Microsoft has announced its 2021 release wave 1 updates and we will be seeing some key changes rolled out to Dynamics 365 Finance.

The features demonstrate Microsoft’s continued investment into Dynamics 365 Finance. The 2021 wave 1 updates include greater automation and intelligence for users, as well as much sought after forecasting ability.

So, what are some of the highlights out of the new updates coming to Dynamics 365 Finance?

Bank Reconciliation

Users will be able to import bank statements. This new feature allows the endpoint for one bank statement to overlap with the starting point of the next day’s bank statement. This creates a much-improved ability to forecast and identify and resolve errors.

Cashflow forecasting

You need to accurately forecast targets to truly understand the financial health of your business and to make informed strategic decisions.  This release brings intelligent cash flow offering with automation based on predictive results. Automation based on predictions around collections will enhance your business strategy to influence positive incoming cash flow even further.

Project Management

Look out for the Project Management and Accounting module. There will be some basic but powerful functionality to support:

  • Project planning
  • Resource Management
  • Project accounting
  • Built-in integration with your inventory

This increase in intelligence and automation will save time for users.

Vendor Collaboration

You will notice greater intelligence and automation in the improved Vendor Collaboration Bank Changes interface. This feature provides a self-service interface for vendors and suppliers to enter and maintain their banking information. This improvement will not only increase accuracy but will also decrease the onus or correcting incorrect information on your business.

Asset Leasing

For those businesses following the proper accounting standards for ACS842 and IRFR16, you will have greater confidence with the new Asset Leasing feature. This new functionality reduces time with offline asset calculations. In addition, you will notice a decrease in manual errors with managing lease information and save time through automatic lease status updates.

The 2021 release wave 1 for Dynamics 365 Finance is full of new features and functionality. Microsoft continues to demonstrate its continued focus on continually improving the user’s self-service experience.

If your organisation requires assistance navigating the rollout of Microsoft’s 2021 release wave 1 for Dynamics 365 Finance, please get in touch for a free 30-minute consultation with our team.

To find out more about Dynamic 365 Finance, download our guide – Dynamics 365 Finance Guide