6 Ways Governments Can Make the Most of Tight Budgets with Microsoft Dynamics 365 for Operations
The public sector isn’t known for deep pockets and money to burn. On the contrary, budgets are often tight, and workers are accustomed to doing what they can to stretch every penny. On top of that pressure, public agencies are under constant scrutiny from public watch groups and transparency is critical to showing accountability and fiscal responsibility. Financial management for local, state or federal governments can be complicated.
Standard accounting systems aren’t flexible enough to conform to the complex needs of the public sector, which is why more government agencies are turning to Microsoft Dynamics 365 to strengthen financial management.
Dynamics 365 for Operations: Built to Address Public Sector Challenges
Microsoft Dynamics 365 for Operations is an integrated ERP and financial management solution that fully supports the complicated accounting processes experienced in the public sector. This centralized system was formerly known as Dynamics AX and has since been updated with a specific focus on the public sector. Microsoft added functionality to Dynamics 365 for Operations to address many of the common challenges seen within local, state and federal government agencies and organizations.
Public agencies need more support than what most traditional software or ERP systems can provide. Dynamics 365 offers a suite of functionality you can pick and choose based on specific operational needs. Within this suite, you can select applications such as Sales, Field Services, Customer Service, Financials, Project Service Automation, Marketing, Customer Insights, and Operations. There are also additional applications you can choose from AppSource to support other unique functions or operations.
See Dynamics 365 for Operations in Action
Our on-demand webinar, “How to Do More with Less: Efficiently Manage Your Government’s Finances with Microsoft Dynamics 365,” demonstrates how Dynamics 365 works for public sector agencies. During this webinar, we touch on several powerful features, including:
- Budget planning: All state and local governments follow a complete budget planning process from an initial request to a preliminary budget and a final, adopted budget. From the final budget, financial managers must keep tabs on expenses to prevent overspending.
- Financial management: Standard, daily financial processes including cash and bank management, cash in and out for AP and AR processes, and automated reconciliation. Dynamics 365 streamlines these common processes, saving valuable time and protecting the integrity of the financial data.
- Procurement and sourcing: Gain control and insight over contract requisition, purchase order processing and encumbrance processing. By getting closer to this process, you can evaluate vendors and monitor purchases which could provide leverage during contract negotiations. Uncover ways to save money on the items or services you purchase on a regular basis.
- Project accounting and grants management: Many programs and services are based on grant funding, which means additional regulatory oversight and reporting obligations. Ensure grants are being managed in accordance with grant limitations, and that your programs or services are being delivered successfully, to improve opportunities for future grant funding.
- Inventory tracking and asset management: This time-consuming process is often put on the back burner. Microsoft Dynamics 365 offers a more efficient way to control inventory processes and keep track of assets.
- Human resources management: A new application for Dynamics 365 has recently been announced which offers additional support for common HR functions. More information is to come, but this integration will help connect HR data and streamline tasks.
Show Fiscal Responsibility with Microsoft Dynamics 365
In the webcast, you’ll see even more key features of Microsoft Dynamics 365 for Operations, including:
- How to determine when a budget has been exceeded and how to drill down into that data to see where a budget could have gone awry.
- How data can be viewed in a variety of graphical formats that you can change, export and share with colleagues through Power Bi.
- How your team can work smarter, not harder, to perform financial operations.
Want to learn more? Watch the recording of “How to Do More with Less: Efficiently Manage Your Government’s Finances with Microsoft Dynamics 365,” to see how AKA and Dynamics 365 can help you stretch your budget dollars.