How can Dynamics 365 for Finance and Operations feature to assist in improving finance team productivity?

Businesses are savvy in their ERP usage and demand more features for improving the productivity of their teams. most vital business team for maintaining an ERP system is that the finance and accounting team, as they perform the task to update and maintain integrity. The success of the organization depends on the insight and assessment of the financial statements and reports. Therefore, require accuracy and precision.

Dynamics 365 for Finance and Operations- an aid in improving finance team productivity:

1. Global Entry Forms

With a rise within the shared services model, users can now seamlessly create purchase invoices for purchase orders, or enter a journal entry in other entities, avoiding the effort of wanting to switch between multiple legal entities/companies.

2. rate of exchange Integration

Exchange rate maintenance during a world organization may be a tedious process where users got to create exchange rates every day/week/month. With Dynamics 365 for Finance and Operations, the organization, can seamlessly integrate with rate of exchange providers like OANDA, and thus reduce the burden on the finance/accounting teams for maintaining these rates manually.

3. Localization

With Dynamics 365 Finance and Operations, finance teams can now have control and generate reports specific to every countries’ regulatory/statutory requirements.

4. Advanced Bank Reconciliation

With the advanced bank reconciliation feature in Dynamics 365 for Finance and Operations, you'll have industry-wide accepted statement formats (viz., MT940, ISOXMl2022, BAI etc.,) imported into Dynamics 365 for Finance and Operations with rules defined to match by either amount and or dates. With little to no manual intervention, this feature may be a huge productivity boost for finance teams.

5. In-built Audit Workbench

With Dynamics 365 for Finance and Operations, you'll use the in-built audit workbench to run sampling and supply additional controls and visibility to the finance team.

6. Budget Planning and Control

Dynamics 365 for Finance and Operations has features to plan your budgets with monetary and quantity (for FTE counts, etc.), and have different levels of workflow stages for approvals. a corporation can set-up tighter control on the expenditure by using out-of-the-box budget controls for project cost control, purchasing cost control, etc., supplying you with more visibility into expenses, and allowing you to plan better for the longer term .

7. Management Reporter

Using Management Reporter one can configure reports consistent with organizational requirements. With this tool, the organization don't need developers to develop a record , an earnings report , etc. The organization also can prefer to have these reports travel by a schedule for a month or every week can view them after execution; even have consolidated report, generated using financial reporting.

8. Aged Customer Balances Snapshot

With Dynamics 365 for Finance and Operations old balance snapshot, the organization can check out customer ageing during a single view across legal entities. The organization can schedule a periodic job to update the aged balances, and therefore the collections/AR team can check out this during a single view supported the ageing definitions.

9. Accountancy

The cost accounting features in Dynamic 365 Finance and Operations help analyze data for various cost objects, like cost centre, and allocate the prices and other overheads using different measures.

10. General Electronic Reporting

With the introduction of the overall Electronic Reporting (GER) module, finance users can now modify the weather that they might require for vendor payments, customer collections, etc., where earlier these were hooked in to developers.

11. Cost Allocations

Based on fixed percentages or a revenue basis, the flexible features of cost allocations allow the organization to allocate costs. The organization administers the prices across companies as intercompany transactions also . It reduces the burden of preparing multiple journals and allots the prices .

Using the above features for improving the productivity of monetary teams. For further questions on training in Dynamics 365 for Finance and Operations and the way it can help your payment processes, please contact us today.