We’re coming into the home stretch in our Dynamics 365 Finance and Operations capabilities, and as we enter into our final introductory blogs, we would today like to dig into some of the additional capabilities: Features that make Dynamics 365 F&O powerful, but don’t fall into the main pillars. From workflows to currency controls to document reporting, these additional capabilities work throughout the entire platform to make the software better, easier to use, and more powerful. Today, we would like to kick off a three part blog on the additional features that make Dynamics 365 such a powerful product, ranging from its ability to fit into manufacturing environments, service firms, and more.
Note: This blog continues our dive into the basics of the Microsoft Dynamics 365 Finance and Operations software (formerly Finance and Operations—Enterprise, not to be confused with Business Essentials), following our discussions on Financial Management, Inventory Management, the Sales Module within F&O, Purchasing, and Project Management. In upcoming blogs, we will spend time discussing the evolution of each module in recent updates since the product was released (as we did for the Project Management functionality).
Dynamics 365 has many modules, as discussed above. It also has a plethora of features that reach into your business. From cost management to localization to audit capabilities, some features span the application and reach into the heart of your business.
Auditing is a necessary process to ensure that the job was done completely and accurately, and Dynamics was built to ensure that an internal audit can be completed quickly and easily. In Dynamics 365, you can easily set audit policy rules to evaluate expense reports, vendor invoices, and purchase orders to make sure that they comply with policy rules that you create.
A key part of the inventory management functionality, cost management spans multiple modules to help manufacturing and distribution businesses to take control of costs. In Dynamics 365 Finance and Operations, cost management lets you work with the valuation and accounting of raw materials, semi-finished goods, finished goods, and work-in-progress assets. It is the process of defining, managing, and reporting Inventory accounting and Manufacturing accounting.
With parameters set in place, you can define policies (predetermined cost, inventory accounting, etc.), valuation methods (FIFO, weighted average, standard cost, moving average) to handle necessary tasks pertaining to the cost of a product as it passes through your business.
Bonus: Cost Management in Power BI
We’ve discussed the benefits of Power BI for your business and have gone into detail on how combining it with Dynamics features and functionality can drive your visibility even further. Within the cost management functionality, the Cost management Power BI content provides managerial insight into inventory and work-in-progress (WIP) inventory, and how cost flows through them by category over time. The information can also be used as a detailed supplement to the financial statement.
Financial Reporting Functionality
Reporting is one of Dynamics 365 Finance and Operations’ strongest features and could easily have its own blog. With easy setup, ease of use, and a great deal of flexibility, Financial reporting for Finance and Operations allows financial and business professionals to create, maintain, deploy, and view financial statements. It moves beyond traditional reporting constraints to help you efficiently design various types of reports.
Bonus: Leveraging Business Intelligence for Better Reporting
Employees depend on logical interpretations of massive amounts of data to stay on top of their daily tasks. With business intelligence tools being used more frequently, end users are gaining more power to develop their own reports by leveraging technology, ultimately finding their way into a position formerly held by a data scientist. While we discussed this important shift in the way end users do business here, Dynamics 365 makes this a reality, embedding business intelligence functionality to make reporting smarter.
Get to Know Dynamics 365 Finance and Operations
Start integrating, automating, and transforming your business processes today! With Dynamics 365 Finance and Operations, you can take complete control of your business processes to grow, gain additional visibility, and thrive. We invite you to learn more about Dynamics 365 from Wipfli and to contact us.