Dynamics AX to Dynamics 365 Finance conversion may completely overhaul your company. Dynamics 365 Finance can assist you in making sense of jumbled data and bringing order to previously disorderly processes thanks to its centralization of data and workflows and use of AI and machine learning to provide insightful insights.
Here are five areas where finance professionals can increase efficiencies with Dynamics 365 Finance.
- Credit Management
- General Ledger
- Vendor Payment Proposal Automation
- Electronic Reporting
Understanding the benefits of how Microsoft Dynamics 365 will improve your business is the foundation for garnering buy-in from all parties involved to make the move easier.
For many businesses, the manual procedures of keeping track of clients, payment terms, ratings, and more in a variety of Excel spreadsheets and siloed apps continue to be a major bottleneck in credit management. Automating these procedures can boost productivity greatly while lowering the dangers of giving out credit.
When establishing credit limits and guidelines for individual clients, financial executives need to be flexible. That’s what Dynamics 365 Finance offers.
The system then ranks a client and tracks purchases, alerting you when payments are overdue, or credit limits have been reached. The ranking system helps identify which clients are consistently meeting or missing payments and using extended amounts of credit.
Spending a lot of time exploring your system for client information costs your company money since time is money. Financial managers using Microsoft Dynamics AX 2012 must keep in mind where certain information is kept accessing it quickly. Without that, customers must search the system and go through each page one by one in order to locate the feature they need.
The improved search feature in Dynamics 365 Finance makes it simpler to locate the features you want.
Dynamics 365 Finance also offers customizable tiles for your workspace. A finance employee working with vendor invoices can personalize their dashboard to see only the tiles they access regularly on the screen: invoice entry, invoice payments and vendor payments.
Finance professionals get access to all journal entries from a single primary interface using Dynamics 365 Finance. If your companies are spread across several different nations and currencies, Dynamics 365 Finance is equipped with all the features and tools you require to manage the issue.
Additionally, it makes it simpler to access backward journal entries. Users may access the reverse journal entry button at the top of any journal entry, saving them from having to locate the journal entry and provide the required information.
Vendor Payment Proposal Automation
The ability of Dynamics 365 Finance to automate vendor payment proposals is another significant benefit in terms of time savings. Financial staff members can use this functionality to programme the system to automatically create proposals by scanning a certain time period for payments that are past due. Your business will benefit from the time savings. This feature produces the proposal to be examined and approved, but it does not process or provide payment.
Instead of immediately executing the proposal, users may now access the automatically generated payment journal, evaluate the data, and, if required, update the journal.
Instead of using manual coding, Dynamics 365 Finance enables configuration-based electronic reporting. Users may establish the architecture of electronic formats and manage how they are filled out and used. There is no need for SSRS reporting software engineers because it is easy enough for regular users to grasp and master.
Users may easily modify electronic reports on their own using Microsoft Dynamics 365 Finance in conjunction with Microsoft templates. By removing the need for hiring programmers and giving customers a quick procedure, this reduces costs.
This is just the start. If you want to explore all the other ways that Dynamics 365 Finance can help you increase efficiencies compared with AX, reach out to Intelisense IT today.