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7 Reasons to Hire a Consultant with Microsoft Dynamics 365 for Financial Services Knowledge

Updated: October 2nd, 2024 by Ivan Farafonov

Business owners often need updated financial information to make decisions on the go. They also require AI-driven insights to get more control over expenses. MS Dynamics 365 for financials offers these and many other features for your financial management. Below, we’ll explore them and discover the reasons to choose Microsoft Dynamics 365 for financial services.

About Dynamics 365 for Financial Services

MS D365 is a system of CRM (Customer Relationship Management) and ERP (Enterprise Resource Planning) solutions. It includes around 15 modules that customers can use separately or with other apps. All of the D365 instruments are cloud-based.

Top MS D365 products are:

Customer Service
Sales
Field Service
Marketing
Business Central
Supply Chain Management
Finance.

The Finance module was earlier known as Dynamics 365 F&O. The F&O software’s previous version was Microsoft AX. So, the Microsoft Dynamics AX developer can help you develop and customize the new version.

The Dynamics 365 for Financials allows managers to control budgets, automate routine tasks, and improve performance due to AI-powered insights.

Key Features and Benefits of MS D365 Products for Your Finances

#1. Financial Management and Accounting

The Dynamics AX module will help you store and reconcile data and get error-free information on payables and receivables. It’ll allow you to generate and send invoices automatically. The data will be consistent and updated so managers can see refreshed metrics on customizable dashboards. The advanced analytics provides valuable insights and recommendations to keep your company healthy.

#2. Customer Relationship Management (CRM)

Not only large entities need to synchronize customer data across departments or teams. D365 offers companies of all sizes the opportunity to improve customer experiences and increase satisfaction. Dynamics 365 tools will analyze each touchpoint and aggregate information about every client. You can use Microsoft CRM solutions for retail banking, manufacturing, legal advising, etc., to generate leads and grow revenues.

#3. Supply Chain Management (SCM)

Whether you’re a large clothing manufacturer or a small restaurant, a reliable SCM tool is vital. The MS D365 solution works perfectly for all industries and workloads, optimizing resources and processes. This platform offers warehousing, material management, product returns, demand forecasting, and more functions. And you can tailor its capabilities to your needs with Microsoft Dynamics 365 for distribution experts.

#4. Human Resource Management

Connected employee experiences, consistent architectures, and automated processes will make your HR infrastructure another business driver. Microsoft D365 keeps employees motivated and, thus, your customers happy. You’ll make your HR team more efficient by minimizing manual tasks and introducing better collaboration. The system also allows managers to integrate and monitor learning programs to ensure their employees grow.

#5. Business Intelligence and Reporting

Microsoft aggregates all business-related information, making it consistent and easily accessible for all users. The collected data becomes your business knowledge that helps to attract more customers. NAV management will become your business intelligence solution. It’ll engage AI and bring more value to data, letting you make informed decisions and promote your brand.

Problems Solved by the Finance Module

The Finance module in Microsoft is a powerful tool that solves many problems faced by the banking industry. Here are five key issues you may overcome with Microsoft Dynamics 365 for banking and financial services.

Complex Reporting

The creation of thorough reports is a common challenge for banks. This is made simple by the Finance module’s automated reporting functions. This module can take the role of technologies such as Excel and other reporting applications. The process is made simpler, and more precise, up-to-date data is provided.

Manual Data Entry Errors

Manual data entry takes a lot of time and is prone to mistakes. Data entry is automated by the module, which saves time and minimizes errors. In order to ensure data quality and efficiency, this automation can take the place of human bookkeeping and spreadsheet administration.

Regulatory Compliance

It is difficult for banks to stay on top of constantly changing laws. The integrated compliance capabilities provided by the system are helpful. By substituting obsolete compliance tracking systems with these capabilities, it will be simpler to stay current with regulatory standards and stay out of trouble.

Cash Flow Management

For banks, controlling cash flow is essential. The Finance module offers resources for effectively monitoring and controlling cash flow. Better control and forecasting can be achieved by substituting it for antiquated software and manual cash flow statements.

Customer Payment Processing

Managing client payments can be difficult and time-consuming. Using integrated technologies, the platform expedites the payment processing procedure. It is possible to replace outdated technologies, such as standalone payment processing systems, to increase customer satisfaction and speed up transactions.

7 Reasons to Choose Microsoft Dynamics 365 Financial Services

Microsoft is a complex system that contains many tools and functions. All of them require careful tuning and integration into your workflow. Of course, this requires special skills and expertise. In this case, the best option is to choose the services of enlightened Microsoft Dynamics CRM developers and entrust them with the configuration of your platform. Here are seven reasons why you should consider this powerful tool.

Deep Expertise in Finance Module

Our consultants have a lot of knowledge of D365 modules. They know how to use the system to solve different problems. This expertise ensures that you get the best possible results.

Industry-Specific Solutions

We are aware that various businesses have various requirements. Our products are customized to meet the particular needs of your sector. This indicates that you receive a service that is ideal for your requirements.

High-Quality Setting

Our first concern is quality. Our specialists put a lot of effort into making sure your services are configured to operate at peak efficiency. By doing this, you can stay out of trouble and maintain seamless operations.

Time-Saving

We assist you in saving time as well as money. You may save a ton of time by having our professionals swiftly set up and improve your services. You can concentrate on other crucial duties as we handle the setup.

Cost-Effective

We have made our services as affordable as possible. We assist you in making the most of your financial commitments without going over budget. You pay a reasonable price for excellent service.

Integration with Your Software

We make sure that your current software and Microsoft D365 work well together. Its smooth integration eliminates the need to be concerned about incompatibilities. Everything is flawlessly integrated.

Reliable Support

Our assistance staff is available at all times. Regardless of the size of your issue or query, you can rely on us to deliver trustworthy service. This guarantees the uninterrupted operation of your services.

How Our Microsoft Dynamics Financial Services Work

Once your team is ready and the budget is reserved, it’s time to incorporate your Dynamics 365 module. This process has five phases.

Phase 1: Project Initiation and Requirements Gathering

Launching the project means we state the capabilities of the existing tools and detailed requirements for the future software. We run the functional and technical analysis. Specialists define gaps that must be covered and additional tools that have to be connected. As a result, you’ll get a scope of work where experts document all the requirements.

Phase 2: System Design and Customization

Now, it’s time to craft a new solution based on the tech specifications. If, for instance, you set a Microsoft Dynamics CRM for insurance, you’ll need to create a single window for each client with all interactions. You might also require a meeting scheduler, Outlook, telephone system integration, claim management, loyalty programs, etc. All these features will be stated in a document with a functional design.

Phase 3: Data Migration and Integration

This phase includes the implementation of the technical and functional requirements of the software. Our technicians access the Dynamics 365 developer functions to build the solution according to the Scope of Work. At this stage, experts plan for data migration to ensure the data is non-duplicated, updated, and unified. Also, the we agree on the data transition time to avoid affecting business processes.

Phase 4: User Training and System Testing

Once the first version of the solution is ready, our team tests how its functions work. However, making bug fixes and re-tests is possible while other features are under development. During phase 3, the team works out the training materials. So, at this point, employees and future D365 system users read user manuals, visit workshops, and get personal training.

Phase 5: Going Live and Post-Implementation Support

After we finish the testing and transfer all the data, we agree on the go-live time. This typically happens on weekends to avoid a possible collapse. Even if the transition goes smoothly, our project technicians keep supporting the software. We answer your questions and resolve issues for the agreed time.

Microsoft Dynamics 365 Financial Services We Offer

We offer a full range of options for Microsoft Dynamics for financial services to help you improve your systems. Here are the services we provide:

Development

Our D365 developers craft unique solutions to meet your requirements. We create features and resources to improve the effectiveness of your operations. Our developers are capable of handling any task, whether updating your current system or adding a new module.

Consulting

We provide part-time, flexible tech specialists that collaborate directly with your team. Our experts can help you optimize your operations with expert support or a one-time CTO consultation to examine your digital architecture. We guarantee that you will receive the greatest guidance and tactics for enhancing your financial systems through our consulting service.

Implementation

Although implementing new software can be difficult, we make it simple. Everything related to implementation is managed by our team, from planning to carrying out. We make sure everything goes without a hitch and that your new system is operational quickly.

Integration

With the help of our integration services, Microsoft Dynamics 365 and your current software will function together flawlessly. We provide a unified platform by connecting disparate systems, which simplifies the management of your data. This connection guarantees smooth data flow and assists you in avoiding compatibility problems.

Customization

We recognize that every organization is different and has different needs. You can modify Microsoft Dynamics 365 to meet your unique needs with our customisation services. We adapt the program to your workflows, improving its usability and efficiency.

Support

Our support staff is here to assist you with any problems you may run into at any time. We offer continuous support to guarantee the seamless functioning of your system. Our support service maintains your machine operating well by offering updates and troubleshooting.

Case Studies: Successful MS Dynamics Integrations in Financial Services

Let’s look at examples of how Dynamics 365 can help small and large companies equally well.

Kambukka — a Small Producer of Eco-Friendly Vessels

A premium Belgian brand was selling around 100 items per day. A seller had to manually create invoices and decrease the number of vessels in stock, which was time-consuming and not error-free. Moreover, the Kambukka used different tools for monitoring orders and managing inventory. With Dynamics 365 Business Central, the company’s team saves one day each month to focus on sales. The Chief Marketing Officer says they can easily cover peal loads with D365.

Wesleyan — a Group of Companies Offering Financial Services

A large UK-based organization had to deal with various spreadsheets manually to upload and reconcile its clients’ bank accounts. However, after switching to Dynamics 365 Finance, its 200 users automatically process bank and statements. The migration took 15 months. Enterprise Architect at Wesleyan also stresses better and easier team collaboration. A supplier relationship manager says he can see the whole picture by accessing data in real-time.

Using Microsoft Dynamics for Financial Services Is Your Strategic Decision

Microsoft Dynamics 365 boasts real-time visibility, faster reporting, deeper financial data analysis, and valuable AI recommendations. Teams can access the cloud-based apps of D365 from anywhere. Smart integrations with MS products make businesses more productive. Your data remains secure even when your business scales up. So, D365 for financial services is a wise strategic decision.

By Ivan Farafonov

I'm passionate about sharing my extensive experience in Microsoft and Dynamics 365 technologies. Beyond the technical realm, I excel in recruiting and building high-performing teams, ensuring every project is executed with precision and collaboration. As a contributor to HireDynamicsDevelopers, I share my insights on maximizing Dynamics 365’s potential, blending technical expertise with strategic team development. My passion lies in both technology and fostering talented professionals to achieve outstanding results.