automation., for a seamless implementation of the system and training, you have DFSM as your perfect assistance whenever you need them. Our experts are looking forward to your queries and ready to guide you through the process at any hour of need.

Source: community.dynamics.com

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