Have you ever felt overwhelmed by the mountain of manual invoices on your desk? You’re certainly not alone. But what if you could transform this process into something more straightforward, more efficient, and less stressful? Dynamics 365 Finance and Operations (D365 F&O) is a solution that captures invoices and extracts data automatically, monitors payments, and sends reminders when necessary. It’s a comprehensive system that smoothes out those rough edges and turns that mountain of paperwork into a manageable molehill.
This blog provides a detailed walkthrough on how to maximize D365 F&O. From configuring document management to integrating OCR and leveraging Power Platform components, we’ve got you covered.
Prerequisites—Get started with D365 F&O access
Before starting with vendor invoice automation, it’s important to have all the essential elements ready. Here’s what you need to prepare for a smooth start with D365 F&O.
- Access to Dynamics 365 Finance and Operations
To kickstart automation in Dynamics 365 Finance and Operations (D365 F&O), the correct access rights and licenses must be set up. This ensures that only authorized people can use the automation tools. It’s not just administrative; it’s the key to a secure and efficient automation process in D365 F&O.
- Power Platform (Optional)
Moving forward, the Power Platform—consisting of Power BI, Power Automate, and Power Apps—offers a versatile toolkit to elevate your automation capabilities. While optional, integrating these tools enhances the overall automation strategy. It allows data to flow more freely between different processes and departments.
When a mid-sized business incorporates the Power Platform, it witnesses a substantial reduction in manual effort and faster processing times. This results in streamlined workflows and real-time data insights.
- AI Services (Optional)
Consider AI services as an additional element in your automation toolkit. Azure Cognitive Services, tailored for Optical Character Recognition (OCR), can speed up data extraction from vendor invoices. When invoices arrive in various formats, AI-powered OCR extracts data accurately and adapts to diverse layouts, ensuring a seamless automation experience.
A step-by-step guide for efficient workflow optimization
Here are steps to help you maximize the benefits of automated vendor invoice processing in Dynamics 365 Finance and Operations.
- Configure document management
First, where will your documents be stored in D365 F&O? The document management configuration helps you configure document types for vendor invoices and set up default storage locations.
Navigate to Accounts Payable> Setup > Document management > Document types in D365 F&O.
- OCR integration (optional)
Remember the last time you had to manually input data from an invoice? With OCR integration, those days are over. Optical Character Recognition (OCR) technology can automatically extract data from vendor invoices. To implement this, set up an Azure Cognitive Services account for OCR, train the OCR model to recognize key fields on invoices, and integrate OCR capabilities with D365 F&O using APIs or connectors.
- Power platform integration (optional)
Let’s automate! With Power Automate, you can create workflows that trigger when a new document (such as a vendor invoice) is added to the storage location. You can incorporate OCR capabilities to extract and validate data and use Power Automate connectors to create or update invoice records in D365 F&O. Imagine the time you will save!
- Data entity configuration
Now that we have our data, where should it go? The data entity configuration identifies relevant data entities for vendor invoices in D365 F&O and maps extracted data fields to corresponding data entity fields.
- Automate invoice processing
You can define rules for invoice processing based on your organization’s needs. Implement matching rules with purchase orders or contracts and set up workflows to automate the approval process. This way, you’ll minimize errors and speed up the invoice processing.
- Review and approval workflow
You’ve automated the process, but how do you maintain control? Introduce a detailed workflow to review and approve vendor invoices. Set rules, get notified on time, and escalate when needed. It’s not just automation; it’s smart control.
- Reports and analytics
What good is all this automation if you can’t track its efficiency? With Power BI or other reporting tools, you can get insights into your invoice processing. Develop reports or dashboards connected to D365 F&O data and monitor key performance indicators related to invoice processing and financial performance.
Progress reflection in D365 F&O
Let’s discuss how automating invoices in Dynamics 365 Finance and Operations can make your life easier. Thanks to the Vendor Invoice Journal, your operations get a real-time boost; it keeps tabs on invoices, matches purchase orders, and handles workflows like a pro. When you’re in a quick-check mode, swing by the Accounts Payable Inquiries to catch up on vendor invoices, payments, and other transactions. You can also grab all those necessary document attachments, including the OG invoices, straight from D365 F&O forms. It’s like having your operational command center with dynamic, real-time info just a click away. Now, that’s what I call smooth sailing!
Closing thoughts
Vendor invoice automation is more than a technological advancement—it signifies a profound transformation in business operations. The future of business operations rests with those who view automation not as a fleeting trend but as a strategic evolution. Are you ready for a business upgrade with AI in Dynamics 365 Finance and Operations? The journey awaits.
