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Dynamics Matters Podcast Ep 99: Unlocking Financial Potential: Dynamics 365 Finance for Growing Organisations
With special guest Claire Purdue, Senior Technical Specialist, Microsoft
✔ What can you expect from Dynamics 365 Finance
✔ What challenges Dynamics 365 helps solve
✔ How and when should you consider a move to it
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SoundCloud Introduction
Modern finance solutions are designed to be agile, optimised, and scalable, growing alongside your organisation's needs. But when should your organisation consider upgrading, because it’s a decision that should not be taking lightly.
Dynamics 365 Finance: A brief overview
Dynamics 365 Finance is Microsoft's financial management solution, a versatile tool that streamlines financial processes and much more.
It seamlessly integrates with the Microsoft 365 suite, creating a cohesive ecosystem that enhances productivity and security. With cloud-based architecture, automatic updates, and the flexibility to access data anywhere and anytime, Dynamics 365 Finance has proven to be a valuable asset for organisations, especially during the challenges posed by the COVID-19 pandemic.
What sets Dynamics 365 apart?
Dynamics 365 Finance stands out for several reasons. Its cloud-based nature eliminates the need for on-premises infrastructure setup and maintenance, making it hassle-free for businesses. Furthermore, it offers a seamless integration with other Microsoft tools, such as Microsoft 365, ensuring that you have all the necessary components in one place. This eliminates the need to navigate through different systems, streamlining your operations.
Beyond these conveniences, Dynamics 365 Finance uses Microsoft's intelligent tools and analytics, including machine learning and AI, to provide valuable insights and spot trends in your financial data. It also excels in compliance, with robust security features and segregation of duties, ensuring your financial organisation remains secure and compliant.
Out-of-the-box functionality
One of the notable advantages of Dynamics 365 Finance is that many of its features come right out of the box. This includes integration with Microsoft 365, which simplifies document storage and editing, even for complex tasks like journal management. While machine learning AI may require some configuration, it's readily available for your organisation to leverage.
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Integration with existing systems
For organisations that have already invested in various financial tools, Dynamics 365 Finance offers flexible integration options. It can seamlessly coexist with other systems, whether they are smaller financial solutions or comprehensive ERP systems. The extent of integration depends on your existing system's capabilities, but options like open APIs, data integration, and data management frameworks allow you to combine data from both systems, maximising the benefits of Dynamics 365 Finance without the need for a complete system overhaul.
When should you consider Dynamics 365 Finance?
Deciding when to transition to Dynamics 365 Finance isn't always a straightforward choice. However, a few key indicators can help guide your decision-making process. If your financial operations are becoming increasingly complex and cumbersome, and manual processes are leading to errors, it might be time to consider this advanced finance solution.
Furthermore, if you're experiencing growth and handling a high volume of financial transactions, manual processing may no longer be feasible. Dynamics 365 Finance can automate and streamline these processes, helping your organisation manage the increased workload efficiently.
Another point to consider is visibility. If you're struggling to gain accurate insights, track cash flow, or monitor financial performance due to limitations in your current systems, Dynamics 365 Finance can provide real-time insights and robust reporting capabilities, giving you a clearer picture of your financial situation.
Listen to EP 35 of the Dynamics Matters Podcast: How to choose the right finance system
With special guest Mark Reed, who is the CFO of HSO customer Hunter Boot.
✔ What was not working for Hunter Boot?
✔ Why Hunter Boots selected Dynamics 365?
✔ Why Hunter Boot selected HSO as a Partner?
Seeking Guidance
Making the transition to a more sophisticated financial system like Dynamics 365 Finance can be challenging. Therefore, it's crucial to engage with trusted advisors who understand your industry and its unique challenges. Whether it's Microsoft or a partner like HSO, experienced professionals can help you navigate the complexities of upgrading your financial systems and ensure a smooth transition.
While small organisations with simple financial needs may get by with basic tools, growing businesses facing increased complexity and siloed systems can greatly benefit from solutions like Dynamics 365 Finance.
This system not only integrates seamlessly with existing tools but also provides advanced analytics, security, and automation to streamline financial processes. When considering such a transition, remember to seek guidance from experts who can tailor the solution to your organisation's unique needs.