Archive for September, 2021

Power BI autp install for TEAMS is coming.

September 17th, 2021
  • Power BI will begin automatically installing the Power BI app for Teams for users when they visit the Power BI service
  • Power BI admins can choose not to auto-install through a new Power BI tenant setting
  • The tenant setting has started to roll-out now, giving admins time to opt-out if desired.
  • The automatic installation will start to take effect in November 2021, for organizations with the setting enabled.

Auto-install for Power BI app for Microsoft Teams

When the Power BI app for Microsoft Teams is installed, users get better experiences without leaving Teams, like:

These capabilities are available once the Power BI app for Teams is installed for a user

The Install Power BI app for Microsoft Teams automatically tenant setting is added to the Power BI admin portal. Power BI admins can control the auto-install behavior. By default, the auto-install is enabled.

Power BI tenant setting that controls automatically installation of the Power BI app for Microsoft Teams for a user.

The automatic installation happens for a user under the following conditions:

  1. The Power BI app for Microsoft Teams is set to allowed in the Microsoft Teams admin portal
  2. The Power BI tenant setting Install Power BI app for Microsoft Teams automatically is enabled
  3. The user has a Microsoft Teams license
  4. The user opens the Power BI service (e.g. app.powerbi.com) in a web browser

Initially, auto-install applies to new users the first time they visit the Power BI service in a web browser. In the future, auto-install will occur for all active users of the Power BI service who meet the criteria.

When auto-install occurs, the following notification is shown in the Power BI service notification pane.

Graphical user interface, text, application Description automatically generated

Questions and Answers

What happening today?

Pre-announcing auto-install of Power BI in Teams.

Starting to roll-out a Power BI tenant admin setting which enables Power BI admins to choose to opt-out of the automatic installation behavior.

When will these changes take effect?

In November 2021, Power BI auto-install of Power BI in Teams will start rolling out.

Which users will be affected?

When the Power BI tenant setting is enabled, the Power BI app for Microsoft Teams will be installed for users who meet the criteria specified. Initially, automatic installation will apply to new users and will expand to all users who visit the Power BI service in a web browser after the initial roll-out in November 2021.

When should I use a Microsoft Teams App Setup Policy?

Microsoft Teams app setup policies allow Microsoft Teams Admins to install an app for a target set of users. Since this applies to all users in the specified group, you can ensure everyone who needs Power BI has it, even when they’re not active Power BI users. Use app setup policies to pin the Power BI app in Teams to the Microsoft Teams left rail. This additional step makes data and analytics prominently available throughout your organization..

Read more about automatic installation in the Power BI documentation

Read more about the Power BI app for Microsoft Teams

Read more about collaboration in Microsoft Teams with Power BI

Dynamics 365 Project Operations

September 13th, 2021

Dynamics 365 Project Operations will soon be one year since GA and more features will come next moth in the Wave 2 update. It is a combination of previous solutions (Project Management and Accounting feature of Dynamics 365 Finance and Supply Chain, Dynamics 365 Project Service Automation, and Microsoft Project) into a single set of user scenarios typical of project-centric businesses.

The long-term approach to the database back-end for Dynamics 365 Project Operations is he Dataverse. (formerly known as the Common Data Service) which consists of foundational, secure data entities to enable standard, mainstream business use cases with reusable business logic. 

Project Management and Accounting development work will continue on X++ while Project Service Automation solutions will still be built on the Power Platform.

INTELLIGENT ORDER MANAGEMENT – ask Synergy Software Systems

September 9th, 2021

According to Microsoft commissioned research by Forrester in November 2020, 61 percent of businesses expect more than half of their sales to come from digital commerce over the next two years.

More than 50 percent of businesses report that their supply chains are unprepared to accommodate a growth in digital commerce.

 In a recent McKinsey survey of 60 senior supply-chain executives, from across industries and geographies, 85 percent of respondents reported inefficient digital technologies to address logistic disruptions, shortages of parts and materials, and sudden swings in demand caused by the COVID-19 pandemic.

Microsoft Dynamics 365 Intelligent Order Management enables organizations to intelligently orchestrate fulfillment and automate it with a rule-based system using real-time omnichannel inventory data, AI, and machine learning.

Adapt quickly to meet future order volumes and fulfillment complexities by supporting new order intake, fulfillment, and delivery partners with pre-built connectors and support contemporary collection methods like buying online for in-store or curbside pickup.  Microsoft Dynamics 365 Intelligent Order Management, is a solution that enables agile businesses with easy-to-deploy out-of-the-box connectors within a low-code or no-code environment.

Intelligent Order Management offers pre-built connectors for order intake sources to help businesses to accept orders from anywhere for example:

  • Orderful a cloud-based electronic data interchange (EDI) platform
  • BigCommerce  a cloud-based e-commerce SaaS platform.

 ShipStation is a web-based e-commerce shipping platform for merchants to quickly generate shipping labels for their online orders. By integrating ShipStation with the Intelligent Order Management platform, users can bring all their carriers and order sources together within one unified solution.

Intelligent Order Management users can also use pre-built partner connectors connect to integrate to:

  •  Avalara, an automated tax compliance solution that determines order tax rates based on geolocation and product classification,
  •  Flexe, a cloud-based platform that unifies warehouse sourcing and streamlines material handling operations.

Microsoft’s Intelligent Order Management provides a foundation for businesses to build agility and resiliency into their order management processes and to free themselves from legacy, inefficient technologies.

With internal to external ID transformation, users use different mappings with different providers. For example, a different names for the same product or SKU from an e-commerce system, such as BigCommerce, to Intelligent Order Management. This type of internal to external ID mapping is critical when Intelligent Order Management is used in complex order environments where data is communicated between many internal and external systems.

There are localized Business Event definitions and Provider definition metadata for the following languages: Arabic, Danish, Dutch, German, Italian, Japanese, and Spanish.

An enriched Power BI architecture includes a set of dashboards embedded into the user interface. The Power BI dashboards provide longer-range insights into the order and fulfillment data..

Improve order accuracy with fulfillment insights

A recent “final mile” survey by Gartner®, found that   only 18 percent of organizations report fulfillment accuracy rates of 95 percent or better.

  • What is the cost in extra administration of processing an order and shipment twice?
  •  What are the top and bottom line impacts of losing 5% or more of sales already won?

Intelligent Order Management with the new Order insights dashboard can help you to improve this key performance indicator.

To find out more contact: Synergy Software Systems: 0097143365589

Time to budget -Prophix CPM

September 2nd, 2021

Budget time will soon be upon us. COVID pandemic, climate disasters, uncertain political and economic situations such BREXIT, and Afghanistan ,require more detailed and more frequent budgets and new IFRS standards compound the challenges for Office of the CFO..

Budgets are essential to a company’s yearly plan and strategy, yet many financial leaders express dissatisfaction with their current budgeting tools. According to a 2015 research study by Prophix, 79% of finance professionals are displeased with their budgeting tools. At the same time, finance professionals understand the importance of reliable budgeting. Budgets are used to understand a company’s finances, minimize unnecessary expenses, and offer stakeholders important financial information.

Why Finance Teams are Not Happy with Spreadsheets

According to the same 2015 research study, over 70% of finance professionals depend on spreadsheets to create their annual budgets. Organizing input from multiple sources is complicated when using spreadsheets and requires time-consuming manual work to enter sort, and format data. Compiled data may be inconsistently calculated or inaccurate, affecting the yearly budget’s reliability. Performing what-if analyses on spreadsheets is headache-inducing. Simply put, spreadsheets do not offer the desired qualities finance professionals look for in a budgeting tool.

Considerations When Determining a Budgeting Tool

There are a few key considerations to keep in mind when determining a budgeting tool. First, consistency within the budget is needed as data is derived from multiple sources within the organization. Consistency is important for accuracy purposes, and because data must have high auditability.  Another consideration is automated processing capabilities. When simple calculations are automated you can focus your efforts on more complex issues. The ease of performing what-if analysis should also be kept in mind. Finally, the budget must be secure. This poses a challenge when multiple employees are contributing to the budget.

Corporate Performance Management Solution

A corporate performance management (CPM) solution addresses all the considerations listed above by automating processes and solving frustrations associated with spreadsheets. CPM software offers the calculating abilities of a spreadsheet, but with more advanced data consolidation and security capabilities. These capabilities make budget collaboration between departments simpler. Audit protection and ease of what-if analysis also appeals to finance professionals. CPM software is built for multiple users to collaborate in a secure way. Formatting is kept consistent, and the software is user-friendly, prompting users if additional input or approval is required.

As a real-world example, a consulting company that had previously used Excel for budgeting implemented a CPM solution from Prophix. Within two years, their budgeting process went from six months to four months. CPM software is a good fit for companies frustrated with spreadsheets and looking for a more efficient alternative.

With Prophix’s CPM solution, Dynamics users can budget faster and automate processes – all with seamless integration to your current ERP solution. To learn more about a budgeting solution that integrates with most finance and erp systems contact Synergy Software Systems , Prophix PArtners for MEA region

Wave 2 Dynamics 365 – many updates ask Synergy Software Systems

September 2nd, 2021

The wave 2 release of Dynamics 365 is due for October 2021 and, according to Microsoft. It will bring new innovations that provide you with significant capabilities to transform your business

. Hundreds of new features will be released across the entire suite of Dynamics 365 applications.

Finance New Features

The Finance App will see plenty of new features related to Core Financials, Finance Insights, and Globalization.

Core Financials

This release for Finance is focused on bringing additional enhancements to core financial capability, including preparing customers for a successful year-end close.

Finance Insights

This release focuses on accelerating digital transformation with AI and automation.

  • Customer payment predictions
    • knowing when all of a customer’s outstanding invoices are likely to be paid, in addition to knowing when specific invoices are likely to be paid, can help businesses optimize the start of collection activities.
  • External data for cash flow forecasting
    • enter or import external data into cash flow forecasts.
  • Forecast bank balance
    • helps companies monitor and manage their cash balances effectively.
  • Intelligent budget proposal
    • intelligent budget proposals make it easy to gather historical data from actuals or budgets to use for budgeting within Dynamics 365 Finance.
  • Treasurer workspace
    • helps companies monitor and manage their cash balances effectively.

Globalization

In 2021 release wave 2, globalization focuses on two main areas—further out-of-the-box global expansion, and simplifying compliance and globalization extensibility via no-code/low-code globalization services. Twenty new features are scheduled to be released between October 2021 and March 2022. You can view the full list of features here.

Fall 2021 Dynamics 365 Supply Chain Management New Features

One of the biggest impacts of the COVID-19 pandemic has been the disruption in supply chains. The Wave 2 Release will include features that support enhanced supply chain visibility, multiple business platform support, optimized workforce, agile planning and distribution processes, and more.

Inventory and Logistics

The release includes 13 new features to help you gain visibility, flexibility, and efficiency in your supply chain.

Manufacturing

Planning

Product Information Management

Manage your inventory in Business Central – ask Synergy Software Systems

September 2nd, 2021

View Top Selling Items Aged Inventory

In the Business Central dashboard, select Aged Inventory to see what inventory items have been present for over 120 days, and to see how long each item has been in inventory..

Once you’ve gained insight into the efficiency of your inventory determine what are your best selling items. From your Business Central dashboard select Items, then select Report, then Inventory, then Inventory Statistics, and finally select Inventory – Top 10 List.

You are now looking at a report of your best selling products, to aid you in taking informed decisions for future inventory needs.

Check Inventory and Vendor Lead Time

After determining what products are selling successfully for your business and what products are having a slow turnover rate, determine the vendor lead time for these items. What is the time from when a purchase order is made to when the item is assembled and ready to be distributed to buyers. This data, will help you avoid the risk of being out of stock for your most popular items, a key source of revenue. 

Use the search function in Business Central located at the top right corner of your screen and search for Purchase Advice. This generates a report that shows both the total number of orders for your company’s items and the actual number in stock for each of these items. 

When you see an item that’s out of stock, go to your dashboard again and select Vendors. From there, select Report, then Purchase, then Vendor/Item Purchases. Now youhave access to a Vendor/Item Purchases report that will show the lead time of all vendors.

Easily Restock Items

Through just a few simple clicks, you have a better understanding of what is selling for your company, what isn’t, and the general turnaround time for all of these products. Such information is what makes Business Central so beneficial for inventory management. 

Use the insight gained on all inventory, to easily enter purchase invoices for items that are out of stock or close to being out of stock. Select Vendors from the dashboard screen to find the required vendor and then select Purchase Invoice, and enter the vendor invoice number along with the items purchased.

Once posted, the invoice is complete, and you don’t have to worry about being behind on inventory restock.

Future Inventory Stock

Leverage the information on inventory movement given to you by Business Central to predict future inventory needs. Go to your dashboard and find the Forecast application. Select the Forecast menu. Look at the Sales View and Inventory Forecast. 

The Inventory Forecast gives you visibility and insight about upcoming inventory needs using data in Business Central. It provides predictions for when certain items will be out of stock by analyzing current inventory and consumer trends for your company.

Keep your warehouse data accurate and updated in a timely manner with mobile transactions and use of rfid/barcode technology and also to undertake perpetual and annual inventor counts.

Ask us about the Tasklet mobile solution and its many new features. 0097143365589

IFRS16 Asset leasing in Dynamics 365

September 1st, 2021

Asset leasing helps customers feel more confident that they’re following the proper accounting standards for ASC 842 and IFRS 16, reducing the risk of spending extensive time doing offline calculations. Asset leasing will reduce manual errors and save your users time through automatic lease status updates, right of use assets, wholistic monitoring and analytics, and calculations of net present value, lease interest, and future cash payments.

Dynamics 365 Finance > Asset leasing > Lease management

Asset leasing can help you with the following:  

Automates the complex lease calculation of present value and its subsequent processes such as future lease payment, lease liability amortization, right-of-use asset depreciation, and expense schedules.

Automatically classifies the lease as either operating or finance, or as a short-term lease or low-value lease. The lease classification tests include transfer of ownership, purchase option, lease term, present value, and unique asset.

Centralizes the management of lease information, such as important dates, including the commencement and expiration dates, as well as the lease’s transaction currency, payment amounts, and payment frequency.

Helps to generate accounting entries for the initial recognition, and subsequent measurement of the lease liability and right-of-use asset.

Reduces time for complex calculation of lease modification and automatic adjustment transactions.

Provides posting to different layers to accommodate different reporting purposes, such as tax reports that are available in Dynamics 365 Finance.

Complies with the accounting standards to represent leases on a balance sheet using the Balance sheet impact calculator.

Provides audit controls over the integrity of the lease data to ensure that the posted transactions match the calculated amounts of the present value, future payments, and liability amortization.

Provides tools to import from or export to Excel for all lease data using data management.

Includes features that help in preparing asset leasing reports, particularly the preparation of disclosures and notes.

Integrates with company chart of accounts, currencies, fixed assets, vendors, journals, data management, and number sequences.

Asset leasing integrates seamlessly with other components of Dynamics 365 Finance, including Fixed assets, Accounts payable, and General ledger. Integrates with your company chart of accounts, currencies, fixed assets, vendors, journals, data management, and number sequences.

  • Complies with the accounting standards to represent leases in balance sheets using the Balance sheet impact calculator.
  • Provides audit controls over the integrity of the lease data to ensure that the posted transactions match the calculated amounts of the present value, future payments, and liability amortization.
  • Provides tools to import from or export to Excel for all lease data.

If you need to comply with IFRS16 , or need assistance with implementation or support of Dynamics 365 Finance and SCM then contact Synergy Software Systems 009714 3365589.

IFRS 17 – compliance accelerator system- ask Synergy Software Systems.

September 1st, 2021

IFRS 17 is the newest IFRS standard for insurance contracts and replaces IFRS 4 on January 1st 2022. It states which insurance contracts items should by on the balance and the profit and loss account of an insurance company, how to measure these items and how to present and disclose this information.

This is a big change for insurance companies and data administration, financial presentation and actuarial calculations will need to change.

 

Why are IFRS 9 and IFRS 17 implemented together?

  • The insurance liability (IFRS 17) is always closely connected to the financial instruments (IFRS 9) within insurers.
  • When a client buys an insurance, the insurance liability is created and with the paid premiums are financial instruments bought.
  • Insurers want to reduce the volatility in their earnings and there are some choices within IFRS 9 and IFRS 17 which they can make which can impact the volatility.
  • Under IFRS 17 insurers can decide whether results of changing financial risk assumption go through OCI or through the profit and loss account.
  • Under IFRS 9 insurers can decide whether changes in equity will go through profit and loss or through OCI.

Both standards will impact earning volatility and hence balance sheet management choices are connected. Consequently, the IFRS board decided it is better that insurers are granted the option to implement both standards together.

IFRS 9 explains the classification and the measurement of financial instruments. Hence IFRS 9 helps to improve the information disclosure around financial instrument. Many perceive the information disclosure around financial instruments during the financial crisis as inaccurate for example impairments on financial instruments were taken too late and the amounts were too little.

IFRS 9 makes the classification of each financial instrument more logical and principle based. There are two questions which need to be answered for the classification:

  • Why is the company holding the asset; just for collecting the cash flows from the underlying asset, or is the asset also held for trading?
  • What kind of asset is the financial asset? Is it a derivative, an equity or a debt instrument? With the SPPI (solely payment of principal and interest) model it can be tested whether an instrument is really a debt instrument.

 The classification determines:

  • which accounting principle is used;
  • should the instrument be measured at fair value or at amortized cost
  • and whether earnings and losses should go through the profit and loss account or through the OCI (other comprehensive income) account.

IFRS 9 also includes a more dynamic credit loss model instructing when an insurer should take an impairment on financial assets. The model is forward looking thereby also expected future losses should be taken into account with the impairment.

 IFRS 9 also makes hedge accounting possibilities more rule based, thereby being in line with how risks are  managed within insurers.

Why does this matter?

There is a huge impact on insurers and a big change in the disclosure.

  • Almost all of the asset and liability side is hit by the combination of IFRS 9 and IFRS 17.
  • New concepts and terms are introduced.
  • The standards will impact the presented numbers. Under IFRS 17 the insurance liability needs to be based on updated assumptions which is not currently a requirement. .
  • More data with more granularity and more history will challenge internal data storage, reporting and IT performance.
  • Reporting timelines are shortened, which will challenge the systems, and the cooperation between different departments.
  • New components like the unbiased Cash Flows, Risk Adjustment, Discount Rate and CSM are introduced. This means the insurer needs to understand the IFRS 17 principles and decide how to implement IFRS 17. For example which measurement model to choose for an insurance product, which transition measure to user. Read here more about the IFRS 17 model, and here about the transition period.
  • In the balance and income statement, insurance liability will n be specified in a different way, the importance of gross written premiums will disappear, while equity will be impacted.
  • The presentation of the balance and P&L are also significantly affected.
  • Risk engines are needed to calculate the CSM and cope with all the different groups
  • Insurers need to disclose information bases on group of contracts.
  • A group is a managed group (often a product) of contracts which were all profitable, onerous, or may become onerous (decided at inception) with a certain inception year. Insurance companies can have hundreds of groups and IFRS 17 insists on this grouping to have more transparency as insurance companies cannot offset the result of one group to another

Synergy Software Systems has been implementing and supporting financial solutions in the insurance vertical for 25 years. If you need to rapidly implement a solution for IFRS 17 compliance that will sit alongside your existing erp and finance systems then call us on 0097143365589.