The two core components of a business such as inventory and finances can be managed more effectively with the help of an ERP system. Microsoft Dynamics 365 for Finance and Operations is one of the leading options on the market frequently chosen by middle and large-sized companies. Here, you can explore the reasons for its popularity.
What Is Included in Microsoft Dynamics 365 for Finance and Operations?
Currently, Microsoft Dynamics 365 for Finance and Operations is presented by Microsoft Dynamics 365 Supply Chain Management and Microsoft Dynamics 365 Finance. Even though these solutions are offered as separate applications, both of them can be installed with a single implementation.
Microsoft has introduced this change in order to provide companies with a more flexible licensing plan. Its ERP system has a month-to-month license for each user. Now, the cost of licensing for companies can be decreased since it is possible to pay for access to a single app rather than to the entire suite if needed.
Microsoft’s Solution for Finance Management
Microsoft Dynamics 365 Finance focuses on the finances of an enterprise by combining basic accountancy functions with state-of-the-art forecasting tools. With its help, a company can effectively manage, monitor and automate tasks related to its general ledger, accounts payable, accounts receivable, collections, credits, fixed assets, cash, bank accounts and public sector financials.
It optimizes e-invoicing and payment helping employees to reduce the workload of repetitive tasks and perform them with higher accuracy through automation and alerting services.
Another important advantage of Microsoft Dynamics 365 Finance is its compliance with global regulations. It supports multiple currencies and bank formats for online transactions specific to different countries while it also helps international businesses to meet foreign tax requirements.
Finally, the Artificial Intelligence (AI) and Business Intelligence (BI) forecasting and reporting capabilities of this ERP system empower financial analytics, prediction and revenue recognition.
Supply Chain Management with Microsoft Dynamics 365
The Microsoft Dynamics 365 Supply Chain Management solution offers organizations complex support at every step of planning, manufacturing and transportation.
It utilizes AI for more effective demand analysis, resource and work scheduling, procurement, sourcing and BOM management. Additionally, this app is equipped with mixed reality technology and the Internet of Things (IoT) that provide manufacturers with more flexibility for adjusting to the changing production demand.
Furthermore, Microsoft Dynamics 365 Supply Chain Management is highly effective for asset and inventory monitoring helping to maintain equipment proactively and significantly reduce downtime. This ERP solution also helps to manage and maintain supplier and vendor collaboration and covers sales order and trade promotion management.