Expense Management in Dynamics 365 Finance and Operations

Expense management is a critical aspect of any business, ensuring that costs are controlled, and financial resources are used efficiently. In Dynamics 365 Finance and Operations, the Expense Management module provides a comprehensive solution for tracking, managing, and reporting expenses.

This powerful tool helps organizations streamline their expense processes, improve compliance, and gain better visibility into spending patterns.

By leveraging the capabilities of Dynamics 365, businesses can enhance their financial management practices and make more informed decisions.

This article will cover key aspects of Dynamics 365 Finance and Operations.

What is Expense Management in Dynamics 365 Finance and Operations?

Expense Management in Dynamics 365 Finance and Operations is designed to streamline and automate the entire expense management lifecycle, from submission to reimbursement. It helps businesses improve efficiency, control costs, and ensure compliance with financial policies and regulations.

Key features include expense submission, customizable approval workflows, policy compliance enforcement, integration with other Dynamics 365 modules, mobile accessibility, and robust analytics and reporting capabilities.

This system allows employees to easily submit expense reports, capture receipts, and track reimbursement status, while finance teams can gain insights into spending patterns and identify cost-saving opportunities.

A Brief Overview of Dynamics 365 Finance and Operations

Dynamics 365 Finance and Operations is a robust ERP solution introduced by Microsoft. This latest ERP solution is now split into two different solutions: Dynamics 365 Finance and Dynamics Supply Chain Management. Both ERP solutions help you manage and enhance key business operations, including cost control, manufacturing, sales, purchasing, inventory, and finance.

Key Features of Dynamics 365 Finance and Operations?

Expense Management in Dynamics 365 Finance and Operations offers several key features:

• Expense Submission: Employees can easily submit expense reports, capture receipts, and add relevant details such as project codes or client names.
• Cost Control: The system enforces policy compliance and flags out-of-policy expenses, helping organizations control costs and adhere to financial guidelines.
• Approval Workflows: Customizable approval workflows allow approvers to review, approve, reject, or request further information on expense submissions.
• Policy Compliance: The system enforces company expense policies by flagging out-of-policy expenses or non-compliant receipts.
• Integration: Seamless integration with other Dynamics 365 modules, such as Finance and Human Resources, provides a unified view of financial data and employee information.
• Mobile Accessibility: Employees can submit expenses on-the-go using the mobile app, which allows them to capture receipts, submit reports, and track reimbursement status from their smartphones or tablets.
• Analytics and Reporting: Robust reporting and analytics capabilities offer insights into spending patterns, helping finance teams identify cost-saving opportunities and track key performance metrics.
• Vendor Management: Features for managing vendor relationships related to expenses, such as tracking vendor invoices and managing payment terms.
• Compliance and Audit Trails: Comprehensive audit trails of all expense-related activities provide transparency and accountability for compliance purposes and audits.

These features collectively enhance the efficiency, compliance, and financial oversight of an organization.

Benefits of Mobile Accessibility in Expense Management?

Mobile accessibility in the Expense Management module of Dynamics 365 offers several benefits:

• Convenience: Employees can submit expenses anytime, anywhere, directly from their smartphones or tablets. This flexibility is especially useful for those who travel frequently.
• Real-Time Updates: Users can capture and upload receipts immediately, reducing the risk of losing important documents and ensuring timely submission of expense reports.
• Efficiency: The mobile app streamlines the expense reporting process, allowing employees to quickly categorize expenses, add details, and submit reports without needing to access a desktop computer.
• Improved Accuracy: By capturing expenses on-the-go, employees are less likely to forget or misreport expenses, leading to more accurate and reliable expense data.
• Faster Reimbursements: With quicker submission and approval processes, employees can receive reimbursements faster, improving their overall satisfaction.
• Enhanced Productivity: Mobile accessibility reduces administrative burdens, allowing employees to focus more on their core tasks rather than spending time on expense management.
• User-Friendly Interface: The mobile app is designed to be intuitive and easy to use, making the expense reporting process straightforward even for those who are not tech-savvy.

Gain control over your spending and boost efficiency with Dynamics 365 F&O Expense Management. Dynamics Square has the expertise to implement and customize the solution to fit your unique needs. Get in touch to learn more!

What is Expense Report Reimagined Feature in D365 Finance and Operations?

The Expense Report Reimagined feature in Dynamics 365 Finance and Supply Chain Management is designed to simplify and enhance the expense reporting process. Here are some key aspects of this feature:

Key Features

1. New Expense Management Workspace

• Access your own and your delegate's expenses from a centralized workspace.

2. Improved Receipt Matching

• Better visibility of header-level receipts and a simplified process for attaching receipts to expense lines.

3. Enhanced Expense Entry

• Redesigned entry process to reduce the time needed to complete a report.
• A new read-only grid to view more expense lines and data columns, including itemized and split lines.

4. Simplified Editing Pane

• A streamlined interface for editing expenses, making it easier to correct and update entries.

5. Redesigned Messaging

• Contextual error, warning, and policy messages to help users understand and resolve issues more effectively.

6. Field Visibility Customization

• Specify required, optional, and disabled fields to reduce the number of fields that need to be set.

7. Reduced Infolog Messages

• Fewer and more relevant messages to prevent duplicate notifications and streamline the reporting process.

Activation

To enable the Expense Report Reimagined feature:

1. Go to the Feature Management workspace.
2. Turn on the Expense reports reimagined and Expense reports reimagined enhancements features.

This will replace the existing expense workspace with the new one and add a new menu item for expense field visibility.

Drawbacks of Manual Expense Management and how can D365 Finance and Operations resolve them?

Manual expense reporting is no longer required as it is slow and prone to errors. It is time-consuming and lacks real-time expense tracking. It tends to create inaccurate financial reporting. It entails the risks of lost receipts and delayed receipt matching.

On the other hand, Dynamics 365 Finance and Operations Expense Management includes the following features to eliminate these drawbacks:

• Expense Automation: The platform automates the entire expense management process, from receipt submission to reimbursement, helping improve efficiency and compliance.
• Receipt Autoscan: It supports optical character recognition (OCR) to automatically scan and extract information from receipts, making it easier to create expenses.
• Automated Expense Reporting and Approvals: Dynamics 365 allows for automated expense reporting and customizable approval workflows, ensuring that expenses are reviewed and approved efficiently.
• Online Reimbursements/Settlements: The system facilitates online reimbursements, allowing for direct refunds and settlements through integrated payment processes.

These features help streamline expense management and reduce administrative burdens.

Ready to streamline your expenses with Dynamics Square?

Tired of messy expense reports and lost receipts?

Dynamics Square can help you streamline your expense management with Dynamics 365 F&O. Contact us today for a free consultation and see how we can simplify your processes.

If you need any help, don't hesitate to reach out to us. You can give us a call at +1 281 899 0865 or send us an email at arish.siddiqui@dynamicssquare.com.