The modern market requires utilizing digital solutions for finance management even in the case of small companies, let alone large multinational enterprises. Besides typical accountancy tools, businesses need an opportunity to manage their financial data to support its seamless flow within an organization and a possibility to get crucial insights.
One of the most high-end solutions of this type is Dynamics 365 Finance, developed by Microsoft.
What Is the Purpose of Microsoft Dynamics 365 Finance?
Microsoft Dynamics 365 Finance provides companies with complex financial support. Certainly, accounting is a crucial part of its functionality, however, this is just a fraction of its capabilities.
This application has also been designed with a view to enabling budgeting and project management through integration with a number of financial workloads of a business including fixed assets, a general ledger, accounts payable and accounts receivable. All of its financial tools have been adjusted to over 40 regions and countries, which means not only language support and time zone customization, but also local tax determination. This helps enterprises to avoid tax violation and is especially helpful for entering new markets.
Application for Efficient Automation of Financial Processes
Accountancy takes care of a large number of repetitive tasks which can be effectively automated with the help of Microsoft Dynamics 365 allowing financial specialists to focus on more demanding tasks and avoid errors which usually accompany tedious manual work.
This can be achieved through a strategy for information collection based on the rules adjusted to the exact specificity of a company and its requirements. With its help, the app will be automatically taking care of cash flows ensuring all the necessary payments are performed on time.
Application Supporting Seamless Flow of Information
The greater a company is, the more complicated monitoring of its financial activity is. That is when tracking tools for closing processes become even more useful. Microsoft Dynamics 365 Finance has extended functionality for task identification, for instance, for labelling them as past due, as well as for setting up notifications and alerts.
The application makes it easier to view all of the activities involved into closing processes including their interaction and dependencies, for example blockages and requirements for closure.
Furthermore, Microsoft Dynamics 365 Finance allows its users to export historical data for auditing, reporting or forecasting.
Innovative Application for Prediction
Financial data of a company should work for its future success, and Microsoft Dynamics 365 Finance makes it possible. An inbuilt Artificial Intelligence solution can analyze a company’s data generated through years to get valuable insights. At the same time, the Business Intelligence techniques help to build comprehensive charts with this data and see hidden trends of potential risks and possibilities.
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