ERP solutions work best for a business in one condition. If the person knows and understands his business requirements and the factors that create the need for ERP solution.
There are important cases that help you determine if MS Dynamics 365 for Finance and Operations would be an ideal option for your business. Here in this article, we will talk about such cases in detail.
Handling cloud and on-premise operations
Microsoft Dynamics 365 for Finance and Operations is not just made to be cloud-only but for cloud-first. You can have the choice while using dynamics 365 FO.
Organizations running continuous critical business processes that cannot afford the loss of connectivity can consider hybrid “edge” modelling. It will provide the advantages of both on-premise operations and cloud.
Extensive business applications
Dynamics 365 FO as an ERP solution with extensive features provides extra benefits when used with complementary tools like Talent and Sales.
In case the business needs heavy corporate apps like procurement, financials, professional services, asset management, dynamics 365 FO is the best to bet.
Dynamics 365 Finance and Operations handles processes related to budgeting, workflow, requisitions, consolidated reporting, etc.
There are several ERP software that can only achieve these features with the help of multiple 3rd party ISV solutions.
Dynamics 365 for Finance and Operations manages the finances using a robust global financial management platform that helps an organization in growth and expansion without limitation. Financial management has –
- Core accounting
- Electronic banking
- Budgeting and planning
- Fixed asset management
Core accounting uses integrated accounting modules like general ledger, accounts payable, banking, and A/R and collections.
Electronic banking helps boost efficiency levels with direct integration facility with your banks for electronic bank reconciliation, EFT/ACH handling, positive pay, A/R Lockbox import.
Budgeting and planning use an embedded budgeting and planning solution that handles all corporate budgeting and forecasting processes.
Fixed asset management tracks the whole lifecycle of fixed assets. Dynamics 365 FO manages sales and uses taxes, GST, VAT, and other global taxation requirements.
Many enhancements have been introduced to boost the productivity of warehouse team members by adding effectiveness and flexibility to operations once tasks have been created.
Features included in warehouse functionality
- Dynamics 365 FO creates work after packing – After manual packing work, there are many other processes to deal with. These processes can be modelled with separate work steps within the warehouse management solution for finance and operations.
- Create a release policy for packed containers – The feature lowers the risk of picking and moving closed containers that are not ready for dispatch from the packing point.
Other features of Dynamics 365 for Finance and Operations
1) Global entry forms
The need for optimizing human resource usage increases with an increase in the shared services model. Dynamics 365 for Finance and Operations has proven to be a revolutionary product that allows users to create purchase invoices seamlessly for their purchase orders, or enter a journal entry in other entities.
Ms Dynamics 365 Finance and operations have localization features for distinct countries’ finance team with which they can regulate and generate reports that are specific to each countries’ statutory requirements.
3) Inbuilt audit workbench
Organizations can use the inbuilt audit workbench of dynamics 365 FO to run sampling and offer extra controls and visibility to the finance team.
4) Budget planning and control
The inbuilt features of Dynamics 365 for finance and operations can be used for planning budgets with scenarios for monetary and quantity. Organizations can even set up tighter control over the expenditure by using innovative budget controls for purchasing cost control, project cost control, etc.
5) Cost accounting
With Dynamics 365 for finance and operations, companies can leverage cost accounting features which help them in analyzing data for several cost projects like a cost centre and other overheads using distinct measures.
7) Management reporter
With the management reporter tool, the need for developers to create a balance sheet, an income statement, etc. vanishes.
Using dynamics 365 for finance and operations, a business can select when to run these reports for a month or a week, where to view them after execution, and also able to get consolidated reports using financial reporting.