Stretching Government Budgets: 6 Ways You Can Get More from Every Dollar with Microsoft Dynamics 365 for Operations
Posted June 27, 2017
Having deep pockets and money to burn is not exactly something the public sector is known for. Usually you find the opposite…budgets are tight, and employees are accustomed to engaging in every means possible to stretch every last penny. On top of that pressure, most government agencies are scrutinized by public watch groups, so transparency is essential in showing both accountability and fiscal responsibility. At the local, state or federal governments levels, financial management can get complicated.
With standard accounting systems, you don’t have the flexibility to conform to the many complex requirements, which is typically why more and more government agencies are looking to Microsoft Dynamics 365 to fortify their financial management administration.
Dynamics 365 for Operations: Built to Help Governments
Microsoft Dynamics 365 for Operations encompasses a combined ERP and financial management solution that provides a solid foundation for intricate accounting processes unique to government operations. Public agencies usually require more support than traditional software and ERP systems provide, so Dynamics 365 offers a complete suite of functionality. You can pick and choose functionality based on your specific requirements—for a solution tailored to your organization.
See Dynamics 365 for Operations at Work
View our on-demand webinar, “How to Do More with Less: Efficiently Manage Your Government’s Finances with Microsoft Dynamics 365,” to see how Dynamics 365 assists governments. Throughout this webinar, we discuss several powerful options, including:
1. Budget planning: State and local governments are required to follow a comprehensive process for budget planning from the initial request through to a preliminary budget and then to a final, adopted budget. Following the final budget, financial managers are expected to maintain oversight on expenses in order to prevent overspending.
2. Financial management: Daily, standard financial processes include both cash and bank management, cash in and cash out for regular AP and AR procedures, and automatic reconciliation. Dynamics 365 simplifies these everyday processes, saving you time and guarding the integrity of the financial data.
3. Procurement and sourcing: Control and insight are gained over contract requisition, processing of purchase orders, and encumbrance processing. In getting closer to the process, you are better able to evaluate your vendors and monitor purchases that could potentially provide leverage during various contract negotiations. Uncover new avenues to save money on the many items and services that you purchase in your typical daily transactions.
4. Project accounting and grants management: Grant funding means additional levels of regulatory oversight and reporting. Ensure that your grants are being appropriately managed in accordance with the specific grant limitations. Make certain your programs or services are delivered successfully in order to improve your opportunities for future grant funding.
5. Inventory tracking and asset management: The time-consuming process of tracking is frequently put on the back burner. With Microsoft Dynamics 365, you are offered a more streamlined way to manage your inventory processes and monitor your assets.
6. Human resources management: This new application for Dynamics 365 was recently announced. It will offer additional support to assist with HR functions. Further information is to come, but know that this integration will facilitate the connection with HR data and simplify HR tasks.
In addition, you’ll see even more of the key features, including:
- How to go about determining when your budget has been exceeded, along with how to drill down within that data in order to see where the problems exist.
- How viewing your data in varied graphical formats that you can then change, export and share among colleagues utilizing Power BI.
- How your colleagues can work smarter to perform necessary financial operations.
To learn more about how AKA and Dynamics 365 can help you stretch your budget dollars, watch this informative webcast recording.