The wave 1 updates of Dynamics 365 Finance offer technology-driven possibilities such as accurate cash inflow prediction, risk analysis and mitigation, and identification of growth opportunities. Automation has been adroitly applied to cut down on the involvement in manual processes, enabling proactive management and newer levels of productivity.
Finance, a cornerstone of every organization, demands special attention for successful management. The growing complexities of modern-day businesses have made it imperative for organizations to venture beyond the conventional reporting and traditional practices and rope in technology to keep pace with the competition. This is what Microsoft aims at with the latest Dynamics 365 Finance 2020 release wave 1. The features allow the finance workforce to act on value-adding tasks while Dynamics 365 backs them up with technology-enabled assistance
Of the multitude of newly added conveniences, here’s a compilation of the most substantive ones.
Higher Cash Inflow
Rule-based auto-identification of invoices and customer orders assists agents in their collection tasks. For efficient customer information management, the voucher transactions list page gives the option to add the names and ID of customers and vendors.
The new features include the option to automate schedules to define vendor payment criteria.
The bridged transactions page and the check form display vendor details while the bank transactions page shows the cleared date. The checks form also shows the check clearance date.
Users get the option of sending auto email reminders for overdue invoices.
Better financial planning is promoted with ML-assisted accurate payment and bank balance forecasting. The option to include external data helps to this end.
The intelligent budget proposal feature facilitates the frequent and automatic creation of draft budgets. Product owners can specify individuals who can replace the existing budget plans, thus enhancing the budget plan security.
Ramping up operational efficiency
Accounting staff can save time and efforts with the new option to filter the Tax 1099 detail report by reporting year.
For efficient credit management, the module now offers intelligent suggestions for credit control. This helps improve cash flow, reduce bad debts, and manage credit risks. The new capabilities include risk score management, intelligent credit limits, flexible blocking rules, credit limit management, and others.
For the ease of configuring electronic reports, there’s the advanced Electronic reporting formula editor that allows features such as Code autoformatting, code completion, code navigation, etc. Users can quickly generate journal reports with the new requirement for a date range, limiting the amount of data processed to avoid system overloading.
Invoice error elimination through alerts (prohibiting the submission of vendor invoice to workflow) to stakeholders in the case of any mismatch between the invoice total and the registered invoice total. Individuals can automate the process of posting invoices in batches, making the process more efficient.
Advanced ledger settlement with the option to mark both settled records and unsettled records. So, whenever the ‘settle’ marked transactions are run, the corresponding transactions are settled while a message highlighting the non-processing of the ‘unsettlement’ marked records is sent out.
The detailed trial balance reports help ensure that the balance of accounts.
AI-powered Treasurer workspace injects simplicity and efficiency into the treasurer’s daily job. Also, there is the option to generate a trial balance report using the Treasurer's statement of accountability for reconciliation. With it, identification of discrepancies, unexpected balances, general audit functions, and the need for adjustments can easily be identified.
Easy document management with the ability to exchange business documents in PDF format. Users can also print documents directly from the system with the added functionality of batch processing to printing multiple documents simultaneously.
Besides these, several country-specific standards, particularly for Italy and France, have been included as part of the product. For customers of Dynamics 365 Finance in Italy, it offers a range of out-of-the-box regulatory and competitive features without having to apply any add-in.
Harness the possibilities of Dynamics 365 with Nalashaa
Microsoft Dynamics 365 Finance, with its latest bunch of features, brings higher convenience to daily finance operations. From intelligent features such as automation of routine tasks, payment reminders, and reporting capabilities to value-adding possibilities such as payment prediction, risk analysis, and insights for financial decisions – it promotes productivity at every level.
We understand business finance inside out and build custom solutions based on Dynamics 365 to help our clients achieve complete process transformation. How about a quick friendly chat with one of our Dynamics 365 experts to explore the possibilities for higher productivity? Drop your details below.
Anjan Barman is a technology enthusiast with primary interests in the applications and possibilities of Cloud, RPA, AI, CRM, and the like in modern businesses. He loves exploring how innovations help organizations improve their efficiency while reducing operating costs and presents the same in an atypical way.