Dynamics 365 Finance and Operations Capabilities
by August 03, 2023
With 365 Finance and Operations, companies monitor the finance tasks’ accuracy. It gives the personnel insights into the organisation, helping them to improve.
As there is an increase in competition, the competition demands are also increasing. When organisations buy the product, they do not want to compromise. They want quality in all sectors- customer service, user experience and more. The 365 Finance and Operations is a complete package.
The Operations is an all-rounder ERP solutions package that serves large and global enterprises. It is highly convenient because it can easily integrate with Microsoft Dynamics 365 CRM, Power BI, and Office 365. It helps companies to deliver faster and more efficient business outcomes.
The Need for Microsoft 365
The finance department of the company is one of the most important branches. It helps to manage the employees’ salary accounts and keeps track of the sales and purchases of the company. They overlook all the financial operations.
From managing your employee’s salary accounts to keeping track of the company’s sales and purchases, the software looks after all financial operations. With changing scenarios and work patterns worldwide, businesses face new challenges.
Capabilities of Microsoft 365 for Finance and Operations
Improve the Financial Performance
This Microsoft cloud-based software boosts profitability and productivity. It does so with a centralised and global financial management system. It helps to reduce operational expenses across the business counties. This Allows the person to make better decisions with the help of embedded analytics in real time. Also streamlines the automated process.
Management of Important Finance Operations
The HR software allows the person to register financial transactions quickly and efficiently. It helps manage the relationship between the subsidiaries and the parent company. It addresses the internal cost of accounting.
Monitor General Ledger
Guarantee adaptable configuration choices for the general arrangement ledger for smooth financial data bookkeeping. It helps to share information as diagrams for better visibility. Across multiple legal entities, it creates flexible journal entries or currency exchange rates. It lets you track your financial closing processes across organisations, regions, and individuals.
Get more intelligent with an effective financial plan arranging hierarchical costs. You can choose settings for your accounting system that are adaptable and scalable. You can add customisation to your cycle setups, work processes, and spending plan arranging worksheets.
Make planning simpler by giving your colleagues simple to-utilise apparatuses. They can create Microsoft Excel budget plan worksheet templates with the assistance of the user wizard. Representatives can consequently course their spending arrangements with worksheets, legitimisation, and connections.
It enables a custom reporting structure through the financial statements setup. It also ensures the easy layout of the ledger accounts. You can stay compliant with legal requirements and international accounting laws using Microsoft software. You can also keep your balance sheet and income sheet and maintain the cash flow updated to the latest data with the help of automation.
Business Intelligence or BI
The Power BI platform helps to digitise the business. You will have access to full integration of all the Microsoft technologies and apps like the Power Apps and Microsoft 365 Finance and Operations. Power Bi is instrumental in financial reports and data as it can quickly gather and generate data from various sources. It also helps with strategic decision-making.
Innovative Bank Reconciliation
There is an increased need for bank account statements at par with the ERP system; the advanced bank reconciliation feature is one of the most sought-after features the finance teams need.
Earlier reconciliation was difficult and time-consuming as the company had to manually match beach bank statements with each transaction or set up a custom importing process.
With the advanced bank reconciliation feature, your bank statement will have validity state-wide. All the report formats have rules that will match by amounts and dates. You need not carry out any manual intervention to find the correct information. You can easily find the right data and expedite the functions and work. It leads to a huge productivity boost for the finance teams in the organisation.
With the flexible features of the HR software, you can allocate the costs to the transactions based on fixed percentages and revenue. It reduces the task of preparing multiple journals and distributing the costs individually. It provides decision-making power to SMEs and other medium-sized enterprises by providing real-time visibility and making forecast future outcomes.