2. Automating finance processes
Microsoft Dynamics 365 largely automates a wide range of fairly simple, recurrent finance tasks that are error prone and time-consuming to complete. The platform, for example, automates the cash collection process, not only by sending automatic reminders if an invoice is overdue, but also by integrating follow-up reminders within Outlook.
processing incoming invoicesD365FO also helps process incoming invoices, a task often seen as one of the more tedious in a finance department. D365FO helps automate this using a third-party OCR (optical character recognition) solution. When you receive an invoice in PDF format from your vendor, the OCR service will generate an electronic document and a standard interface will accept invoice metadata for the invoice header and invoice lines. The software will then match the invoice with a purchase order and, if no anomalies are found, automatically process the invoice. Invoices that cannot be processed automatically will appear in the ‘exception’ workspace, allowing the finance team to focus on cases where action is required.
Example 3: centralizing and managing financial closing
The financial period close process is still very labor intensive within many organizations. D365FO centralizes and manages financial closing in a structured way, allowing users to focus and act on exceptions only. Moreover, recurring tasks can be completely automated by using the integrated Power Automate RPA (robotic process automation) functionalities, allowing finance organizations to not only boost efficiency and effectiveness but also to create true business value.