How to Decrease Industrial Financial Complexity with D365 for Finance

Posted on: June 14, 2021 | By: Lauren Yang | Microsoft Dynamics AX/365, Microsoft Dynamics Manufacturing

Adapt to the Industrial Sector’s changing financial requirements by using a flexible and rules-based chart of accounts and dimensions. Dynamics 365 for Finance offers a guided solution that enables you to efficiently and accurately manage your financial operations. Frequently changing industrial requirements can be met through easy adjustments with no-code configurable tax, e-invoicing, payment, and reporting formats. This way, manufacturers can reduce risks and ensure compliance with all industry-changing requirements and business needs.  

Electronic Invoicing 

Many industrial businesses are moving to electronic invoicing because it accelerates the invoicing process and lowers costs. Electronic invoicing for Dynamics 365 for Finance and Supply Chain Management (SCM) is a hyper-scalable multitenant service that enables configurable processing of electronic invoice documents and configurable document exchange. By reducing manual data entry and improving traceability, electronic invoicing allows companies to quickly adapt systems to changing regulations and rules. It can help you enhance the traceability of document history, shorten your implementation cycle, and even reduce your TCO. E-invoicing provides substantial benefits that include but not limited to:

  • A consistent experience in electronic invoice processing
  • Cost-effective configuration and exchange of e-invoices in the required formats
  • Accelerated invoice delivery and improved traceability
  • Simple adherence to the latest e-invoicing standards

Improve Compliance with Tax Calculation 

Tax Calculation is a hyper-scalable multitenant service that automates and simplifies the tax determination and calculation process. It is fully configurable and offers modern technology and exponential scalability. Tax Calculation integrates with Dynamics 365 Finance and Dynamics 365 SCM. The microservice-based tax engine can help you configure the tax matrix to automatically determine tax codes/rates, determine the tax registration number, and define formulas/conditions. Tax regulations and the digitalization of tax have further complicated existing processes with compliance risks. Tax calculation allows businesses to enhance their tax determination and calculation capabilities in Dynamics 365 Finance and SCM. Tax calculation enables you to: 

  • Automate and standardize tax determinations and calculations across regions.
  • Utilize a configurable tax determination matrix and flexible calculation designer to configure complex tax determination rules.
  • Simplify compliance maintenance for local tax regulations.
  • Transfer order support for tax determination and calculation.
  • Transfer order support for the determination of multiple tax registration numbers.

Support Custom Configurations 

The Regulatory Configuration Service (RCS) is a configuration authoring and lifecycle management service. The no-code or low-code service extends Electronic Reporting authoring and lifecycle management capabilities so that users can create custom configurations and simply manage multi-component features. RCS not only lets companies extend and customize areas of tax, e-invoicing, regulatory reporting, banking, and business documents without having to involve developers, but it also reduces costsRCS provides the following capabilities: 

  • Support for all functionality that is provided by Electronic reporting (ER). 
  • A prerequisite to configure new globalization microservices. 
  • Support for Electronic Invoicing.
  • Support for Tax Calculation. 
  • Support for new globalization feature functionality that simplifies the lifecycle management of multi-component features and provides the extra capability to configure actions and set up feature parameters.
  • Support for centralized publication, storage, and sharing of custom configurations in the Global repository to simplify configuration management without requiring the use of Microsoft Dynamics Lifecycle Services (LCS). 

 Next Steps  

If you are interested in learning more about decreasing industrial financial complexity as well as maximizing the use of Microsoft Dynamics 365 for Finance and Supply Chain Management contact us here to find out how we can help you grow your business.  You can also email us at info@loganconsulting.com or call (312) 345-8817.



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