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What’s New in Dynamics 365 Finance and Operations 2020


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Dynamics 365 Finance and Operations Release Wave 1

Ever since the first release of Dynamics 365 in 2016, the enterprise solution has undergone a slew of updates and upgrades, offering new and improved features for organizations to keep up with changing market conditions. Of all the modules that Microsoft has been releasing, the finance and operations module has achieved extraordinary adoption and success – aiding enterprises in driving digital transformation through modern tools needed to connect with and manage clients, finances, projects, and people in a seamlessly unified setup.

Given how quickly market dynamics change, staying up to date with Dynamics 365 Finance and Operations is critical to stay informed and make the most of new and exciting features released by Microsoft in every release. In this blog, we will throw light on some of the newest capabilities that were released in the 2020 release wave 1. Microsoft allows organizations to embrace these new features at their cadence.

Dynamics 365 Updates in Finance

The latest release of Dynamics 365 Finance and Operations is built on the foundation of automation, predictive analytics, and progressive administration and management. An array of new features has been released (partially or fully, as of June 2020), specifically with the aim to help users move beyond traditional reporting and transactional activities. Here’s looking at some of them:

1. Core Financials:

The 2020 release wave 1 consists of features that enables users to automate day-to-day tasks and greatly minimize manual efforts. It also presents new credit management capabilities to help enterprises manage risk and automate downstream processes.

Several new capabilities that augment usability, such as Vendor invoice batch posting, and budget planning query optimization have also been rolled out. Features such as Advanced ledger settlement, Automatic vendor payment proposal, Trial balance report, etc. are expected to be launched by the end of August 2020.

2. Globalization:

The new release allows users to convert business documents into PDF and print the reports directly. It also allows integrating Italian add-in EXIL into core localization and shipping ISO 20022 format for international payment for France. Although a majority of features for globalization have already been rolled out, a few others are projected to be released by September 2020.

3. Public Sector:

The 2020 release also launches features and enhancements with focus on budgeting, accounts payable, and Canadian tax. As of June 2020, three features have been rolled out under Public Sector:

    1. Daily statement of treasurer's accountability
    2. Update bank balances when posting transactions using advanced ledger entry
    3. Allow interest distribution and escheatment to update bank balances when posting

Additionally, six new features are expected be released by August 2020.

Dynamic 365 Updates in Operations

When it comes to updates in operations, most features are focused on refining user experience through better performance, compliance, automation, and service support.

1. Cloud Operations:

The new release offers a set of features intended to improve the security and performance of cloud operations. Administrators and business analysts can easily use these features since they are automatically enabled. A handful of features of under Cloud Operations have already been rolled out.

2. Cross-App Features:

The 2020 releasealso delivers a bunch of modern features relevant to all finance and operations apps including Dynamics 365 Finance, Dynamics 365 Supply Chain Management, and Dynamics 365 Commerce. Almost half of the features have been released, while critical features across Scanning files and attachments for malicious code, Show related document attachments, and Export application reports as Word documents are due for release. 

 3. Data and Process Integration:

The new release also works towards enabling data storage in Azure Data Lake Storage Gen2 data lake. Administrators, makers, or business analysts will have to configure these new features for end-users. All features in this release are expected to be launched by September 2020.

For organizations looking to accelerate their digital transformation journey, Dynamics 365 for Finance and Operations is a great solution, as new and improved features keep getting introduced. Right from empowering businesses to meet their core finance and operations requirements to supporting integration enterprise ecosystem, Microsoft constantly works towards introducing exciting new features to keep up with business needs, market trends, and user requirements.

For further information on Dynamics 365 for Finance and Operations, please contact Synoptek experts today.

 

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