In today’s fast-paced business environment, maintaining a healthy cash flow is crucial. However, the reality is that not all customers pay their invoices on time, leading to a compounded cost of delayed payments and the effort of collecting them. In the 2024 Wave 1 release of Business Central, Microsoft aims to address this challenge head-on.
Empowering Collection Teams:
The new release introduces a powerful integration with Copilot for Finance, designed to improve cash flow and reduce the cost of collecting payments on unpaid invoices. By providing easy access to relevant and timely data about customers with outstanding payments, collections teams can now operate more effectively without the need for redundant task-switching between applications.
Key Features:
- AI-Powered Assistance: Copilot for Finance offers assistance in drafting dunning letter emails and other correspondence, helping to personalize communication for each customer.
- Real-Time Financial Data Access: Directly within Outlook, teams can access customer aging data from Business Central, providing insights into payment patterns.
- Invoice Attachment Ease: Unpaid invoices can be easily attached to email drafts, making it convenient for customers and potentially speeding up payment.
- Contact Information Accessibility: Contact details related to the company of the current email are readily available from Business Central.
- Promised to Pay Date Setting: Post an invoice in Business Central directly from Outlook, adding transparency for other stakeholders about the payment agreement with the customer.
This functionality not only supports the collections team with the necessary information but also streamlines financial processes. The AI-powered assistance within Microsoft 365 applications eliminates the need to juggle tasks, making financial operations more efficient and automated.
The collaboration between Dynamics 365 Business Central and Copilot for Finance represents a significant step forward in optimizing financial processes. By empowering collections teams with the right tools and data, businesses can look forward to improved cash flow and a more efficient collections process.
To learn more about this feature, you can read about it in Microsoft's release notes:
- Copilot for Finance: https://learn.microsoft.com/en-us/dynamics365/release-plan/2023wave2/finance-supply-chain/microsoft-copilot-finance/planned-features
- Integration between Business Central and Copilot for Finance: https://learn.microsoft.com/en-us/dynamics365/release-plan/2024wave1/smb/dynamics365-business-central/empower-collections-team-copilot-finance-business-central
