Managing expenses in organizations can be a time-intensive and error-prone process, especially if your expense management software is not embedded in your accounting system. Microsoft Dynamics 365 Finance and Operations Expense Management Module allows you to easily register expenses, receive approvals on your expenses, and accelerate payments to employees without the need to switch between applications.
In this blog, I am going to briefly address how Microsoft Dynamics 365 Finance and Operations facilitate your expense management procedures.
But first, what is the Expense Management Module?
Expense Management is a Microsoft Dynamics 365 Finance and Operations module designed to automate the expense management processes, import credit card transactions, track expense types, define expense policies for your company, and automate reimbursements of expenses.
Let’s hop right in! Below are just a few of the Expense Management capabilities that can help streamline your day-to-day operations.
1. Register Expenses in Real-Time
The Expense Management module, specifically the Expense Management Mobile Workspace, enables employees to register expenses in real-time, quickly, and easily.
Just by taking a picture with your cellphone through the Expense Management Mobile Workspace App and uploading it, it will automatically get synchronized with the Expense Management module allowing you to easily handle expense control while reducing manual work and errors.
This app allows the user to select the expense category; pictures of the receipts may also be used as attachments for expense reports. You may create new expense lines, submit them for approval and reimbursement, generate reports, attach credit card transactions, state expense policies, and more.
The expense will appear under the Expense management workspace, as well as the receipts attached to the expenses
2. Simplify expense report process and quickly submit them
Complete expense reports in even less time with the major components of the new expense experience: Expense Reports Re-imagined.
- Access your delegate’s expenses in a new workspace.
- Improve header-level receipts and simplify the process of attaching receipts to expense lines with a new receipt matching experience
- View many more expense lines and additional columns of data in a new read-only grid
- Simplify reporting so nonfinancial personas can better understand reports.
I invite you to watch this video to understand the new features and how they can free-up time for you to focus on more important tasks within your company.
Dynamics 365 Finance and Operations’ Expense Management Module not only helps your company by automating several tasks and running them quickly and efficiently but also releases time to focus on more important activities that bring value to your company, for example, data analysis of financial information, which can also be powered by Dynamics 365 overall visualizations, as we stated in our previous blog about the changing role of the CFO and how decisions must be based on data analytics.
Thank you for reading this blog! I hope it sheds some light on the advantages Dynamics 365 can bring to your company and your daily operations.
To learn more about the capabilities of Dynamics 365 Finance and Operations, click here, and to learn how its features apply to your company specifically, please don’t hesitate to request a personalized demo.