App Aware: Microsoft Dynamics 365 Finance

by

General Ledger

An App Aware is Insightful Accountant's first attempt at making readers aware of an App or software that we are considering for further study and review.  So I've had some people ask me, "doesn't that mean that it's really a 'first look'?" The answer is clearly 'No', because I haven't put into it nearly he work I would need to do to make this a truly reflective 'first look.'

This is really is a way to simply 'kick off' an exploration of an App (or software) that has tickled my fancy... I haven't decided how much effort I'm going to put into it, "maybe a little, maybe a lot, maybe somewhere in between."

I've asked my good buddy Mario Nowogrodzki to think about writing something on Microsoft Dynamics 365 Finance but he hasn't committed and I can understand because he is "a busy guy." I mean, when you are one of the smartest and most talented ProAdvisors on the Planet, you can expect to be a busy guy. But he is also one of the most knowledgeable guys I know about the MSD-365F platform who loves to put pen to paper (or fingers to keyboard), so maybe he will write a product review more in-depth than what I am about to write in this silhouette.

Back at the subject at hand, Microsoft Dynamics 365 Finance enables medium and enterprise sized businesses to monitor the performance of their financial operations in real-time, predict future outcomes, and make data-driven decisions to drive growth no matter where their various business components are located, in a single building or around the world.

I tend to think of this as a more 'enterprise' sized solution, but many will argue with me and say it fits in with the pricing that is strategic to the Oracle NetSuite and Sage Intacct offerings as well as their target audiences, so I guess you do have to think 'mid-market' is also appropriate for this solution.

It's also designed to integrate with other MS-Dynamics 365, Microsoft 365, and MS-partner applications to offer a centralized source of financial information; in other words it serves as the 'hub' for almost anything you want to tie to it. So, as the central source of financial information, Microsoft Dynamics 365 Finance theoretically will save time, help collaboration across the entire business, and should permit faster, more informed decisions by business leaders. 

All of that sounds pretty good, but it's just so much theory... (it's what typically we think of as 'sales pitch') and so I know you want to know, "how does it really get the work accomplished"... that's the big question?  Well just remember, this is an 'App Aware', not a comprehensive review, or even a 'First Look', so everything in this is cursory at best.

But from my preliminary inspection Microsoft Dynamics 365 Finance does provide users with a modern, adaptive, and intelligent solution that can support their requirements. It's also set-up in a way that users to easily adjust to changing business environments without the hassle of managing formal IT-infrastructure. You won't need a sophisticated IT staff to make changes because Microsoft Dynamics 365 Finance gives users an interface they can personalize for their own roles and preferences.

The Microsoft Dynamics 365 Finance dashboard (shown below) illustrates a variety of tools and features that are immediately accessible from one user’s perspective. But users can customize their dashboard to provide quick launch functionality for those features that they most frequently need and use.

Customize the Dashboard as it best fits your requirements. You have the choice and flexibility to prioritize the areas of your business so you can drive profitability and growth using real-time and predictive financial insights with Microsoft Dynamics 365 Finance.  I spent 20-minutes in a hands-on interactive training where we saw how to change the User dashboard, change a widget definition, and then I got to actually work thru both processes in the simulated environment.

I can see how it would be easy to stay on top of the key financial information and analytics you need when so much is readily at your finger tips, and if something isn't where you want it, just with a few mouse clicks, add it to your own custom dashboard.  For example, take a look at just some of the core product capabilities within the finance area alone (shown below).

None of these terms are new to us, but what I liked is that you can turn on the definitions for each icon to display, and you can alter the descriptions to be as specific or abbreviated as you want for your company.  Still, by looking at a few of them we can see some of these general features that Microsoft Dynamics 365 Finance has to offer within 'the core' functionality.

General ledger provides the business with a central location to organize and manage its financial records, the information is then used to prepare the financial statements. Your general ledger can be as simple or as expansive as the business requires it with a numbering convention that is dynamic to meet the organizational requirements of now and the future.

Accounts receivable allow the business to manage customer's invoices and automate their review and collections. Maintain an eye on customer credit history and balances, streamline the collection process.

Regulatory compliance via Global Electronic Reporting (GER) provides configurable regulatory tax reporting, and makes the maintenance and extensions of frequently changed regulatory functionality much easier. No matter where you do business Microsoft Dynamics 365 Finance can ensure your 'close is compliant.'

Financial reporting and analytics - Microsoft Dynamics 365 Finance meets the complex and diverse reporting needs of your entire business. Templates are included for the most common default financial reports, all of which can be customized to meet your specific needs.

With critical financial information and metrics Microsoft Dynamics 365 Finance can help a company make smarter decisions while transforming the business for growth.  When I get around to having more time to explore the product, then Insightful Accountant will have either a 'First Look' or a 'Last Look' at Microsoft Dynamics 365 Finance as part of our Mid-market Product Review.