October ’24 BC Release Wave – Manage Subscription Billing

October ’24 BC Release Wave – What’s Included?

Microsoft Dynamics 365 Business Central receives major updates twice a year, typically in April and October. These updates introduce significant new features and improvements to enhance the functionality and user experience of the platform. Most capabilities are made available in major updates, but some become available in minor updates, which are released monthly.

Microsoft is committed to delivering predictable updates to the service. Updates are continuous, touchless updates that provide new features and functionality. They eliminate the need to do expensive upgrades every few years.

What can we expect in the October 2024 release?

Businesses are finding ways to create recurring revenue streams by selling goods and services on a subscription basis. This release lets you manage subscription contracts in Business Central. The new subscription module lets you spend more time selling and less time organising and invoicing contracts.

Companies across sectors have increased their adoption of digitalization and are revamping their products and services to accommodate subscription-based business models.

You can now support many different types of subscription scenarios in Business Central. There’s a simple set of processes that let you manage portfolios of the items and services that you bill on a recurring schedule. For example, hardware maintenance, IT support, cleaning services, and so on. You combine the sale of services and items in mixed subscription contracts that hold information about the items, services, and billing schedule.

Templates simplify the process of creating subscription contracts by standardizing the parameters and schedules for recurring billing. You can manage current pricing and plan for future price updates. On the accounting side, posting accruals to balance sheet accounts is automated, and revenue or expense are assigned to the correct periods in the income statement.

The new module comes with:

• Contracts for which you do recurring billing for items and services.
• Billing schedules with flexible parameters that cater to typical use cases for recurring billing.
• Usage-based billing.
• Automated billing.
• Deferral integration.
• Revenue recognition based on billing schedules.
• Contract updates (parameters and prices).
• Standard reports for contracts, customers, billing schedules, recognized revenue, future billing dates and amounts, and so on. Most reports are available as Power BI reports.

If you’d like to discuss more about how Business Central can support your business,  reach out today to Brookland Solutions for a no obligation discussion. Get in touch!