The rapidly changing business landscape demands finance teams to stay agile and adapt to new roles and responsibilities. Fortunately, the advancement of finance automation technology has made it possible for businesses to upgrade from basic tools to more advanced solutions, enabling them to keep pace with the latest industry trends and stay competitive.
Finance automation technology speeds up accounting processes by replacing multi-day transactions with instantaneous ones, providing real-time financial data for better decision-making. This allows teams to focus on core functions while automation handles repetitive and time-consuming tasks such as data entry.
Fortunately, enterprise resource planning (ERP) software solutions such as Dynamics 365 offer powerful automation tools that can help streamline and simplify financial processes. In this blog post, we’ll explore six ways you can automate financial processes with Dynamics 365.
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What is Dynamics 365 for Finance?
Dynamics 365 for Finance is an enterprise resource planning (ERP) software solution provided by Microsoft that helps organizations manage and monitor their financial data, operations, and supply chain from a centralized location, improving overall productivity and growth.
Dynamics 365 Finance helps businesses create comprehensive financial reports, track key performance indicators, conduct ad-hoc analysis, and offer advanced analytics for better insights into financial performance. This enables more informed decision-making, faster action, and improved financial management.
How does Dynamics 365 for Finance automate Financial processes?
- Dynamics 365 Finance can help companies streamline financial reporting, saving time and money.
- The tool allows users to generate reports and better understand their real time financial performance, leading to better decision-making.
- Built-in security user roles and flexible role design ensure a safe framework for sharing financial reporting and metrics with intended audiences.
- Dynamics 365 Finance can automate reporting and generate complex financial reports with multiple data points and offer a range of templates for quick and accurate report generation.
- The tool can also be used to monitor financial trends and key performance indicators over time. Identify areas for improvement and enable appropriate actions.
- Sharing information within the application and using Microsoft Power BI is simplified. Reports are easily exportable to various formats such as Excel and Word documents.
- Report automation with Dynamics 365 Finance is an invaluable tool for modern businesses that want to maximize their financial performance.
Here are six operational processes that can be automated with Dynamics 365 Finance and Operations:
Here are six operational processes automatable with Dynamics 365 Finance and Operations:
Automated data entry
Dynamics 365 Finance for Accounts Payable (AP), Accounts Receivable (AR), or employee data entry saves time, reduces errors, and improves accuracy. Dynamics 365 Finance automation eliminates manual processes, which can include vendor invoice scans, Optical Character Recognition (OCR) ingestion, and tasks such as creating and updating account, sales and purchase order generation, and inventory processing and freight charges.
Automated invoice processing
Processing invoices can be a time-consuming and error-prone task. Dynamics 365 can automate this process by capturing invoice data and automatically creating purchase orders and vendor invoices. This saves time and reduces the risk of errors and duplicate entries. For example, an imported invoice can automatically be submitted to the workflow system through a “Touchless Accounts payable invoicing” process.
Automated payment processing
Most payment processes can be tedious. With Dynamics 365, you can automate payment processing by setting up “payment terms and schedules”. The system will then automatically generate requests and initiate disbursements based on these schedules. This helps ensure that transactions are made on time and reduces the risk of missed payments.
Automated bank reconciliation
Bank reconciliation is another time-consuming task that can be automated with Dynamics 365. The system can automatically match transactions from your bank statement with those in your accounting system. Easily identify and reconcile discrepancies.
Automated financial reporting
Financial report generation can be daunting, especially if you manually extract data from multiple systems. With Dynamics 365, you can automate financial reporting with custom reports that gather data directly from your accounting system. This saves time and helps ensure that your reports are updated.
Automated budgeting and forecasting
Budgeting and forecasting are critical tasks for any business but can be time-consuming and complex. With Dynamics 365, you can automate budgeting and forecasting by creating templates and workflows that automatically generate budgets and forecasts based on historical data and other inputs for an accurate, streamlined process.
Automating financial tasks saves time and helps your team to focus on strategic work. In addition, it frees up your team to analyze financial information and work closely with other departments. So why wait? Embrace the power of automation with Dynamics 365 and start reaping the benefits today.
Make the best of Dynamics 365 Finance with DemandDynamics.
DemandDynamics is a Microsoft partner that offers on-demand Dynamics 365 services where you pay only for the hours consumed. Our Dynamics 365 experts can help simplify finances, optimize operations, and streamline workflows for sustainable business growth.
Contact us for more information about Dynamics 365 Finance or our other services.