Microsoft D365 Project Management and Accounting - Locus IT Services

Microsoft D365 Project Management and Accounting

Locus IT ServicesMicrosoft D365 Project Management and Accounting
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Microsoft D365 Project management and accounting : The project management and accounting functionality can be used in multiple industries to provide a service, produce a product, or achieve a result.

A project is a group of activities that is designed to provide a service, produce a product, or achieve a result. Projects consume resources and generate financial results in the form of revenues or assets.

Projects across industries

The project management and accounting functionality can be used in multiple industries, as shown in the following illustration.In a call center, a ticket can be used to describe the set of actions that are required to resolve a call. Consulting companies, such as management or technical consulting organizations or advertising agencies, refer to their activities as projects. In marketing, a campaign represents a set of work that must be delivered. In project-based manufacturing, a production order relates the various work that must be done to produce some finished goods. Whatever name is used for them, these projects involve resources, schedules, and costs, and the project management and accounting functionality in Microsoft Dynamics 365 for Finance and Operations can help with the planning, execution, and analysis of these projects.

Project phases

Although the following process flow is aimed toward external projects, or project that are completed for one or more customers, the functionality also applies to internal, cost-only projects.

As shown in the preceding illustration, project management and accounting can be divided into three phases:

  1. Initiate
  2. Execute
  3. Analyze

Initiate the project

During project initiation, several key processes occur. You can use a project quotation to communicate the estimated labor, expenses, and materials to the customer. You can record the billing terms, limits, and agreements in a project contract. You can use a work breakdown structure (WBS) to plan and estimate the work. You can set up forecasts and budgets to guide the project execution.

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Pavana

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