What is Microsoft Dynamics 365 Finance?
Microsoft Dynamics 365 Finance is a modern & unified solution. It empowers the Small & Medium Sized Businesses (SMBs) in the “Age of Digital Transformation by optimizing their financial operations. Moreover, it also streamlines their day-to-day financial management processes by:
- Providing them with “Accessible Insights”
- Facilitating “Augmented Processes”
- Simplifying the “Compliance Norms”
In this blog, let us dive deeper & explore the important features of Microsoft Dynamics 365 Finance.
Imprtant Features of Microsoft Dynamics 365 Finance
Accounts Payable
Microsoft Dynamics 365 Finance provides SMBs with features like Accounts Payable. The Accounts Payable option enables them to keep track of their invoices and outgoing expenditures to the vendors. It allows them to enter Vendor invoices manually in the system. Likewise, it also allows them to receive vendor invoices electronically through data entities. Moreover, once the invoices are entered or received, businesses can use the invoice approval journal or vendor invoice page for reviewing & approving the invoices. Similarly, they can also automatically approve invoices that meet the required criteria. They can do so by automating the review process using invoice matching, workflows, and vendor invoice policies.
Accounts Receivable
MS Dynamics 365 Finance offers features like Account Receivable. The Account Receivable options allow SMB’s to track customer invoices and incoming payments. Using Dynamics 365 Finance, SMB’s can create customer invoices based on packing slips or sales orders. Moreover, they also can submit free text invoices that are not related to the sales order. Besides, it enables SMBs to receive from their customer’s various types of payment. For instance, Cash, checks, bills of exchange, credit cards and electronic payments.
Budgeting
With MS Dynamics 365 Finance, SMB’s can access Budget Plan documents for planning their annual budget and long-term goals. Once the budget plan is approved, SMB’s can convert it to a Budget Register Entry. Using the Budget Register, they can maintain the budget and keep track of the amount through the budget codes. Moreover, it also allows them to revise the original budgets, carry forward budget amounts from the previous year and perform transfers. Further, SMB’s can also use features like Rolling forecasts to compare their budget to actuals & effectively identify trends.
Cash & Bank Management
By using the cash & bank management feature of Dynamics 365 Finance, SMB’s can effectively maintain their bank accounts and the financial instruments associated with them. For example, Bills of Exchange, checks, deposit slips and promissory notes. Moreover, they can also use this feature for “reconciling their bank accounts and taking a print of the bank data on standard reports”.
Cost Accounting
Microsoft Dynamics 365 Finance offers features like Cost Accounting. Using this feature, SMB’s can collect data from different sources like budgets, general ledgers, sub-ledgers, etc. Besides, they can use this information for evaluating & analyzing the cost data and arrive at well-informed data-driven decisions.
Expense Management
The Expense Management feature of MS Dynamics 365 Finance enables SMBs to create an integrated workflow. Furthermore, they can use this integrated workflow to import credit card transactions, store payment method information, and track expenses.
Asset Leasing
The Asset Leasing feature of Dynamics 365 Finance allows SMBs to track, manage and automate their financial transactions. Moreover, it is compliant with International Standards like International accounting standards (IFRS 16) and US GAAP standards (ASC 842). Similarly, it captures and processes information about the leases. It also helps generate journal entries throughout the lifecycle of the lease, from initial recognition, monthly journal entries to impairment and termination of the lease.
Fixed Assets
MS Dynamics 365 Finance allows SMBs to set up and enter acquisition information for fixed assets. In addition, it enables them to manage the different assets by depreciating them. They can do so by setting a capitalization threshold to determine depreciation. Moreover, they can view the current value of all fixed assets by using General Ledger together with the fixed assets.
General Ledger
The General ledger feature of Microsoft Dynamics 365 Finance is a register of debit and credit entries. Moreover, it stores all the financial data in a structured manner for creating financial statements. Thus, it streamlines the financial processes & keeps an organization well-informed regarding its revenues, assets, liabilities etc.
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