Why Is Dynamics 365 for Financials An Ideal Tool for SMEs?

Dynamics 365 is a popular enterprise resource planning (ERP) software enabling you to connect your business functions with the tools you use on a daily basis. It combines all the business essentials into a single, easy to leverage platform. There are numerous ways to optimize the capabilities of Dynamics 365 through MS Dynamics CRM development. However, in this article, we will take a look at Dynamic CRM’s one of the most acclaimed capabilities: Dynamics 365 for Financials.

Dynamics 365 for Financials allows you to perform an array of tasks including:
Financial Management – Dynamics 365 helps you improve your ability to create, modify and control the budgets. It lets you customize the dashboards and reports and provides advanced analytics to enhance your business performance.

Quoting, Invoicing and Payment – Microsoft Dynamics 365 for Financials lets you extend the Outlook capabilities beyond emailing and managing calendar. With Dynamics 365, you can go from quote to cash without having to use multiple applications. Simply set up customers and vendors, generate quotes, process orders, and transactions, and send out invoices without leaving your inbox.

Inventory Management – Dynamics 365 for Financials notifies you in real time to replenish your inventory and provides vendor suggestions for order fulfillment. You can speed up your inventory tasks such as calculating the cost of the products, receiving and selling them.

Project Management – With Dynamics 365, you can easily create, manage and monitor customer projects through the job costing and reporting capabilities.

Purchasing – Dynamics 365 helps you maximize the profitability by controlling the purchasing process with automated vendor payments and workflows.

These are some basic financial management functions Dynamics 365 provides while helping a business connect them to an extensive and highly scalable system. Now let’s take a look at the following reasons that makes Dynamics 365 for Financials so valuable.

Making Back Office More Efficient:
Standalone solutions can often be sluggish and inefficient. Dynamics 365 for Financials fetches data from the system that is in use for your sales and marketing, customer service, operations, and other departments. This capability allows your employees to share quotes, proposals or any other data across departments, follow up on outstanding invoices, and efficiently collaborate with local and remote team members. As Dynamics 365 for Financials also works with other Microsoft Office programs, it accelerates functions such as quoting and invoicing using Outlook.

Simplifying Reporting and ROI Tracking:
The inbuilt analytics and reporting capabilities in Dynamics 365 for Financials provides a bird’s eye view of your sales and spending. It collates data from sales, purchasing, accounts, inventory, and customer details so that you know where you are spending and whether it’s benefiting your business. In addition, predictive analytics let you anticipate and plan for better outcomes while avoiding wasteful spending. The reports are easy to generate and shareable which in turn helps you make informed business decisions.

Do you use Dynamics 365 for Financials for your organization? How have you leveraged and optimized all of its powerful capabilities? Let us know in the comments below.