Do you need a tool that combines the functionality of financials and operation management solutions to help you make quicker, more informed business decisions?

If so, this article is for you!

Microsoft Dynamics 365 for Finance and Operations is a cloud-based, dynamic Enterprise Resource Planning (ERP) system that combines all the functionality of financial and operations management solutions into a single tool. And, with all of this advanced functionality in one location, companies can streamline and optimize key business processes and improve efficiencies across their entire organization.

Read on to learn more about Dynamics 365 for Finance and Operations and how our Dynamics consultants can help optimize your overall technical investment.

What is Dynamics 365 Finance and Operations?

Microsoft Dynamics 365 Finance and Operations is a functional ERP system that runs in the Microsoft Dynamics Cloud and offers the capabilities to track and manage all inventory, finance, and operational data in the same place.

With its intuitive, user-friendly interface, the Microsoft Dynamics 365 Finance and Operations solution encourages users to complete business tasks anytime, anywhere, and customize functions according to a user’s job title and preferences. 

Dynamics 365 Finance and Operations allows businesses to track both their company and employee performance through advanced analytics tools and provides actionable insights, like predictive outcomes, for better business decisions in the future. Users can leverage better performance insights to make data-driven decisions that encourage business growth and flexibility over time.

Despite some users, customers, and consultants referring to the solution as ‘Finance and Operations’, it’s technically 2 different applications now:

  • Dynamics 365 Finance: Focuses on project management, budgeting costs, and accounting for large, international companies.
  • Dynamics 365 Supply Chain Management: Focuses on manufacturing, engineering, distribution, and warehousing.

And, although F&O refers to two separate applications, it only requires a single implementation process. 

With two separate application offerings, companies can choose if they will implement only Dynamics 365 Finance, only Dynamics 365 Supply Chain Management, or both, giving them greater control over their Dynamics landscape in the long run.

Note: Having a Microsoft Dynamics consultant (like ours at Surety Systems) can help you pick the appropriate arrangements for your company based on your existing business processes and future operational goals.

Features of Dynamics 365 Finance and Operations

Here’s a look at some of the main features of D365 Finance and Operations:

Strategy and Real-Time Insights

In-depth business data and process integrations across Dynamics 365, Office 365, and other partner applications provide a concentrated source of information for business users, saving time and promoting cross-organizational collaboration in the process.

With AI-powered capabilities, users can also immediately analyze critical data about their company’s cash status and take the necessary steps to improve it. Real-time insights and connectivity across teams and systems also make it easier to reduce the barrier of establishing or hiring AI expertise and automate or eliminate mundane tasks.

Growth and Performance

With proactive suggestions for timely customer payments and predictive recommendations for better customer support, companies can increase overall profitability and cash flow across their entire organization. And, by leveraging intuitive tools for budget management, financial planning, and financial process automation, they can also increase operational efficiency and user productivity in the process. 

Rapid implementation across 42 countries/regions and 47 languages allows organizations to grow quickly and scale their core Dynamics systems to do the same, whether through organic or inorganic means.

Risk and Compliance

With Dynamics 365 F&O, global enterprises can utilize credit management systems that offer improved flexibility and control over their existing systems while reducing errors and non-compliance risks. 

Automate revenue forecasting, allocation, recognition, subscription, renewal, and reporting functions using a rule-based event handling procedure predefined in the core Microsoft Dynamics landscape. 

This way, companies can accurately report financial statements and adhere to accounting standards like IFRS 15 and ASC, regardless of the size of their organization or amount of company or department locations.

Productivity and Processes

With easily customizable workspaces, in-built Office 365 connectors, and other smart tools that let you automate and prioritize chores, companies can achieve more with less. 

Organizations can also utilize automated processes, integrated financial intelligence tools, and embedded real-time analytics to efficiently handle credit and collections operations, close books quickly, and streamline global financial management.

Benefits of Dynamics 365 Finance and Operations

Here’s a look at the significant benefits users will gain from using D365 Finance and Operations:

Better Decision Making

Users can focus on more value-added tasks by leveraging pre-built automation functionality to reduce manual tasks.

Users can also leverage real-time global reporting functions, integrated analytics, and forecasted insights to drive growth, optimize cash flow, improve financial controls, and improve decision-making over time.

Automate Business Processes

Dynamics 365 F&O allows companies to use financial and operational automation tools to improve and integrate essential business operations. And, by automating basic operational tasks, users can also optimize financial visibility and performance, support changing business models, and increase operational efficiency across the board.

Reduce Risk and Global Financial Complexity

With pre-built Dynamics 365 functionality, organizations can use a rules-based table of accounts and a no-code service to improve tax reporting and simplify global financial processes. This way, they can manage payments more efficiently, optimize electronic invoicing operations, and quickly adjust to changing financial requirements as needed.

Who Can Use Dynamics 365 Finance and Operations?

D365 Finance and Operations is suitable for diverse and large businesses interested in better managing their inventory, finances, and more – all in one unified cloud solution.

How Do Finance and Supply Chain Work Together?

All Microsoft Dynamics 365 solutions can seamlessly work together, allowing your business to choose which functionalities you need, when you need them.

Finance 365 can be used to:

  • Monitor financial performance across the entire organization and forecast potential results for better future decisions.
  • Utilize analytics to inform decisions that encourage future business growth.
  • Use the flexible reporting capabilities of Finance 365 to support a variety of organizational structures and currencies.

Supply Chain 365 can be used to:

  • Utilize IoT capabilities in the Supply Chain 365 solution to increase the productivity of your operations.
  • Streamline production, warehousing, and transportation processes to manage your business effectively.
  • Plan in real-time, respond to clients’ evolving needs, and address capacity issues at each individual warehouse location.
  • Receive real-time updates on the status of your shipping and stock operations.

Implementing Dynamics 365 Finance & Operations

When implementing Dynamics 365 Finance and Operations, you should carefully create and execute plans to ensure the software will meet your organization’s needs, no matter what.

Here’s a look at six common considerations when implementing the Microsoft Dynamics 365 Finance and Operations module:

  1. Identify Business Needs: Before you begin the implementation process, you need to define your business needs. This means identifying the financial tasks that need to be automated, the financial reports that should be created, and the financial data that should be captured.
  2. Curate the Solution: After identifying your most critical business needs, you will configure the software. This means you need to arrange core financial workflows, set up the chart of accounts, and build integrations for financial reporting functions.
  3. Relocate Data: Once you have created the solution, you should move all of your financial data to Microsoft Dynamics 365 Finance and Operations. This means you’ll import and integrate data from your current financial management solution to Microsoft Dynamics 365 Finance and Operations.
  4. Training: After the data has been migrated, users must be taught how to use their new solution properly. This means users will be trained on financial reporting, workflows, and how to use the solution to make better-informed decisions.
  5. Financial Workflows: Creating, executing, and managing financial workflows is a critical phase of the implementation process. This includes teaching users how to process financial transactions, like purchase orders, invoices, and cost reports. It also means users need to understand how to set up these workflows for approvals and authorizations and manage financial workflows across the entire company.
  6. Financial Reporting: Microsoft Dynamics 365 Finance and Operations delivers dynamic reporting abilities that let users generate a range of financial reports, like balance sheets, cash flow statements, income statements, and much more. It’s important to ensure your users know how to access these reports and use them to gain better insights into their company’s financial performance.

Choosing a Dynamics 365 Finance and Operations Implementation Partner

D365 Finance and Operations is the ideal ERP solution for companies looking to impact and advance their current and future business performance.

At Surety Systems, we have qualified consultants who can help you implement, migrate, and upgrade your most critical Microsoft Dynamics solutions. Our team of experienced consultants can assist you in finding the best-fit solutions for your unique business needs and criteria.

Why Choose Microsoft Dynamics 365 Finance and Operations?

Here are a few reasons to opt for D365 Finance and Operations over other competitors:

Financial Management Abilities: Dynamics 365 Finance and Operations delivers various financial management tools that allow organizations to automate their financial operations, improve financial insights, and make better decisions.

Scalability: Dynamics 365 Finance can be scaled up and down based on business needs. As a business changes or grows, the solution can evolve to ensure companies aren’t left in the dust with outdated functionality.

Customization: Dynamics 365 Finance and Operations is flexible, meaning users can add new features, reports, and workflows to meet their organization’s unique financial management needs.

Integration with Microsoft Products: Dynamics F&O can seamlessly integrate with other Microsoft products like Power BI, Microsoft Excel, and Microsoft Teams, allowing companies to track, manage, and analyze data in real time and reduce costs across teams and systems.

Compliance: With advanced data visibility and consistency, companies can maintain compliance with global financial requirements like GAAP, IFRS, and Sarbanes-Oxley (SOX).

Privacy: D365 Finance and Operations delivers powerful security features to ensure your company’s financial data is protected, no matter what.

How Can We Help?

Whether you need help improving decision-making across your entire organization, monitoring growth and performance over time, or just getting started with Microsoft Dynamics 365 solutions, Surety Systems can help!

Our senior-level Microsoft Dynamics consultants have the functional skills and experience needed to get you started with any Microsoft Dynamics application while still catering to your needs, budget, and more in the process.

Contact Us

Are you ready to learn more about Dynamics 365 Finance and Operations?

Contact us today!