Every dollar counts when you’re running a small to medium-sized business (SMB). To survive in today’s business environment, your company needs something more than basic bookkeeping functions. For that reason, many smaller enterprises turn to Microsoft Dynamics Great Plains Accounting software to fulfill their business needs. The platform works well for SMBs positioned in industries like healthcare, retail, education, ecommerce, and construction.
Let’s take a deeper dive into the Great Plains accounting system and the benefits it can deliver for your SMB. In the end, you should better understand how the software can transform your organization.
Microsoft Dynamics GP Accounting is a robust accounting and enterprise resource planning (ERP) platform. It provides you with capabilities related to various business functions, including financial management, manufacturing, supply chain management, and human resources.
One of the biggest benefits of Microsoft Dynamics accounting software is that it integrates seamlessly with other products within the Microsoft ecosystem, including Office 365 and Outlook. You can also set up plugins to use Dynamics GP accounting with other popular third-party software.
By integrating the Great Plains accounting system into your organization, you can reduce the number of different business applications required to help employees perform business tasks. Dynamics GP Accounting is a software-as-a-service (SaaS) product that scales to meet the demands of a growing company. It combines the capabilities of Dynamics 365 AX and Dynamics 365 CRM into one platform.
Below is a rundown of some of the top financial functions available within Dynamics GP Accounting.
Invicta strives on quality and precision. We have been using Dynamics GP for quite some time and also integrated the eCommerce Manager by IES. IES has shown that it can provide the kind of services we need to grow with our dynamic business and assist us at any time with accuracy.
At Coral Gables Trust we strive to provide our customers the best possible care and attention as a wealth and investment management trust company. It is important for us to have a proven CRM technology and an experienced trusted solution partner to implement and render ongoing quality support.
We have been using Great Plains for almost 15 years since the DOS version. Now we manage over 350 plus companies in GP. We tried a few local partners but I can attest that we could not have grown our business without the consultative approach of IES.
The General Ledger lets you enter charts of accounts and post starting balances. You can set up budgets using Dynamics GP or Microsoft Excel. In addition, you can export budgets out of Microsoft Dynamics Accounting to an Excel spreadsheet for modification and distribution to others for review. After receiving input, users can then import the changes back into your Dynamics GP accounting instance.
The Bank Reconciliation module within Great Plains accounting software lets users enter and keep up with checkbooks for paying employees and vendors. You can also use them to manage the distribution of petty cash and reconcile bank statements. In addition, Bank Reconciliation lets you complete tasks like:
With Multicurrency Management, organizations can set up limitless rate types, currency IDs, and exchange rate tables. After setting up the module, businesses can enter multicurrency transactions based on the original currency used for the transaction or the equivalent of your company’s base currency.
In addition, users can revalue any General Ledger account using current or estimated exchange rates. Users can also revalue any Sales and Purchasing transactions. Another benefit of using Microsoft Dynamics accounting software is that users can print multicurrency information on reports or create reports dedicated to specific currencies.
Set a predefined opening balance within the Cash Flow Management Module to create a forecast based on one cash management transaction or a General Ledger account balance. Companies can base estimates on one or more checkbook balances. Users can include work or adjustment transactions separate from the checkbook balance like payments, deposits, and reconciliation adjustments.
The Cash Flow Management module also helps organizations complete tasks like:
Use the Intercompany Processing Module within the Great Plains accounting system to create and maintain relationships between different companies. For example, you can track transactions incurred by one company as money due from or to other organizations.
Payment Document Management allows companies to record sales and purchasing transactions made with payments outside of standard methods like cash, credit card, or check. Use the Payment Document Management component to submit documents for risk assessment, collection, or discounting to a separate bank or other entity. The module updates the General Ledger and Bank Reconciliation components using information collected from Payments Management and Receivables Management.
The Fixed Asset Management component is designed to help users create and maintain asset records. In addition, companies can add information about insurance and other user-defined data to set up additional records for individual assets. Furthermore, organizations can use Fixed Asset Management to:
The Analytical Accounting component within Microsoft Dynamics Accounting helps organizations create, analyze, and interpret reports derived from their organizational accounts. That way, companies can get a more accurate assessment of what’s happening with their accounts. In addition, businesses can store data not calculated monetarily like labor hours. Another benefit of Dynamics GP Accounting software is that users can enter detailed budget analyses without performing segmental accounting.
If you’re looking to invest in a Great Plains accounting system, you should purchase the software through a value-added reseller (VAR) like Internet eBusiness Solutions (IES). They can give you an actual estimate of Microsoft Dynamics GP pricing. Final costs can vary depending on your company needs and which Dynamics GP accounting components you choose to implement.
IES has years of experience helping SMBs set up Microsoft Dynamics GP accounting instances. With our help, you can get the most value for your investment.
Let IES help you set your company up for future growth and success. Contact one of our representatives today to set up a personal consultation.
Start designing your Dynamics solution right away with our Solution Designer. Choose from our selection of features and modules to create a solution perfect for your business. Not sure what the right solution is? One of our technical advisors can assist you with a free consultation.