MS 365 Apps for Finance Management
Finance is an integral element of the business processes. Without the optimal management of finances, it's hard for a business to cope with the increasing need for adaptation and improvement. However, with the right tools, it's easier to instil transparency and consistency in the financial process, making management easier than ever.
This is where MS 365 suite stands as an optimal solution as it equips you with all the required functionalities to manage your business finances. This article is a part of the series ‘MS 365 Apps for Businesses Processes’ where we explore the MS 365 applications for significant business processes. This is Part 3 of the series, and you can also refer to Part 1 and Part 2 which cover the MS 365 Apps for Project Management and HR Management respectively.
To start with, let's understand the significant tasks and responsibilities handled by the Finance department of an organisation:
Finance Management
The finance team of any organisation is responsible for ensuring that management has the right set of data to make intelligent financial decisions. From maintaining the organisation’s history of financial records to the preparation of income statements and daily record keeping, the finance department handles it all. This highlights the need for efficient tools to help make record-keeping easier and transparent.
Microsoft Tools for Finance Management
The following tools stand as a great fit to effectively manage an organisation’s finances:
Microsoft Excel
MS Excel is a widely used spreadsheet editor that acts as a right hand for finance teams. The tool has extensive calculation and computational capabilities which makes it easier to keep track of the numbers. Additionally, Excel allows transparency in terms of generating graphs and charts to study the collective dataset. Some of the popular Excel functionalities for finance teams include spreadsheet formatting, pivot tables, aggregation functions, and Lookup formulas.
MS Excel forms a part of the MS 365 Business Basic plan and with an annual commitment costs $6/user/month.
Microsoft Teams
MS Teams is an effective solution when it comes to ensuring collaboration. Having teams segregated into channels makes it easier to keep communication specified for a respective team. The finance department can make great use of MS Teams to collaborate with the concerned stakeholders. From messages to conference calls, it's easier to keep everyone in the loop.
When subscribing to an annual plan, MS Teams Essentials plan has a cost of $4/user/month.
Dynamics 365 Finance
Dynamics 365 is a suite of applications specifically designed by Microsoft to cater to specialised business operations. Under Dynamics 365, you can find Dynamics 365 Finance which brings together the capabilities of AI and automation to enhance financial visibility. Some of its significant features include financial planning and analysis, tax management, cash management, financial close, report generation, and enhanced decision-making capabilities with the integrated Copilot assistant.
The pricing plan of Dynamics 365 Finance is $180/user/month.
Without the supervised and efficient management of finances, it's nearly impossible for businesses to sustain and grow. Therefore, utilise the above-mentioned applications to help streamline and manage your financial processes.
If you want to learn further about how these tools can specifically help in the financial management of your business processes, our coaches are a click away.
