Microsoft Dynamics 365 for Finance & Operations helps your business adopt a holistic approach towards financial management. It enables you to comprehensively address challenges facing your business and better position your company for future endeavors. You can easily adapt to the changing global financial requirements.
More importantly, Microsoft Dynamics 365 (Finance and Operations) comes with advanced AI functionalities, empowering businesses to automate and unify their financial processes. It helps you to reduce operational costs and make better financial decisions for your business.
With Microsoft Dynamics 365 for Finance and Operations, you get access to role- and activity-based workspaces, built-in artificial intelligence, security, power BI integration, automation of financial processes, and more. Moreover, you can easily integrate with other business tools from Microsoft, licensing on a subscription-based model, and a flexible design.
Most businesses employ Dynamics 365 F&O to improve financial management, increase productivity, and ensure better decision making.
This article will take you through Dynamics 365 F&O’s features, the benefits it delivers to your business, and why you should choose it as your company’s financial management software.
Key features of Dynamics 365 for Finance & Operations
Let’s take a closer look at some advanced features of Microsoft Dynamics 365 (Finance & Operations) that can help your finance department’s productivity and efficiency.
Global entry forms
Dynamics 365 for Finance and Operations takes optimizing human resources to the next level. You can now easily create invoices for purchase orders. Furthermore, you can also avoid the hassle of switching between different companies or legal entities.
Localizations
You get out-of-the-box rich localization features with Microsoft Dynamics 365 Finance and Operations. The localization features for different countries enable your finance team to prepare country-specific reports while keeping in mind the statutory and regulatory requirements of the country.
Exchange rate integration
The maintenance of exchange rates for global businesses is challenging, where you are required to create exchange rates on a daily, weekly, or monthly basis. If your business trades in multiple currencies globally, you must be aware of the complexities it brings to the management. With Dynamics 365 F&O, you can seamlessly integrate with different exchange rate providers, including OANDA. It will help you reduce the burden on your finance and accounting departments for manually maintaining these rates.
Built-in audit workbench
More companies have started to rely on multiple systems to monitor duplicate expenses, high spenders, and audit sample data. However, you get access to the in-built workbench for auditing and run sampling. Eventually, it gives your finance team more visibility and control across different financial aspects of your company.
Management reporter
It’s an advanced financial reporting tool. With Microsoft Dynamics 365 (Finance and Operations), you can configure your reports according to the requirements of your company. You wouldn’t require developers to develop a balance sheet and other financial statements with this financial reporting tool. Furthermore, you can choose to run your reports for a week or a month. It will allow you to view these reports after execution. Lastly, you can also use this financial software to generate consolidated reports.
Budget planning and control
Microsoft Dynamics 365 for Finance and Operations comes with advanced built-in technologies that enables you to plan budgets for your organization. Furthermore, you can establish tighter control on the expenditure with budget controls for purchasing cost control, project cost control, and more. It gives you more visibility into your business expenses, and make better financial plans for the future.
Cost accounting
The cost accounting features that accompany Microsoft Dynamics 365 for Finance & Operations can help you analyze data for different cost objectives, including cost centers and more. Furthermore, you can use different measures to allocate costs and other overhead expenses.
General electronic reporting
Microsoft Dynamics 365 for Finance & Operations witnessed the introduction of General Electronic Reporting (GER) to its modules. With the software, you can now modify the elements you need for customer collections, vendor payments, and more. However, earlier, you would have to depend on developers to perform the same action.
Aged customer balances snapshot
Earlier, you would have to give custom queries to the software to search for aging data of customers across your organization. However, Microsoft Dynamics 365 (Finance & Operations) introduced a unique feature known as Aged Customer Balances Snapshot. The feature enables you to search for customer aging data in a single view across your company. Furthermore, the feature enables you to schedule a periodic task for updating the aged balances. Based on the aging definitions you give; you should be able to look at this data in a single view.
What can Microsoft Dynamics 365 F&O do for your business?
The list below highlights the benefits Microsoft Dynamics 365 for Finance and Operations brings to your business. So, let’s get straight to it.
- You can take full advantage of new business opportunities and expand your financial performance through embedded analytics and centralized intelligence management.
- You get country-centric localizations in a single solution so you can meet country-specific regulations.
- Intelligent target systems enable you to make smart, quick and proactive decisions, consolidate information and insights relevant to certain processes.
- You can quickly adapt the software to support unique business processes and requirements as it scales.
- Microsoft Dynamics 365 for Finance & operations enables you to put resources at the fingertips of your employees. It’s a feature that helps people work faster, smarter, and better.
- It enables you to efficiently track assets.
- You can easily upgrade to new versions without hampering your business operations.
- You can create and maintain your unique business via layered and model-driven architecture.
- You can quickly meet and adapt to the ever-changing business environment.
- Instant functionalities enable you to simplify and accelerate deployment.
- Revenue management on a recurring basis
- Simplified accounting processes
- Microsoft Dynamics 365 F&O helps you automate business processes and reduce manual and reporting errors.
- You get support for global languages, currencies, and financial guidelines.
- Predictive analytics and data collection enables you to get valuable, actionable insights into different aspects of the supply chain.
- You can optimize the flow of goods and materials with advanced logistics management.
- You can ensure products reach your customers faster.
- Resolve issues early, get real-time insights, and improve product quality.
- You get access to other Microsoft applications, including Office 365, and more.
- You can connect with other on-premise or cloud software.
- Ensure better collaboration and communication across your company.
- You can reduce procurement costs by enabling automation across the supply chain.
- Plan your budget, automate financial processes, reduce operational spend, and more.
- Lastly, you can effortlessly scale your business with Microsoft Dynamics 365 Finance and Operations and its omni-channel solutions.
Top reasons to choose Dynamics 365 F&O for your business
Listed below are the primary reasons you will need to convince you to choose Microsoft Dynamics 365 (Finance and Operations) for your business:
Cost savings
Microsoft Dynamics 365 for Finance and Operations helps you minimize running costs by identifying redundant resources and automation and optimization. It also makes it easier to customize and integrate different modules and components of the ERP system and your business. These include business intelligence, CRM, productivity tools, IoT, and more. Eventually, your business can benefit from reduced spendings on employee training and cost reduction in optimization.
Predictive artificial intelligence (AI)
Dynamics 365 (Finance & Operations) enables you to improve cash flows, streamline accounting processes, simplify the global processes involved in financial management via futuristic predictive artificial intelligence and machine learning. Furthermore, you get access to data-driven insights into customer demands, behaviors, and requirements. Eventually, it helps you to digitally transform your business processes and establish long-lasting meaningful relationships with your customers. Lastly, you can actively engage in product innovation and increase your revenue with proactive assistance on financial management and predictive analytics and recommendations.
Built-in analytics
Enhanced analytics in Dynamics 365 Finance & Operations are powered by Microsoft Power BI. It enables you to better and smartly analyze and review reports. Furthermore, the real-time visibility into your business processes helps you produce reports with great ease. You also get the added benefits of an embedded analytical workspace. You can use this feature to write reports available in Microsoft Dynamics 365 via a form extension.
Enhanced user experience
The new user interface of Microsoft Dynamics 365 for Finance & Operations is responsive, intuitive and user-friendly. You can manage and access assets and projects in real time with a customizable activity-based workspace.
Benefits of cloud-based solutions
Microsoft servers host Dynamics 365 (Finance & Operations). It means you don’t have to spend an additional amount on maintaining your hardware and servers, further ensuring cost reduction. Moreover, with cloud-based software, you get the freedom to scale your business operations at its pace. Lastly, Dynamics 365 F&O leverages the functionalities of Microsoft Azure. Thus, you get in-built round-the-clock technical support and disaster recovery, ensuring cybersecurity and the protection of data and your workspace.