4 Features of Dynamics 365 Finance and Operations that can Increase your Productivity
Cost Allocation
Cost allocation is an important function while conducting business. It sets the tone for productivity and profitability. Allocating and settling indirect costs is a time-consuming and labor-intensive task. Thanks to the versatile features of cost allocations in Dynamics 365 for Finance and Operations you may assign expenses based on set percentages or revenue, and you can even allocate costs between businesses as intercompany transactions. This eliminates the need to prepare numerous journals and allocate expenditures accordingly. Dynamics 365 FO allows you to gather information from a variety of sources, including the general ledger, sub-ledgers, budgets, and statistics data. The data may then be analyzed, summarised, and evaluated so that management can make the best possible decisions about pricing changes, budgeting, and cost control, among other things.
Budget Planning and Control
Dynamics 365 Finance and Operations can create a solid budget plan by analyzing previous data and targets.
Dynamics 365 for Finance and Operations offers built-in tools to plan your budgets with monetary and quantity scenarios, as well as multiple degrees of approval procedure phases. A solid budget plan boosts wider collaboration. You may tighten spending by utilizing D365 budget controls for project cost control, purchasing cost control, and so on, which will provide you greater insight into costs. Here are the key elements of budget planning provided by D365 Finance and Operations.
Updated Bank Reconciliation
Gone are those days of manual reconciliation of bank statements with your system. Adopt automated Dynamics 365 FO to gain productivity and efficiency.
The enhanced bank reconciliation function is one of the most crucial for boosting the efficiency of finance teams, as the demand for precise reconciliation between bank account statements and the ERP system grows. With traditional software, manual reconciliation used to be a tedious and time-consuming process. Each bank statement was needed to be matched with each transaction on the system. But now, Dynamics 365 FO has the feature to import industry-wide approved bank statements under the specified criteria to match by amounts and/or dates using the enhanced bank reconciliation function. This feature is a major productivity gain for finance teams because it requires little to no manual involvement and saves time to focus on important tasks.
Exchange Rate Integration
Dynamics 365 Finance and Operations can handle various complex exchange rates simultaneously. It also provides integration with various exchange rates to make your work easier.
In multinational organizations, maintaining currency rates is a time-consuming procedure in which users must generate exchange rates on a daily, weekly, or monthly basis. Maintenance of various currency rates becomes more complex when you conduct operations in multiple currencies. Dynamics 365 Finance and operation helps in automating this tedious process of managing the various exchange rate. It provides integration with three exchange rates - Central Bank of Russian Federation, Central Bank of Europe, OANDA. You may use any of these suppliers to import currency exchange rates straight into Dynamics 365, depending on the country of your business or your desire. OANDA is usually the most commonly utilized and reputable exchange-rate service. This feature would help you to cut down the manual work and reduce the load on the maintenance team.