Accounting and project management don’t exist in isolation. While some platforms offer effective accounting tools, they can lack project management features that integrate with other key areas of the business. Companies need a solution that bridges the gap between the two areas to help them comply with accounting standards while providing the necessary control to move data among the systems relevant to a project’s success.
Microsoft Dynamics 365 Project Operations is a comprehensive solution designed to streamline project management and operations for businesses of all sizes. This powerful tool integrates various aspects of project management — including quotes, invoices, planning, resource allocation, milestone execution, and retainers and advances — helping organizations deliver projects on time and within budget. Project Operations in Microsoft Dynamics offers key features and benefits that can transform the way organizations manage strategic initiatives, accessing the full power of Dataverse, with editable grids and other configurable features.
One of its standout capabilities is the robust work breakdown structure (WBS), which enables project managers to separate complex projects into manageable tasks and sub-tasks. It supports task-level scheduling, dependencies, and resource assignments, providing a clear roadmap for project execution. When integrated with billing profiles, the WBS also facilitates milestone-based billing and cost tracking, and aligns with financial controls like not-to-exceed (NTE) limits and pay-when-paid (PWP) policies. Additionally, the WBS supports integration with external engines and software development kits, enabling organizations to customize their project management processes to meet specific needs, such as tracking works in progress and revenue recognition.
Project Operations also excels in resource management, offering a dynamic schedule and resource board that provides a comprehensive view of resource allocation and availability. This feature allows project managers to book resources, move bookings, and adjust schedules with ease. The schedule board's flexibility and integration with subcontractors and HR systems, such as Dynamics HR and Finance and Operations (F&O) HR, helps organizations assign the right resources to the appropriate tasks, enhancing productivity and efficiency with dual-write functionality for Dynamics 365 finance and supply chain management.
Another critical aspect of Project Operations is its billing and invoicing capabilities. The solution supports both time and material and fixed-price billing, allowing organizations to manage various types of contracts easily. Project managers can create sub-projects to handle different billing arrangements within a single contract, providing greater flexibility and control over project finances. This feature is particularly beneficial for construction projects and other industries where multiple billing methods are common.
Expense management with optical character recognition (OCR) is another area where Project Operations shines. While the current version offers basic expense tracking, there are plans to integrate more advanced features, such as F&O policies and third-party integrations from AppSource. This will enable organizations to manage project expenses more effectively, helping to account for all costs and remain within budget. The ability to estimate expenses and track them in real time provides valuable insights into project profitability and financial health.
The integration of Project Operations with Dataverse and other Microsoft Dynamics 365 applications further enhances its capabilities. This built-in integration allows data to flow smoothly among different systems, providing a unified view of project information. Whether it's managing contracts, tracking milestones, or generating reports, Project Operations leverages the power of the Microsoft ecosystem to deliver a comprehensive project management solution.
Microsoft Dynamics 365 Project Operations is a game-changer for organizations looking to enhance their project management processes. Its robust features provide a holistic approach to managing projects from start to finish, and the integration with other Microsoft Dynamics 365 applications keeps all project data connected and accessible. This enables organizations to make informed decisions that help drive project success.
BDO’s team of experienced professionals is available to assist you in your digital transformation efforts. We can help you tailor Project Operations’ capabilities to meet your organization’s strategic goals and scale with you as your business grows.