2024 Microsoft Release Wave 2: what’s new for Dynamics 365 Finance?

In the 2024 Release Wave 2 for Microsoft Dynamics 365 Finance, several new features and enhancements are planned. We will highlight the most important ones in this article.

Business Performance

First of all, we will start with all updates with regards to Business Performance. The new features aim to streamline financial data management and improve reporting and planning capabilities. Below, you can find an overview of the changes in this Release Wave:

• Unified Analytics and planning: there will be a consolidation of financial and operational data into a single platform for continuous planning, execution and analysis. This allows your organization to monitor and adjust strategies and align financial goals.
• Enhanced decision-making: with the new advanced analytics, you can gain deeper insights into your financial data. The creation of custom drivers and formulas is supported to simulate different business scenarios, so you can make decisions based on comprehensive data.
• AI-Powered Insights: the integration of AI and machine learning within the Business Performance feature enables predictive analytics and trend analysis to anticipate market shifts, and you will be able to manage risks more effectively.
• Time and cost efficiency: by automating many routine tasks and providing tools for quicker data analysis, the Business Performance feature helps to reduce time and resources required for financial planning and reporting. 

New Copilot integrations

• Automation of routine tasks: Copilot can help you to automate time-consuming financial tasks. Think for example about things such as data entry, invoice processing and reconciliation.
• Guided assistance: Copilot now offers step-by-step assistance, to help you navigate complex financial processes. This reduces the learning curve and improves productivity. 
• Integration with Business Processes: Copilot is now deeply integrated within Dynamics 365, and it can also integrate with other Microsoft tools, like Power BI and Excel, for further financial analysis and reporting capabilities.

Updates for Core Financials

There will be multiple enhancements aimed at improving end-to-end financial processes, including automation, better reporting, and faster financial close times. Some of these features include automated bank reconciliation, error handling with AI support, and enhanced invoice processing. Below, we will take you through some of the most important updates:

• Advanced Bank Reconciliation: the bank reconciliation process has been upgraded with improved matching rules, facilitating more accurate and automated reconciliation of bank statements. This enhancement reduces manual effort and minimizes errors in reconciliation​.
  

• AI-Enhanced Invoice Processing: the integration of Copilot into invoice processing tasks now allows for automated handling of vendor invoice exceptions and correction of receipt matching errors. This AI-driven functionality accelerates the invoice processing workflow, ensuring greater accuracy and efficiency​.

• Financial Tags for Purchase Order Invoices: financial tags can now be applied directly to purchase order invoices, enabling more detailed tracking and reporting of financial transactions. This feature enhances the ability to categorize and analyze financial data based on specific criteria​.
  
  
• Prepayment Sales Invoices: a new functionality has been introduced for handling prepayment sales invoices, enabling businesses to manage advance payments more effectively. This is particularly useful for scenarios where payment is required upfront before delivering goods or services.

Globalization studio

The Globalization Studio will expand the amount of coverage, adding new localizations and regulatory compliance features for additional countries. This includes new tax automation tools and support for emerging regulatory requirements in various regions.

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