Microsoft Dynamics 365 for Finance and Operations was one of the most popular ERP software on the market assisting numerous businesses around the world in accounting, manufacturing and logistics. Its solutions are still available to companies, however, now they are offered under new licensing conditions, which aim to provide organizations with more flexibility.
Microsoft Dynamics 365 for Finance and Operations – New Licensing Program
To make it possible for companies to meet their business needs with their ERP system and avoid unnecessary expenses coming with licensing costs of deploying irrelevant functionality, Microsoft Dynamics 365 for Finance and Operations was split into two separate applications in 2020. While you can still purchase and implement both of them, you can also choose a single one if this will serve your company better.
The solution for finance management is now known as Microsoft Dynamics 365 Finance and it does not cover any features for inventory, warehouse, production or transportation management. Yet, all of these functions are offered by Microsoft Dynamics 365 Supply Chain Management.
On top of that, the current licensing program of Microsoft Dynamics 365 is based on separate payments for each user considering the scope of granted activity rather than purchasing a full license for the entire organization. This is another useful way to reduce licensing costs for businesses, which now can save money on the users with minimum permissions for data manipulation.
Microsoft Dynamics 365 Finance Functionality
The new Microsoft Dynamics 365 software for finance has an extensive list of features helping companies to track their budgets, accounts and transactions and also analyze generated data to get advanced reports and AI-empowered predictions. This knowledge can be effectively used for smarter decisions.
Furthermore, Microsoft Dynamics 365 Finance helps organizations to comply with regional tax requirements and supports accountancy for multinational enterprises. In addition to it, the software is an effective assistant to financial specialists who can enjoy the automation of repetitive and tedious tasks, spare a lot of time for more demanding tasks and avoid errors.
Here is some specific functionality of Microsoft Dynamics 365 Finance your company can benefit from.
Microsoft Dynamics 365 Finance allows managing accounts payable and receivable manually or automatically. Not only is it possible to receive and review invoices automatically by matching them with corresponding workflows but also to establish criteria for automated invoice approval.
Managing Projects and Budgeting
To get better control over your budget, you can separate it into several registries and perform interactions between them. Setting budgets is particularly helpful for expenses related to your projects, while intelligent reporting tools help to get more insights into the expenses.
Monitoring Bank Accounts and Cash
Microsoft Dynamics 365 Finance is also equipped with the necessary tools for maintaining bank accounts and all related items including promissory notes and checks. This ERP software is also highly efficient for tracking any expenses incurred as a result of business activities.
Enhance Microsoft Dynamics 365 Finance with Supply Management System
Even if at first, you decide to accommodate only the functionality of Microsoft Dynamics 365 Finance in your company, you can add Microsoft Dynamics 365 Supply Chain Management to your toolkit any time you need.
This application will expand the capacities of your ERP solution optimizing it for asset, inventory, warehouse and transportation management. The Microsoft software for supply chain management uses the state-of-the-art IoT (The Internet of Things) technology that will help you to follow manufacturing and transportation activities, maintain quality assurance, avoid production downtime and keep deliveries on time.
This tool can also be used for advanced cost management and effective prediction of material usage and product demand. Diverse data coming from multiple sources combined with the algorithms of Artificial Intelligence will help your business to become even more cost-effective and therefore, competitive.
Finally, Microsoft Dynamics 365 Supply Chain Management also offers sales and marketing functionality. With this, you will go beyond shipment and will be able to analyze customer satisfaction, build and maintain relationships and organize targeted marketing campaigns.