Deep Dive into D365: Finance

In our first ‘Deep Dive’ of the year, we put Microsoft Dynamics 365 ERP Finance under the spotlight, taking a look at some of its key features and business benefits.

With insight from Tisski’s Finance and Operations Lead, Paul Sinnott, we’ll delve into the reasons why Microsoft’s Finance software should be a serious consideration for any organisation looking to adopt a new finance system.

Main features

workspace

Workspaces

  • Workspaces provide you and your people with the tools needed to work quicker and smarter. This Dynamics 365 Finance feature allows employees to access their own role-specific area displaying data, tasks, reports and inquiries designed specifically to streamline their day-to-day duties. Each workspace shows as a tile and this represents an activity that employee carries out as part of their role, for example, a clerk might have an invoice processing workspace. 
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  • There are endless workspaces available out-of-the-box to help employees save time and enhance their efficiency, and embedded Power BI reports help bring data into play. What’s more, if existing workspaces don’t cover a specific task you’re looking for, you can easily extend the existing offering or create and deploy your own in next to no time at all. 
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finance

Chart of Accounts and financial dimensions

  • One particularly useful D365 Finance feature (and one that helps greatly with governance and reporting standards) is the Chart of Accounts. Anyone working in the world of finance will know that a Chart of Accounts is a set list of posting codes used to classify and differentiate financial assets, liabilities and transactions – and Finance is the perfect way to track and manage these effectively.
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  • Financial dimensions and analysis codes, which can be created based on your organisation’s specifications, allow you to further enhance your financial reporting and transactional analysis. Combining these with the Chart of Accounts functionality locks in financial traceability and analytics by assuring that any entries made must align to your internal reporting requirements, ensuring data accuracy at the point of entry and, in turn, a stable structure for core statutory reports. 
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tax

Tax

  • D365 Finance’s tax functionality enables organisations to assign different tax information to different customers and vendors, as well as any purchases and sales. This flexibility allows your finance department to account for differences in taxation rates based on who your organisation is buying from or selling to and what it is you’re buying or selling.  
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  • In a demonstration of Microsoft’s ongoing investment and development of the D365 Finance product, a recent feature enhancement also allows it to handle partial VAT recovery, allowing you to further automate those difficult VAT transactions while maintaining compliance. On top of this, a verified, out-of-the-box connection to the HMRC Developer Hub ensures your organisation remains fully compliant with HMRC’s Making Tax Digital legislation. 
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Expenses

Expenses

  • D365 Finance’s expenses module handles everything, from out-of-pocket expenses and mileage rate tiers to per diems and corporate credit card transactions. The module is customisable, enabling you to select relevant fields and use configuration to align the software with your organisation’s expenses policies, for example, by setting a maximum spend for meals or hotels. 
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  • The expenses function allows you to connect to card providers and import employee credit card transactions directly into the module itself, and you can set up workflow functionality to ensure the correct member of staff gives approval for each expense submitted. In addition, a mobile app makes it easy for employees to submit their expense claims, wherever and whenever they need to. 

    Underrated features

        reporting

        Electronic reporting

        • This out-of-the-box function allows you to configure the format of incoming and outgoing electronic documents, which in turn allows you to do e-invoicing. There’s no coding required – output documents, such as purchase orders, can be customised from the front end, enabling you to maintain compliance with constantly changing regulations with minimal hassle and no code. 
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        task

        Task Recorder

        • This tool enables you to capture your business activities and save them as recordings to build a library of core business processes and step-by-step documents which can then be exported and used as training manuals or replayed as a step-by-step system walkthrough guide for end users.  

        Why Dynamics 365 Finance? 

        With all this functionality and more, it’s easy to see why Dynamics 365 Finance is a strong contender for anyone looking to upgrade their finance system – and for smaller organisations who may be looking to adopt one for the first time, too.

        As well as the software itself, Finance’s seamless integration with other parts of the Microsoft stack is a great advantage. Our Finance and Operations Lead, Paul Sinnott, said: “The ease of integration with the wider Microsoft tool set, including the Power Platform, is a real benefit.

        “Aside from core product enhancements, Microsoft are really invested in how D365 Finance interacts with the wider Microsoft stack and developing the out-of-the-box connectors for the Power Platform, which essentially means you can automate more workflows and improve your information and reporting accuracy. Investing in Microsoft means you’ll benefit from a truly interconnected experience.”


         

        Expert’s choice

        “Personally, I’d say out-of-the-box, embedded Power BI reports are the best feature – they just give you so much financial insight and that can be invaluable when it comes to strategic and operational decision-making.” Paul Sinnott
        Finance and Operations Lead

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        Paul or a member of his dedicated team will be more than happy to discuss Dynamics 365 Finance and help you determine whether it’s right for your organisation.

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