Microsoft Dynamics 365 One of the best accounting software? It should!
Well, if you are running a business, you have about a year to plan and adopt a solution that is fully compliant to manage internal audits.
One of the best solutions in this regard is the Microsoft Dynamics 365 suite of business applications. The solution is pre-equipped with capabilities to meet requirements. In addition, it complies with regulations laid out by many other countries. So, irrespective of whether you are a local business or a multi-national and multi-currency entity, this offering from Microsoft is likely to be a good fit for you.
This feature is a part of the general ledger reports in the reports module. This not only empowers you with the four must-have audit trail capabilities (mentioned at the start of this blog), but also provides you with a strong internal control system in the context of implementing SoD (Segregation of Duties) in the system to flag transactions which are in violation of the organization’s internal controls. Your management thus gains complete confidence that is essential in financial and regulatory reporting.
Microsoft Dynamics 365 maintains a log of every change that is made to a record in the application, be it a contact, a sales and purchase transaction, an invoice or bill, a journal, or even a functional setting. In addition, depending on the nature of the change, the solution records the time when the change happened along with the details of the user who performed that change.
In short, the audit trail in Microsoft Dynamics 365 provides details on the 4Ws:
When – The date and time an action/change was performed.
Where – The module/table under which the action was performed. This could be across invoices, bills, bank feeds, expenses, or any other module/table field under the Microsoft Dynamics 365 database.
What – A description of the action/change that was performed, such as creating an invoice, editing line items on the invoice, or updating the contents of a bill.
Who – The user who performed the action/change.
The audit trail in Microsoft Dynamics 365 is essentially a system generated number that cannot be tampered with for any posted transaction. Once posted, a transaction cannot be deleted either. Further, any reversal of previously posted transactions generates a new audit trail for change tracking.
If a record is changed multiple times, the audit trail shows every version that has been created, and not just the most recent one. This allows a user to compare multiple versions and track specific data that has been added, removed, or modified.
With over 18 years of experience, NaviWorld Vietnam has the capabilities required to help your business transition to the Microsoft Dynamics 365 platform, ensuring that you meet the new regulatory requirement in the shortest time possible without any disruption to your daily business processes.
We have helped companies worldwide in achieving their business objectives including rapid time to value through the implementation of the Microsoft platform.
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