As companies grow, they often find that their current accounting software or spreadsheets need to meet their increasing demands. While basic accounting software can handle tasks such as invoicing, accounts payable and receivable, and creating general ledgers and financial reports, more is needed in functionality compared to more advanced accounting software. This is where ERP software like Microsoft Dynamics 365 Finance and Operations can help!
Dynamics 365 Finance and Operations (F&O) is designed to integrate with the rest of your business and streamline financial and operational processes. The robust Dynamics 365 Finance and Operations features can help growth-oriented companies take their business to the next level, optimize operations, reduce costs, and increase efficiency.
Modules of Dynamics 365 Finance and Operations
F&O is one of those ERPs that promotes fast time-to-value, enabling companies to become more productive and increase the value of information by providing all organizational stakeholders access to critical business information and processes in one place.
It comes with comprehensive features to help businesses streamline their financial and operational processes, optimize their supply chain, manage their workforce, and gain insights into business performance. Let’s explore the core modules of Dynamics 365 Finance and Operations in detail:
1. Financial Management
Dynamics for 365 Finance and Operations provides advanced financial management capabilities, including financial reporting and analytics, accounts payable, and receivable. It also provides features for managing the general ledger, cash and bank reconciliations, fixed assets, and budgeting. Overall, Dynamics 365 Financial Management aims to provide businesses with a comprehensive solution for managing their financial operations and gaining insight into their financial performance. This module enables businesses with the following:
- Enhance decision making: With the cash flow forecasting feature, your team can monitor cash flow, identify current and future trends and leverage finance insights to make data-driven decisions.
- Automate business processes: The solution helps you save time and money by automatically submitting invoices to vendors by matching invoice lines to product receipts. In addition, you can unify and automate business processes by providing a centralized source of intelligent information.
- Increase productivity and reduce cost: The solution lets you automate menial tasks and prioritize the fiscal work with predictive insights. You can also automate reporting for recurring revenue streams.
- Minimize risk: Dynamics 365 is a cloud-based platform that uses advanced security features and protocols to protect your business data from unauthorized access, cyber-attacks, and data breaches. Furthermore, it’s compliant with GDPR, HIPAA, ISO 27001, and other global standards. This minimizes the risk of legal and financial penalties.
