By: Missy Martoncik
Remote work is our new reality. But trying to handle your financial closing while employees are working at a distance isn’t easy. Constant document sharing, delays, and infrequent communication: it’s frustrating.
As we near the month-end close period, your team is facing even more challenges than usual. Most companies are still trying to figure out the best way to manage remote work, and employees have to find new, creative ways to get things done.
Lack of access to necessary documents and data has created bottlenecks as employees wait for information or play phone tag. Checking in with colleagues is no longer as simple as popping into their office. And if one of your accountants is unavailable due to sickness and they have a vital Excel document stored on their hard drive, you might be out of luck.
But here’s the good news. You don’t have to handle all of those details and processes manually. Dynamics 365 Finance will help your employees coordinate the close process online, track processes, and boost efficiency, all in one central location.
Here’s why that’s a big deal, especially in our current work environment.
When you can no longer rely on in-person communication to verify numbers and share resources, tensions escalate quickly. D365 Finance solves that problem by giving colleagues a way to efficiently capture, analyze, and verify data online.
In addition to facilitating communication, the Financial Close Workspace in D365 Finance also helps you:
Most companies already have an established close schedule, but it’s not optimized for a remote environment. If you’re still using Excel, it’s going to be tough to collaborate when you can’t talk to people in person. Key resources might be unavailable, or they might live on someone’s hard drive. If that person is sick or can’t be reached, you don’t have a way to access the data.
D365 Finance puts all of that information into the cloud so you can manage the details of your financial close process, manage schedules remotely, and collaborate online. For example, here are some of the key capabilities you can implement:
We recommend Dynamics 365 Finance because it serves as a one-stop-shop to store all of your data for simplified, real-time closing processes. But how exactly does it work?
Let’s take a closer look at some of the features in the Financial Close Workspace and the Implementation sections.
Each tile is linked to a list of the tasks in that category. If you click on the Past Due tile, for example, the system will bring up a list of all past due tasks.
You can also add links as needed to support your internal process.
When you assign a financial close template to a closing period, the new closing schedule will be added to the workspace. Define which companies will be associated with the closing schedule and employees will have access to the tasks and resources within that schedule.
As you work toward an efficient close process for remote workers, D365 Finance can give you the tools you need to reduce risk, boost efficiency, and simplify processes for both your short-term and long-term strategy. Workspace comes standard with the product, and the system requires minimal configuration so you can hit the ground running.
We know going remote is tough, especially when you had little time to prepare. But D365 Finance is one of the best tools we’ve found to help you stay on track and reduce the pressure, even in a high-stakes environment.
Missy Martoncik is a Senior Finance Consultant with professional experience since 1988. She is an established expert in the implementation of Enterprise Resource Planning (ERP) software packages and the interfacing, management, selection, planning, prototyping, design, and support of a wide range of applications, including Microsoft Dynamics D365 for Finance and Operations. She has led and supported multiple ERP implementations at major corporations across a wide array of industries in North America and Europe.
Missy’s professional background includes experience in process manufacturing, industrial products, consumer products, software/hardware/consulting, and financial services industries, implementing and supporting enterprise applications, including complex business process design. She has detailed expertise in many ERP modules and functionals areas.