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Gone are the days when finance professionals used to work only with numbers for budget planning, account management, forecasting, and much more.
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Most of the companies are moving their budgets to cloud from the on-premise software, they are more likely to reduce costs, human efforts, and turnaround time.
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During the Covid19 scenario when most businesses have been impacted heavily, it’s important to do smart budget planning and forecasting to mitigate the damages during the crisis.
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The online business budgeting tool like Microsoft Dynamics 365 Finance and Operations is undoubtedly a great option. It helps businesses to manage their budgets and finances in a streamlined and organized way.
Microsoft Dynamics 365 Finance and Operations – Beyond Perfection & Quality
Dynamics 365 Finance and Operations is driven with advanced technology and trends to deliver smart and out of the box business solutions.
It combines your Finance and Operations data to produce real-time insights and a single source of data visibility to help businesses make better decisions and predict future outcomes.
Check out the basic modules of D365 Finance and Operations to unify and automate the financial processes with its capabilities of effective budget planning and forecasting.
6 Ways to Use Dynamics 365 Finance & Operations
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1. Set up the General Ledger
Through the General Ledger feature, you can share accounts data or currency exchange rates in the form of charts and create journal entries for all account types.
This helps you track your business’s financial closing processes based on the fiscal years.
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2. Budget Planning
Through the Budget Planning feature of Dynamics 365 Finance and Operations, you can effectively manage your company’s budget and do the calculation of available funds at just one click.
Offering an advanced integration with Microsoft Excel, D365 Finance and Operations can ease out the complex workflows with top-notch budget planning worksheets and account charts.
Whether you want to do the annual budget planning or long-term strategic planning, Microsoft Dynamics 365 can simplify the complete process for you.
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3. Expenditure Monitoring
To ensure that your Budget planning process works as per the expectations and meet the future goals, then you need to focus on the amount that has been spent by the company.
To track and monitor your yearly or monthly expenditure, you can take the help of the financial tools of Microsoft Dynamics 365 that unify the revenue data and operational costs.
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4. Budget Control
To track whether your budget planning is going the right way or not, you can use the Budget Control feature of Microsoft Dynamics 365 Finance and Operations. This feature lets you analyze and evaluate the planned budget and actual expenditures at any point in the budget cycle.
To control the unwanted expenditures and effectuate the budget plan, you can consider the factors like – Financial Dimensions, Calculation of Available Funds, Possibilities on Exceeding Budget, and many more.
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5. Financial Forecasting
While budgeting defines what a company wants to achieve in a specific period, the Forecasting can predict the company’s future financial results based on previous records.
It helps business owners understand what budget would be used to achieve specific financial goals and where it should be invested to maximize the ROI.
To help you with impressive forecasting insights, Dynamics 365 Finance and Operations put together all the data fields, HR integrations, and finance and operations functions. It draws an accurate estimation of the budget required for position expenses.
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6. Finances Report
To get an inclusive idea of overall funds balance, Microsoft Dynamics 365 for Finance and Operations produce balance sheets, income statements, cash flow statements, and custom funds reports.
Everything is done in compliance with legal requirements and international accounting standards.
Conclusion –
Smart budget planning is essential for any organization to be prepared for future expenditures and damages. While excess spending can create an unfavorable impact on your business growth, budget control, planning, and forecasting help companies to face the challenges and mitigate the losses with sheer confidence.
And what’s the best part is that you have got the tool like Microsoft Dynamics 365 for Finance and Operations which can effortlessly manage your financial resources and help you measure, manage, forecast and plan financial resources throughout the fiscal year for improved efficiency.
