What is expense management in Dynamics 365?

expense management

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For many businesses, successfully managing and sustaining employee spending is a big difficulty. The timely receipt of accurate expenditure reports is important to the success of your business.

If you’re using Microsoft Dynamics 365, the Finance and Operations module has a redesigned Expense Management component that simplifies expenditure reporting. We’ll look at the Expense Management functionality in Dynamics 365, as well as how organizations and our customers use it, in this blog post.

But before talking about it, let’s see what expense management is?

project operations
Microsoft Dynamics 365 (1)

What is an expense management system?

Basically, it is about the system that helps you manage all of your business expenses and resources. However, we talk about digital systems, which is an expense management solution is a system that uses automation to offer your company the tools it needs to handle, pay, and audit employee expenses.

Expense management features in Dynamics 365 

Businesses may use Expense Management d365 to create integrated processes that can track payment information, import credit card transactions, and control employee spending. Cost Management also allows you to define expense policies and automate the reimbursement of travel expenses. Dynamics includes this feature rather than constructing and maintaining a third-party solution, keeping everything under one product line. So, this functionality may be perfect for you if you already use the Dynamics 365 product line!

Some of the features that can interest you are:

  • Plan expense management
  • Intercompany expenses
  • Financial management
  • Per diems
  • Journals and accounts
  • Payment methods
  • Taxes
  • Policies
  • Expense categories and shared categories

Expense management Benefits 

In 2019, Microsoft revamped its Dynamics 365 cost reporting capabilities to make expense entry easier and faster. The sleek and modern user interface of the reinvented expense reporting allows users to see all of their spending, reports, and receipts in one location.

  • Employees have the ability to produce and submit new reports, as well as update current ones.
  • Attach a receipt to your report by scanning or photographing it.
  • Create approvals workflows.
  • Adaptable to your company’s needs.

Once Dynamics 365 is installed, users can submit reimbursable charges directly through the system. Users can produce expense reports in D365 or the D365 Expense Management mobile app and attach receipts to them. The expense report is directed through a workflow to the appropriate approver after submission. 

Expense management best practices

Expense management in your organization is inextricably linked to financial management. Your financial and organizational decisions determine the majority of your configurations. From per diems to payment systems to expense categories, there are many things to consider while establishing your Expense Management. These fields in your reports can be totally customized by Microsoft.

Administrators can utilize Expense Management to put up a system for reviewing and approving travel and expense reports. Consistent approval processes, status visibility, and a unified worklist for employees to follow tasks and approvals assigned to them are all advantages of having a streamlined workflow inside your firm.

Dynamics-365-Mobile-Experience

Bottom line

At DFSM, we help businesses configure their Expense Management using Dynamics 365. We help you to develop and set up your Expense Management module, as well as train your employees on how to submit and approve expense reports. If you’d like to learn more about the Expense Management functionality in Dynamics 365, or expense management process, please don’t hesitate to contact us.

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