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Dynamics 365 Finance is a powerful ERP solution from Microsoft suitable for medium to large enterprises across various industries. It can help organizations streamline operational efficiency, financial management, and decision-making processes, ultimately driving growth and profitability.
Quisitive is very excited about the release of Dynamics 365 Finance Wave 1 and the value it brings to our customers. All release notes can be found on the Microsoft site here, but below are our top five new features included in the latest 10.0.37 release:
- Invoice Capture: To help expedite the accounts payable process, invoice capture is now available. This new feature automates the reading and recognition of vendor invoices by providing optical character recognition (OCR) capabilities. Vendors can now email an invoice to the system, which is converted into an invoice directly in Dynamics 365. Many customers have been asking about OCR functionality, and we always had to turn to expensive ISV solutions or integrations. With this now out of the box in Dynamics 365, it provides a fully connected accounts payable automation solution.
- Financial Tags: The new financial tags available in Dynamics 365 Finance are an alternative to financial dimensions and eliminate the need for ledger reversal and reclass entries. Financial tags are a way for a business to identify/tag financial transactions to better analyze and associate transactions within the business. For the first release, up to 20 financial tags can be created and have been incorporated into the General journal and Global general journal. Financial tags will be incorporated into more transactions and processes with each subsequent release.
- Subscription Billing Enhancements: In the latest release, subscription billing has been enhanced for cost and revenue deferrals within the project accounting and sub ledger. Subscription billing enables organizations to manage subscription revenue opportunities and recurring billing through billing schedules and better recognize subscription revenues.
- Business Performance Planning: This new feature allows companies to create company-wide budgets and perform continuous planning to drive agile decision-making. Using Power BI and Excel, users can model Dynamics 365 Finance data to derive key insights.
- Added localizations and languages: As businesses expand their reach globally, ensuring all regulations are covered becomes more challenging. This new release now accommodates 51 out-of-the-box countries/regions with localizations for Chile, Colombia, Costa Rica, Nicaragua, Panama, Paraguay, and Uruguay. This release includes standard Electronic Reporting for those areas, including regulatory updates for upcoming legislation in Japan and France. Dynamics 365 now covers 57 languages in total. If a language is not covered out of the box, Translation Services through LCS can help generate.
Questions about this release? Get in touch.
Are you looking to make the move to Dynamics 365 Finance? Book a cloud ERP migration assessment.
Are you still using Dynamics AX? Explore the differences AX vs. Dynamics 365 Finance.
