As a CFO, your relationship with Dynamics 365 Finance & Operations is unique. You're not just a user—you're the executive sponsor responsible for ROI, the compliance officer ensuring accurate financials, and the strategic leader driving business insights. This guide is written specifically for you.

We've compiled the tips, tricks, and best practices that our CFO clients have found most valuable. These aren't basic "how to post a journal entry" instructions—they're strategic insights that help you get more from your investment.

Financial Close Optimization

The month-end close is where F&O can either be your best friend or your biggest headache. Here's how to make it the former.

Use Financial Period Close Workspace

The Financial Period Close workspace is criminally underutilized. Configure it to show your specific close checklist, assign tasks to team members with due dates, and track completion in real-time. No more spreadsheet trackers or email chains asking "did you finish the accruals?"

Pro Tip: Close Checklist Templates

Create a template checklist for each close type (month, quarter, year). Include not just the tasks but the expected duration and dependencies. F&O will automatically calculate critical path timing.

Automate Recurring Journals

If your team is still manually entering the same accruals, allocations, or amortizations every month, you're wasting time and introducing error risk. Set up recurring journals with:

  • Fixed amounts that post automatically
  • Calculated amounts based on account balances
  • Reversing entries that auto-reverse on day 1
  • Approval workflows for entries above threshold amounts

Leverage Financial Reporting

Management Reporter (now Financial Reporting) is more powerful than most organizations realize. Build reports that:

  • Pull real-time data without waiting for cube processing
  • Include variance analysis with drill-down to transactions
  • Consolidate multiple legal entities with elimination entries
  • Export directly to Excel with formatting preserved

Cash Management Excellence

Cash Flow Forecasting

F&O's cash flow forecasting is sophisticated but requires proper setup. Configure these elements:

  • Customer payment predictions: Enable the AI-powered predictions that analyze payment history to forecast when invoices will actually be paid (not just when they're due)
  • Vendor payment scheduling: Use payment calendars to accurately predict outflows based on your actual payment practices
  • Budget integration: Pull in budget data to forecast future commitments not yet invoiced

Cash Visibility Quick Wins

  • Enable bank reconciliation workspace for daily cash position
  • Configure cash flow coverage snapshots for board reporting
  • Set up alerts for accounts dropping below minimum balances
  • Use vendor collaboration portal to reduce payment inquiries

Bank Reconciliation Automation

Manual bank reconciliation is a relic. Configure automatic matching rules based on amount, reference number, and date range. F&O can automatically match 80-90% of transactions, leaving your team to focus only on exceptions.

Reporting and Analytics

Embrace Power BI Integration

While F&O's built-in reporting is solid, the real magic happens when you connect to Power BI. The pre-built content packs give you:

  • CFO Dashboard with key metrics and trends
  • Accounts Receivable analytics with aging and DSO tracking
  • Accounts Payable analytics with payment timing optimization
  • Budget vs. Actual comparisons with drill-through

Pro Tip: Real-Time Reporting

Configure Entity Store refresh to run hourly during business hours. This gives you near-real-time data in Power BI without the complexity of direct database connections.

Financial Dimensions Strategy

Your financial dimensions are the key to meaningful reporting. Review them annually to ensure they still support your analysis needs. Common mistakes:

  • Too many dimensions making entry cumbersome
  • Inconsistent use across transactions
  • Missing dimensions for new business requirements
  • Orphaned dimension values from old structures

Controls and Compliance

Segregation of Duties

F&O has built-in segregation of duties checking—use it. Configure rules that prevent:

  • Same person creating and approving vendors
  • Same person entering and posting journals
  • Same person managing and releasing payments
  • Override capabilities without documented approval

Audit Trail Best Practices

For SOX compliance and general good governance:

  • Enable database logging for all financial tables
  • Configure alerts for unusual transaction patterns
  • Implement approval workflows with electronic signatures
  • Archive audit logs per your retention policy

"The best audit is the one where you can answer every question with a system report, not a manual explanation."

Hidden Gems Most CFOs Miss

Budget Control

Budget control can do more than just warn about overspending. Configure it to:

  • Block transactions that exceed budget (hard stop)
  • Allow override with documented reason
  • Track commitments (POs) against budget, not just actuals
  • Send alerts when budget is 80% consumed

Intercompany Accounting

If you have multiple legal entities, the intercompany functionality is powerful. Set up due-to/due-from accounts, configure automatic elimination entries, and let the system handle what used to be manual reconciliation.

Credit Management

The credit management module helps you balance sales growth with credit risk:

  • Automatic credit limit checking on orders
  • Risk scoring based on payment history
  • Collection letter sequences that actually work
  • Integration with external credit agencies

Getting Help When You Need It

Even the best CFOs need expert support sometimes. When evaluating issues or opportunities:

  • Quick questions: Microsoft's documentation and community forums are improving
  • Process optimization: Engage a partner who understands finance, not just the software
  • Major changes: Always involve your implementation partner to avoid breaking integrations or customizations

The CFOs who get the most from F&O are those who treat it as a strategic asset, not just a transaction system. Invest time in learning its capabilities, and it will pay dividends in efficiency, accuracy, and insight.