Six ways to Automate Financial Processes with Dynamics 365

What Is Dynamics 365 for Finance?

Dynamics 365 for Finance is an enterprise resource planning (ERP) solution from Microsoft. It helps organizations manage and monitor their financial data, operations, and supply chain from one central location. This improves overall productivity and supports business growth.

Dynamics 365 Finance helps businesses create detailed financial reports and track key performance indicators. It also supports ad hoc analysis and provides advanced analytics for deeper insights into financial performance. This leads to better decisions, faster action, and stronger financial management.

How Does Dynamics 365 for Finance Automate Financial Processes?

• Dynamics 365 Finance can help companies streamline financial reporting, saving time and money.
• The tool allows users to generate reports and better understand their real-time financial performance, leading to better decision-making.
• Built-in security user roles and flexible role design ensure a safe framework for sharing financial reporting and metrics with intended audiences.
• Dynamics 365 Finance can automate reporting, generate complex financial reports with multiple data points, and offer a range of templates for quick, accurate reporting.
• The tool can also monitor financial trends and key performance indicators over time, helping identify areas for improvement and enabling action.
• Sharing information within the application and using Microsoft Power BI is simplified. Reports can be easily exported to various formats, including Excel and Word.
• Report automation in Dynamics 365 Finance is an invaluable tool for modern businesses looking to maximize financial performance.

Financial Processes You Can Automate with Dynamics 365 Finance and Operations

Here are six processes you can automate with Dynamics 365 Finance and Operations.

1. Automated Data Entry

Dynamics 365 Finance automates data entry for Accounts Payable (AP), Accounts Receivable (AR), and employee records. This saves time, reduces errors, and improves accuracy. It eliminates manual steps such as vendor invoice scanning, Optical Character Recognition (OCR) ingestion, and tasks like creating and updating accounts, generating sales and purchase orders, and processing inventory and freight charges.

2. Automated Invoice Processing

Processing invoices manually takes time and leads to errors. Dynamics 365 can automate this process by capturing invoice data and automatically creating purchase orders and vendor invoices. This saves time and reduces the risk of errors and duplicate entries. For example, an imported invoice can be automatically submitted to the workflow system through a “Touchless Accounts Payable Invoicing” process. To learn more about setting up these specific technical workflows, read our comprehensive guide to vendor invoice automation in Dynamics 365 Finance and Operations.

3. Automated Payment Processing

Most payment processes can be tedious. With Dynamics 365, you can automate payment processing by setting up “payment terms and schedules.” Based on these schedules, the system automatically generates payment requests and initiates disbursements. This helps ensure that transactions are made on time and reduces the risk of missed payments.

4. Automated Bank Reconciliation

Bank reconciliation is time-consuming, but Dynamics 365 can handle it automatically. The system matches transactions from your bank statement with those in your accounting system. This makes it easy to identify and reconcile discrepancies.

5. Automated Financial Reporting

Generating financial reports is hard when you have to pull data manually from multiple systems. With Dynamics 365, you can automate financial reporting with custom reports that gather data directly from your accounting system. This saves time and helps keep your reports accurate and up to date.

6. Automated Budgeting and Forecasting

Budgeting and forecasting are important for any business, but they can be slow and complex. With Dynamics 365, you can automate budgeting and forecasting by creating templates and workflows. These automatically generate budgets and forecasts based on historical data and other inputs, making the process more accurate and efficient. See how a sustainable packaging firm implemented a D365 ERP solution to achieve this level of operational clarity and financial control.

Automating financial tasks saves time and frees your team to focus on strategic work. It also gives them more time to analyze financial information and work closely with other departments. So why wait? Embrace the power of automation with Dynamics 365 and start reaping the benefits today.

Make the Best of Dynamics 365 Finance with LevelShift

LevelShift is a Microsoft partner that offers on-demand Dynamics 365 services, with you paying only for the hours consumed. Our Dynamics 365 experts can help simplify finances, optimize operations, and streamline workflows for sustainable business growth. If you are ready to modernize your financial department, explore our Microsoft Dynamics 365 Finance and Operations implementation services to see how we can build a scalable automation strategy tailored to your business.

Contact us for more information about Dynamics 365 Finance or our other services.