Dynamics 365 Finance Expands Core Financial and Global Capabilities
A preview of what’s coming soon in the 2022 wave 1 spring release
To continue the success of Dynamics 365 Finance, Microsoft focuses on delivering regular enhancements that reflect the needs of existing customers. Soon-to-be-released functions were previewed by Microsoft for the 2022 wave 1 spring release of D365 Finance. In this blog, we give you some of the major highlights of what you can expect this year between April and September.
First, look for Microsoft to expand and automate the core financial capabilities. For example, customers will notice OCR capabilities that enable the full end-to-end automation of accounts payable. AP also benefits from continuous, intelligent invoicing—using Azure Form Recognizer, AI Builder, and Power Platform—to create out-of-the-box vendor invoice models that include a framework for continuous learning for invoice exceptions.
Next up are more comprehensive subscription billing capabilities, which are growing in demand as more and more businesses expand their business model to include as-a-service offerings. Specific D365 Finance enhancements in this area include handling complex pricing, consumption, and milestone billing. Another key function is the capability to easily manage large-volume customer contracts and automate recurring revenue impact assessments.
On the data side, users will also see improved experiences when running the year-end close and when generating reports from data lakes. Insights into financial data—using Excel or Power BI—are also streamlined with an analytical data model that is denormalized and extensible.
Microsoft has also greatly expanded the globalization capabilities of D365 Finance by adding enhanced low-code globalization functions with the Globalization Studio tool:
- Tax Calculation: Enables multiple-document tax calculations in one API call to streamline tax calculation processing for high volumes of invoices in specific industries and countries. A connector with one of the US tax rate providers is also included.
- Electronic Invoicing: Provides a connector with a global e-invoicing service provider, which can deliver last-mile business-to-government integrations for some countries. This feature also extends global coverage by enabling e-invoicing for non-Microsoft localized countries and access to e-invoicing exchange frameworks.
- Tax Audit and Reporting Service: Scales the existing tax audit and reporting content and capabilities of Electronic Reporting to the enterprise level and enables intelligent tax audits. This service represents the evolution of Electronic Reporting to a low-code microservice that leverages capabilities of Azure Data Lake Storage and Azure Synapse Analytics.
These capabilities will help businesses set up operations on multiple continents with country-specific content available for first- and third-party apps that can be extended with prebuilt ISV connectors. It’s also easier to meet complex requirements in the areas of tax compliance and the adoption of local business practices. Currently, Microsoft offers globalization capabilities for Dynamics 365 Finance that include low-code services and out-of-the-box content for 44 countries and regions.
Help for Digital Transformations
These enhancements to D365 Finance are arriving as organizations continue to adopt the cloud as part of their digital transformation journey for their financial systems. D365 Finance helps in this mission by moving users to more strategic activities rather than manual tasks and making it easier for organizations to tap into data across systems and leverage an application that supports changing business models.
To learn more, check out the Velosio webinar on the Dynamics 365 Finance 2022 release wave 1. You can also find out more by visiting the Microsoft Dynamics 365 Finance resource website.