Microsoft has rebranded Microsoft Dynamics NAV as Microsoft Dynamics 365 Business Central. Along with the integration of ERP and CRM, and moving to cloud, Microsoft has introduced certain modules that were not present in Dynamics NAV.
Here we will discuss one of such modules named Microsoft Dynamics 365 For Finance and Operations.
What is Microsoft Dynamics 365 Finance and Operations?
Initially branded as Dynamics 365 for Operations, Microsoft Dynamics 365 Finance and Operations is an enterprise resource planning system for medium to large scale businesses.
It is an advanced solution that automates and modernizes your financial operations and is agile enough to cope up with an expanding business.
What are the capabilities of Microsoft Dynamics 365 Finance?
Microsoft Dynamics 365 for Finance Implementation revolutionizes the way you handle your finance.
With the following capabilities that you are entitled to, you can grow your business without having to undergo any hassle regarding the operations:
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Take smarter and more informed Financial Decisions with AI:
Dynamics 365 for Financial implementation provides you with embedded real-time analytics, in-depth reporting capabilities and financial intelligence.
These can be utilized to close books faster and simplify financial processes that pan around globally.
It natively handles foreign exchange and effectively shortens end-of-month process.
With AI and machine learning, you get predictive recommendations and proactive guidance for timely payments. This helps to increase profits and improve cash flow.
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Unify and streamline the financial processes:
Dynamics 365 for Finance Implementation introduces role based workplaces. This helps you optimize your performance. The productive insights and Office 365 Integration lets you automate and prioritize financial tasks.
It also lets you tailor your documents such as invoices, and statements to easily adapt to changing business needs.
The suit furthermore automates recurring billing process which helps you adapt to new revenue recognition standards easily, reduce audit costs and perfectly calculate and report the financial statements of your business.
As a result you become a part of subscription-based economy and thrive in it.
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Reduce operational expenses:
With features to support financial process automation, budget control, encumbrance and financial planning and analysis.
Dynamics 365 for Finance Implementation makes it easy for you to run your business globally while reducing the operational expenses.
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Decrease global financial complexity and risk:
You can adapt to rapidly changing financial requirements around the world with the help of guided, flexible, rule based chart of accounts and dimensions that comes with the solution.
Manage regulatory requirements that change frequently with no-code configurable tax, payment, e-invoicing and reporting formats.
It also helps you manage your local business requirements besides global requirements.
You can improve governance, ensure compliance across 37 countries in 42 languages, and reduce risks.
With its integration capabilities and built in partner solutions, you can extend finance and meet local needs of your business.
What are the integration opportunities that comes with Dynamics 365 Finance?
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Integration using Data Management Framework
Integrations that are carried out using Data Management Framework are file based integration scenarios that include import and export of files.
There are two types of APIs that in Dynamics 365 Finance and Operations that support these scenarios:
- Data Management Framework API
- Recurring Integration API.
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Integration using OData Services
The pattern is called OData and it is synchronous in nature. There is a batch scheduled within Dynamics 365 Finance and Operations.
- Microsoft Office integration
- Mobile App integration
- Third Party integration
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Integration using Custom Service
D365 Finance integration allows creation of custom services within the solution. They are of two types:
- SOAP based
- REST based
Their expert consultancy can also help you figure out which one of these integrations can add the most value to your business and which one will be a waste of resources and money.
Additionally, they can train the in-house team and make sure the transition is smooth and hassle-free.
So Dynamics 365 Finance and Operation is a powerful ERP solution that can revolutionize your business with its functionalities and integration capabilities.
SUMMARY
This article provides insights into the functionalities and integration opportunities of Dynamics 365 for Finance.
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