Last week, we talked about what sets Microsoft Dynamics 365 apart from other enterprise resource planning systems. If we were to guess, we’d expect some responded to the article by saying “Great, I see what Dynamics 365 does best. But what about Microsoft Dynamics 365 for finance and operations?”
Short answer? It does quite a lot for both areas. In fact, we already mentioned one area the system addresses for operations: planning. Of course, that’s only the start of it. Microsoft Dynamics 365 for finance and operations automates so many of the tedious tasks your team faces on a daily basis while putting all the metrics you need to run your business in one place.
There’s no way to cover every Microsoft Dynamics 365 for finance and operations feature in this one post—you’ll have to book a demo by following the link at the bottom of the article to get a full overview. But here are a few of our favorites.
- Keep Better Track of Revenue from Subscribers
We live in a subscription economy. Terms such as recurring revenue, churn rate and customer lifetime value are becoming commonplace in any discussion surrounding the potential success of a business.
All of this is for naught, however, if your company doesn’t own a foolproof system for judging when revenue from subscriptions can be recognized. Although it might seem intuitive on the surface, it can be difficult to ascertain when exactly a service provider completely fulfilled their obligations. The rules change frequently as accounting governing bodies adapt to the subscription economy.
Fortunately, with Dynamics 365, the question is answered for you. The system adjusts as rules change, which gives you a more accurate view of your subscription revenue over time. Not only will this allow you to pivot in the moment in response to new data points, but it also removes the need for your accounting leaders to make in-the moment interpretations of changes to accounting rules issued by FASB.
- Prepare for Service Interruptions in Your Supply Chain
No matter how many years you spend working in supply chain management, there’s always a new source of disruption of which you aren’t aware out there.
It could snow in Florida. A power outage could happen in London. A sinkhole could form in the streets of Beijing, backing traffic up for days. The possibilities are endless. But with Dynamics 365, you can prepare your team as much as possible.
With Dynamics 365’s order management system, you can model breakdowns in the supply chain in different cities and regions of the world. Once the simulated conditions of the breakdown are in place, you can then devise and model your team’s response using the software. So, while you can’t anticipate every supply chain calamity, you can get your team ready for the most predictable breakdowns.
- Budget More Effectively
Your company likely holds on to reams and reams of financial data from years past. Few, if any, mere mortals can cycle through all of this information and then incorporate it into an accurate financial forecast.
Unsurprisingly, none of this is necessary with Dynamics 365. Instead of designating an entire team to go through financial records from past years, you can have Dynamics 365 analyze it all instantaneously. With this data, Dynamics 365 can help your company generate a highly accurate and robust forecast in a matter of minutes.
Better budgeting can make your business profitable and help offset the cost of the new Dynamics 365 system. It really is a system that doesn’t just transform isolated processes within your business through, but your business as a whole.
If you’re looking to move your finance and operations teams in the 21st century, we’re here to help. Our Dynamics 365 experts can help develop a ERP solution fit to your business’ specific needs.
Contact us today for a free consultation!