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Dynamics 365 Finance for financial process optimization and risk reduction.

Finance is also packed with expensive, time demanding, and error-prone manual procedures, from handling billing to ensuring regulatory compliance. In periods of instability, these problems are compounded and continue to affect companies globally. 

For Microsoft Dynamics 365 Finance, the 2020 release wave 2 enhancements add significant core functional features, possibilities for automating common processes, and increased global support. Together, these changes would help finance organizations prioritize impact work, develop their financial systems with effectiveness and flexibility, and foster global growth while remaining consistent with changing accounting rules. 

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The main focus areas for release wave 2 for 2020 are below, including notable collaborations and potential upgrades.

Improve financial operations  

Simplify and optimize compliance with asset leasing  

Most companies are facing difficulties today and are actively planning which they did not foresee. Companies don’t have time to think about responding to changes in accounting laws in times like these, but can’t risk keeping them unresolved. 

Dynamics 365 Finance’s core tenant is to allow you to decrease risk and automate and modernize your international financial operations. We are launching asset leasing in November 2020 in order to assist you to accomplish this. Asset leasing lets you adjust to and comply with the accounting rules of FASB and IFRS 16 relating to lease management and its financial effect. Via automated lease status alerts, right of use assets, holistic tracking and analytics, and estimates of net present value, lease interest, and potential cash transactions, asset leasing can minimize manual errors and save the users time.

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Bringing world-class enterprise treasury management to Dynamics 365 Finance 

For clients to schedule, coordinate, and monitor cash and liquidity inside the company, treasury management is key. This includes the management using non-integrated structures of various bank accounts, liquidity, borrowings, and overall bank interactions. Mixing these viewpoints into a consolidated viewpoint reduces risk by offering a real source for the management and coordination of financial matters with bank systems. 

Dynamics 365 Finance and Kyriba, the world leader in cloud treasury solutions, have signed a strategic alliance to resolve this critical need to give Microsoft Dynamics 365 customers greater visibility into their money, currency hedging, prevention of fraud, and payment solutions.

1.Visibility and reporting required to maximize cash and liquidity, monitor bank accounts, offer compliance, and handle in-house banking is provided by the treasury management solution. 

2.Optimize global banking integration and format transformation and allow the payments system to detect real-time fraud. 

3.To define, assess, and mitigate foreign exchange risks, the risk management approach uses robust business intelligence tools. 

4.The solution for working capital aims to improve cash flows and improve working capital for EBITDA. Such research helps to extend contract terms and allows better control of working capital. 

Working jointly, Kyriba and Dynamics 365 Finance have developed integration capabilities out of the box to easily empower clients to take advantage of Kyriba ‘s rich resources, while providing Dynamics 365 Finance as their smart, automated core finance record system.

Start today with a pre-built startup scenario focused on local payment processing technologies using Kyriba’s payment solution integrated with Dynamics 365 Finance, such as: 

1.Payments from suppliers and transactions from third parties flow via the Kyriba Payments Network. 

2.Pre-built banking integration for over 1,000 banks in more than 45,000 online payment cases. 

3.Optimize the transition of digital payments to increase transparency and direct payment services. 

4.Payment status alerts are restored to Dynamics 365 straight from the bank Position includes :

A.Initial extraction by Kyriba of money transaction. 

B.Change to payment journals of the final bank transaction updates. 

C.Details needed to connect and monitor process status in Kyriba are tracked. 

D.Transparency of payment transactions handled by Kyriba from screens displaying info on in-process and final status data.

Ensuring your payback

In the current business world, securing sales and preventing missing or late client payments is important. The following skills concentrate on facilitating procedures and concentrating on credit and collection-related outcomes. 

Automated collection process creation: Use invoice features such as payment forecasts, due dates, and sums to create tasks and email reminders instantly, to build a rule-based collection strategy. It increases the probability of on-time collections, boosts inbound cash flow, and saves a lot of time for collection officers to concentrate on actions of great value. 

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Email reminders: In order to reduce late and missing payments, email reminders are instantly sent to clients with a list that includes delayed invoice details when activated.

Adapt rapidly to minimize expenses 

When companies evolve internationally and extend their footprints across continents, organizational complexity and danger continue to escalate. An increasing challenge is ensuring enforcement and adjusting to constantly evolving rules. The following initiatives are expected to mitigate problems associated with some of the finance processes that are most cumbersome, time-consuming, and prone to errors. 

Automation of vendor invoices: by allowing straight-through, touch-free bill processing to save time and reduce labor costs. Using results metrics and analytics that provide insight into the status of the bill, identify mistakes, and enable account payable clerks to easily identify and fix problems. 

Enlarged localizations: Out-of-the-box, country, or region-specific usability has been extended to include Bahrain, Hong Kong SAR, Kuwait, Oman, and Qatar. At AppSource, we already have more than 40 ISV localization tools.

Electronic billing attach-on for Dynamics 365: To minimize costs and speed up the end-to-end phase, companies have started to shift away from paper bills. In addition, as a key element of tax digitalization, governments are gradually moving to electronic billing. Governments will mitigate tax avoidance and manipulation and decrease bribery by allowing companies to digitally send real-time tax info to the tax office. The future is moving to paperless document processing and consumer risk enforcement problems, excessive costs, and lagging behind rivals without introducing electronic billing. 

Extending the electronic invoicing features of Dynamics 365 Finance, Microsoft Dynamics 365 Supply Chain Management, and Microsoft Dynamics 365 Project Operations, the Electronic billing add-on improves compliance with the current electronic billing requirements and offers consistent expertise in electronic bill preparation and share for different regions.

Want to know more on how Dynamics 365 will help your business? Connect to Matsyaa Infotech now.

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