2024 Top Trends in Microsoft Dynamics Financial Reporting

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As we enter 2024, we also enter a new era in financial reporting. The finance professional is dynamic and ever-changing, and so is the need to evolve current technologies. Understanding and preparing for the top trends outlined below will help Dynamics leverage newer technologies that enable smarter, faster, and future-ready insights.

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Topping the 2024 trends list is cloud-based financial reporting systems. Request a demo and see how an easy integration with FYIsoft can reduce your reporting time 50% or more.

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Banner Top Trends in Microsoft Dynamics Financial Reporting

 

 

Leveraging Cloud-Based Financial Reporting Systems

1. Cloud-Based Solutions

Dynamics customers are increasingly moving their financial reporting systems to cloud-based platforms. There are numerous advantages including 24/7 access, the ability to accommodate continuous growth, and an overall lower cost of ownership.

2. Automation

Automation is becoming a must-have for finance teams. Adoption of automation tools and robotic process automation (RPA) is growing, which streamlines repetitive tasks. This is especially true for the area of financial reporting, where automation serves to reduce errors and vastly improve efficiency.

3. Financial Data Analytics

PowerBI and other data analytics tools are being employed to extract valuable insights from financial data. Predictive analytics and business intelligence tools aid in decision-making processes.

Unsurprisingly, the increased adoption of digital technologies for financial reporting is at the top of the list for 2024 trends. Technology advancements such as those found in FYIsoft’s financial reporting solutions make it extremely cost effective for Dynamics customers to seize the benefits.

For customers of Microsoft Dynamics 365 Business Central, GP, F&O, NAV, SL, and AX, FYIsoft offers a simple integration that enables our cloud-based solutions to deliver powerful automation and bring substantial productivity gains to your team.

Integrated Reporting

1. Holistic Viewpoint

There is a growing desire to combine both financial and non-financial information, including environmental, social, and governance (ESG) factors. This provides stakeholders with a comprehensive understanding of a company's performance and its impact on various aspects that are often important to the company’s mission.

Sustainability Reporting

1. ESG Metrics

Companies are incorporating ESG metrics into their financial reports to showcase their commitment to sustainable business practices. These metrics are increasingly important as stakeholders evaluate ESG factors when making investment decisions.

2. Global Reporting Standards

Adoption of global sustainability reporting standards include standards such as those developed by the Global Reporting Initiative (GRI), the Task Force on Climate-related Financial Disclosures (TCFD), and others.

Blockchain Technology

1. Transparency and Traceability

With a desire to enhance the transparency of financial transactions, blockchain technology is on the rise. Blockchain technology reduces the risk of fraud by ensuring that financial records cannot be changed over time.

2. Smart Contracts

Powered by blockchain, “smart contracts” are being explored to automate financial reporting processes, ensuring accuracy and reducing the reliance on intermediaries.

XBRL (eXtensible Business Reporting Language)

1. Efficiency in Reporting

XBRL streamlines the reporting process and makes it more efficient for both preparers and users of financial information.

2. Standardization

XBRL facilitates the standardized representation of financial information. Regulators worldwide are increasingly requiring companies to file financial statements in XBRL format to improve data analysis and comparability.

AI (Artificial Intelligence) and ML (Machine Learning)

1. Data Analysis

These technologies are ideal for analyzing large volumes of financial data quickly, identifying patterns, and extracting meaningful insights for the end user. With machines, this can be accomplished in a small fraction of the time it would take a human counterpart.

2. Predictive Modeling

Predictive analytics models help in forecasting financial trends and improving the budgeting and planning processes.

Regulatory Changes

1. IFRS and GAAP Updates

Ongoing updates to International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP) impact how companies recognize revenue, account for leases, and disclose other financial information.

2. Compliance Challenges

Companies need to stay informed about regulatory changes to ensure compliance, which often involves implementing changes in reporting systems and processes.

Cybersecurity

1. Data Protection

Companies will continue to invest in robust cybersecurity measures to protect sensitive financial data from unauthorized access, data breaches, and other security risks. Financial reporting systems are prime targets for cyber threats and cannot be overlooked. Companies should ensure their vendors are SOC compliant and their data is hosted with state-of-the-art security details such as the Azure trusted cloud.

Remote Work Collaboration

1. Collaboration Tools

Our remote workforce has necessitated the need for collaboration tools to ensure seamless communication and coordination. Virtual collaboration platforms, secure file-sharing systems, and video conferencing tools are integral to remote work environments.

Data Privacy and Compliance

1. GDPR and Beyond

The General Data Protection Regulation (GDPR) and other data protection laws require companies to prioritize data privacy. Financial reporting systems must adhere to these regulations, implementing measures such as encryption, access controls, and data anonymization.

 

Staying informed about these trends and incorporating relevant technologies will help your company stay competitive and meet the ever-changing demands for financial reporting.  If you would like to learn how FYIsoft can help evolve your financial reporting capabilities, contact us for a demo or discovery call.

By FYIsoft, Inc. | www.fyisoft.com

 

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