Indeed, Finance with informed financial decisions is the backbone of any organization. Just imagine, you don’t have economic management even to have your resources and supplies running smoothly. How are you supposed to face any other business challenges? This is when Dynamics 365 Finance and Operations solve more than half of your problems through business intelligence features. Let’s see the challenges faced by most finance leaders or managers. And how Dynamics 365 FO can solve them?
What are the challenges of the finance department?
We know that financing is a full-time job, but everyone deserves a little break from constantly worrying about the payments or invoices. Moreover, today finance departments have a lot on their plate. From managing financial health for a secure future of the company to the accuracy of data, workflow smoothness, and complying with all the local and international financial requirements, anything can go wrong in between causing a huge loss to the organization. Is it a risk worth taking? Of course not! This is why Dynamic 365 helps you organize the process by addressing the following problems.
1. Making unnecessary payments to a vendor that is also a customer.
If your business has ongoing dealing with multiple vendors and entities, you might end up paying or getting more or less than a decided amount in the record. Your finance teams can see the balance on their vendor/customer card by integrating the customer and vendor records with Dynamics 365. Most importantly, the Net Customer/Vendor Balance Payment Journal action will create payment journal lines for the net balances of these linked organizations.
2. Deferrals require posting outside the allowable posting date range.
Initially, the deferral feature in Dynamics 365 was not considered a happy choice for everyone. Why? Sadly, in order to post a deferral, the Allow Posting To date must be set to any future date, not only the deferral. However, with Dynamics 365 FO, Allow Deferral Posting From/To fields will be added to General Ledger Setup. This further allows posting dates to be opened for deferrals exclusively while preventing the posting of other entries.
3. Financial reporting by location requires Dimensions to be manually set on transactions.
Many businesses demand financial reporting depending on location, which Dimensions for Locations allows them to do. Dynamics 365 Finance centralizes all compliance-related data, allowing finance professionals to meet ongoing and location-based compliance and regulatory obligations while reducing the time and expense of regulatory reporting.
4. Out-of-the-box report layouts require a developer and extension to tweak.
Lately, the modification of reports needed developers or employees had to send it to excel to edit. For a while, you had the Custom report layout for modification, but still, it wasn’t enough; however, Dynamics FO solves this problem. Dynamics FO allows the use of Custom Report Layouts. And Excel to build and edit report layouts easily.
5. Synching between D365 Sales and FINANCE falls short.
Now, Dynamics 365 Finance offers standard integration features with other parts of the Dynamics 365 family, including sales. Before this, you had to manage terms and conditions for payments in Microsoft Dynamics 365 Finance and the sales quotes in the sales module. Dynamic 365 FO brings both together through smooth integration. Setup may require professional help, but it is worth spending on it.
Final Words
Dynamics 365 FO will be quite promising, especially to the finance leaders and managers for real-time data analytics… Eventually, it is your responsibility to make your finance department run smoothly, and if the new or even old features of Dynamics 365 FO can help you, then why not. For making your digital transformation smooth and simple, let DHRP be at your assistance. We understand the finance leader challenges, hence suggest suitable Microsoft products and services according to their needs.
