Microsoft has published its 2023 release wave 1 update and we will be seeing some exciting changes rolled out in Dynamics 365 Finance.

Microsoft’s new release plan is packed with several new features and enhancements, showcasing Microsoft’s dedication to its partners and customers in delivering the best products for seamless digital transformation.

Get ready for the future of finance

CFOs are embracing digital transformation journeys across their entire organisations. Microsoft recognises the significance of financial systems that can promptly adjust to shifts in economic circumstances and country-specific regulations, while also delivering extensive financial insights and automation. Having a system that provides the flexibility to handle complex scenarios, react quickly and allow people to focus on value-added activities versus manual tasks, is critical for business success.

The release wave for Dynamics 365 Finance is designed to provide organisations with a comprehensive set of tools and capabilities to manage their financial operations effectively, streamline processes and gain deeper insights into financial performance.

The updates scheduled for core financials within this release include:

  • Enhancements to the subscription billing solution and improvements for advanced cost and revenue deferrals with project accounting and sub-ledger capabilities
  • General availability of invoice capture. This automates the reading and recognition of vendor invoices by providing OCR (Optical Character Recognition) capabilities to complete the full end-to-end automation of accounts payable
  • Continued enhancements around ledger settlement automation and the introduction of financial tags
  • Public preview of archiving and purging data to save space and increase performance on large, enterprise datasets
  • Invoice number length extended to 50, and the ability to use payment schedule in invoice journal in accounts payable has been added
  • Continuous improvements for advanced bank reconciliation, including the capability to use booking dates to post new transactions in bank statements.

Thriving in a global economy

In today’s interconnected world, businesses face a range of challenges and opportunities in the global economy. The rise of new technologies, shifting geopolitical landscapes and changing consumer behaviours have all contributed to an increasingly complex and competitive marketplace. However, with the right tools and strategies, organisations can thrive in the global marketplace and achieve sustained growth and success.

Microsoft’s Globalization Studio is a powerful tool available in Dynamics 365 Finance that empowers organisations to govern worldwide financial operations and adhere to country-specific regulations.

Release Wave 1 updates to Globalization Studio include:

  • Expanding country coverage to 51 out-of-the-box countries/regions by shipping additional seven LATAM country localisations for Chile, Colombia, Costa Rica, Nicaragua, Panama, Paraguay, and Uruguay
  • Enhancing automation of complex tax scenarios by simplifying tax rate provider integrations via Universal Tax Rate API (preview), integrating with a global e-invoicing ISV for last-mile connectivity to tax authority services for countries that require intermediate certified operators, and enabling tax-specific exchange rates for tax currency conversion
  • Delivering regulatory updates to comply with upcoming e-invoicing legislations in Japan and France and other legislation changes.

The new features and enhancements highlighted will be released within Dynamics 365 Finance from April 2023 through to the end of September 2023.

If you would like to learn more about Dynamics 365 Finance get in touch and we will be glad to help your organisation transition through and harness the power of these changes.