Dynamics 365 is the broad name that Microsoft has assigned to a series of applications that provide Sales, Customer Service, Field Service, ERP and Marketing. In the ERP category, there are two applications – Operations and Financials. This blog will focus on Financials.
Dynamics 365 For Financials is aimed at the small and medium market place. As a cloud based, multi-tenant system, getting started is fast and easy. There is no hardware to purchase and no installation is required. Multi-tenant means all users use the same version of the program and customizations are not allowed.
However, extensions are products that can be purchased in addition and are developed by other companies to provide additional functionality. While extensions are limited due to the recent release of Dynamics 365, Microsoft is encouraging the market to innovate to meet the needs of customers.
An interesting capability of Dynamics 365 For Operations is the ability to create personalized sales quotes and convert them to invoices without leaving Outlook. Core financial capability include GL, AP, AR, Budgeting and Bank Reconciliation. The Sales modules include Orders, Invoicing, Pricing and Discounting, and Contract Management. Inventory and Purchasing are also included.
Training is always essential to being successful with accounting software. Microsoft allows any cloud partner to sell the Dynamics 365 For Financials product, but successful consultants are limited. Also, the price of the software is very low ($40 per user per month), however implementation and training can add to the budget, but are important to make sure that a customer is successful.
President, SSi Consulting