In a highly competitive business environment, companies are finding it hard to remain competitive when using siloed and antiquated accounting software systems. Constrained Microsoft Dynamics GP solutions not only complicate accounting processes but also hamper operations, which could ultimately damage the company’s bottom line.
According to a recent market research report published by IDC, it is estimated that companies lose between 20 to 30% in annual revenue due to inefficiencies. But despite these worrying statistics, many companies continue to operate and repurpose redundant financial, inventory, and operation systems, even if they aren’t serving the intended purpose. And that’s where Microsoft Dynamics GP comes in… This comprehensive suite of accounting software helps businesses streamline every imaginable financials, inventory, and operations bottlenecks, as well as make data-driven decisions.
The October 2023 release of Dynamics GP introduced several enhancements across its core modules. These include improvements in financial summary inquiries, the ability to reverse fiscal year-end closes by company, options to display open transactions only for customer statements, and enhancements in cash receipt processing and emailing. These updates reflect Microsoft’s ongoing commitment to refining Dynamics GP’s functionality to meet evolving business needs.
In this article, we are going to look at how MS Dynamics GP implementation can benefit businesses in different industries, the cost to hire Microsoft Dynamics GP migration experts, and how long it takes to implement.
Microsoft Dynamics GP is a comprehensive financial accounting ERP, which is specifically built and designed to meet the accounting requirements of small to midsize companies. Originally known as Great Plains, Microsoft Dynamics GP was acquired by Microsoft in 2001, and it has grown to become a front-runner financial accounting ERP.
According to a 2019 report by Statista, it is estimated that the global revenues from the CRM software market will continue to grow consistently to reach $40 billion by 2023. Closer home, Microsoft reported $35.0 billion in revenues during the Q3 2020, with Revenue from Productivity and Business Processes segments, (which includes Dynamics 365) reaching $11.8 billion. During the same period, Dynamics 365 revenues grew by 38%, which is pretty commendable considering the global COVID-19 pandemic.
Check out the key functions of GP software:
Microsoft Dynamics GP contains 9 core financial management modules including, collaboration, HR management, business intelligence, manufacturing planning, field service, supply chain management, compliance, and IT management.
By merging all these applications, devices, data, and documents, companies can efficiently manage resources and finances, as well as generate vital information needed to make critical business decisions. Microsoft Dynamics GP is a pioneer accounting ERP that is currently used by multiple companies because of its proven benefits. Here is how the ERP is benefitting different industries.
With Microsoft Dynamics GP help, companies can easily manage their cash flows, assets, and banking, while still eliminating redundant data-entry tasks. The tight integration of Microsoft Dynamics GP with other supplementally modules from Microsoft enables employees to enter data once and access real-time, accurate financial information. And by accessing mission-critical financial data in real-time, your company can turn the fluid financial operations into a competitive decision-making tool.
Running an e-commerce store is a challenging affair. This is especially the case with B2B companies, where different processes are fraught with duplicate information, data entry errors, and intricate purchasing scenarios from different committee buyers. As such, offering self-service options on such a platform becomes extremely hard, unless the front store is fully integrated with a back-office app that offers a logical B2B experience.
With Dynamics GP integration, you can automate the order details and transfer them directly into your Dynamics GP ERP software. Better yet, your customers or sales teams need to enter the information once, and it will be redirected to the relevant person.
Manufacturers are constantly facing a variety of business challenges that hamper the smooth operation of daily activities, including customer visibility, demand and forecasting planning, raw material acquisition, inventory tracking, manufacturing management, and sales management.
However, Microsoft Dynamics GP provides the necessary resources to manage all the manufacturing processes, including Sales Forecasting, Capacity Requirements Planning, Job Costing, Quality Assurance, Engineering Change Management, and Sales Configurator. And with Microsoft Dynamics GP customization, manufacturers can customize the ERP system to meet their specific company needs.
Microsoft Dynamics GP is ideal for smaller enterprises. It enables users to track finances, manage inventory, and handle sales orders all in one spot. This technique makes it simple to keep everything organized and functioning properly. Furthermore, you may automate numerous typical processes to save time and reduce errors. Furthermore, the program is scalable. This way, you will not have to transfer systems as your company grows. GP’s ease of use and flexibility make it an excellent alternative for small business owners.
Dynamics GP offers features that are of great benefit to non-profit organizations, including Grant Management, Interfund Management, Encumbrance Management, and Control Account Management. Still, the Grant Management module integrates with the Analytical Accounting module, allowing you to prudently and efficiently manage all your NGOs grants. You can also automatically generate daily, monthly, and annual reports for purposes of review, sponsor accountability, and compliance.
Dynamics GP provides powerful financial management capabilities for the insurance sector. It facilitates the efficient management of costs, claims, and premiums by insurance firms. Making educated decisions requires having access to extensive financial analysis, which is made possible by the system’s reporting capabilities. Error risk is decreased and seamless data flow is ensured by integration with other systems.
Dynamics GP provides powerful financial management capabilities for the insurance sector. It facilitates the efficient management of costs, claims, and premiums by insurance firms. Making educated decisions requires having access to extensive financial analysis, which is made possible by the system’s reporting capabilities. Error risk is decreased and seamless data flow is ensured by integration with other systems. Furthermore, confidential client data is safeguarded by Dynamics GP’s robust security measures. This guarantees adherence to industry standards and offers clients and the business peace of mind.
Dynamics GP is a very beneficial tool for educational establishments. It facilitates cost tracking, effective payroll processing, and budget management. Decision-making is aided by the comprehensive financial insights provided by the system’s powerful reporting tools. The inventory management tools in Dynamics GP also make it easier to keep track of teaching equipment and materials. This guarantees minimal waste and efficient use of resources. Because the software is so simple to use, employees may become more productive rapidly.
Dynamics GP provides all-inclusive financial management solutions for the healthcare industry. Payroll procedures are streamlined, expenses are managed, and patient billing is tracked. Robust reporting capabilities inside the system offer comprehensive financial information, facilitating improved decision-making. Furthermore, the integration features of Dynamics GP guarantee seamless data transfer across many departments. This lowers the possibility of mistakes and increases overall efficiency. Robust security mechanisms in the program safeguard confidential patient data and guarantee adherence to industry standards.
Dynamics GP is suited for businesses in the energy, power, and utility industries. It enables effective financial management, asset tracking, and payroll processing. The system’s robust reporting capabilities provide detailed insights that help with strategic decision-making. Additionally, integration tools ensure that data flows smoothly between platforms. This increases overall efficiency and decreases the likelihood of errors. The software’s scalability allows it to handle increasing amounts of data as the firm grows. The strong security measures safeguard sensitive data while guaranteeing compliance with industry requirements.
Dynamics GP provides superior inventory management features to distribution and wholesale firms. It enables effective stock tracking, order management, and sales processing. The system’s strong reporting features provide detailed financial insights, which help with strategic decision-making. The software’s scalability allows it to handle increasing amounts of data as the firm grows. The user-friendly interface enables employees to generate reports and acquire insights rapidly.
Dynamics GP offers comprehensive financial management solutions for the automobile industry. It enables effective sales tracking, inventory management, and payroll processing. The system’s robust reporting tools provide extensive financial insights, allowing for better decision-making.
When it comes to the cost of Microsoft Dynamics GP solutions implementation, there isn’t a stands rate. However, there are 4 major costs to consider when calculating the estimated cost for a new Dynamics GP ERP software:
While it’s relatively easy to calculate the licenses and maintenance fee, calculating the implementation cost boils down to your business needs and the Dynamics GP consultant you choose to work with.
As a general rule, however, the ratio of software license cost to implementation cost should be 1:1 or 1:1.5. As such, if you spend $20,000 in software licenses, you should expect to pay an almost equal amount in implementation services.
Depending on the complexity of your project and the specific business needs, you need to have the following professionals in your team;
Microsoft offers more advanced software for your business needs. So, if you want to improve your operations, implement a cloud system, and ensure smooth data exchange, you can migrate to Dynamics 365 modules. Contact our experts to ensure fast data transfer and reliable integration with other systems.
While it’s relatively easy to calculate the licenses and maintenance fee, calculating the implementation cost boils down to your business needs and the Dynamics GP consultant you choose to work with.
As a general rule, however, the ratio of software license cost to implementation cost should be 1:1 or 1:1.5. As such, if you spend $20,000 in software licenses, you should expect to pay an almost equal amount in implementation services.
“The real magic happens when consultants stop being viewed as temporary hires and start being treated as integral parts of the team, bringing unique perspectives and invaluable expertise.” – Ivan F, Consultants Engagement Manager at HireDynamicsDevelopers.com
As you can see, Microsoft Dynamics GP is a key ERP solution that helps businesses to streamline and gain greater control over their financials, inventory, and other business operations. But no matter how you look at it, this can only be possible by choosing the right MS Dynamics GP development partner. We are here to help you with all your Microsoft Dynamics GP needs as well as provide experts in Microsoft Dynamics NAV integration and Dynamics GP support. We don’t just build and install MS Dynamics GP software – we also train your accounting team on how to get the most out to the system.
Alexandre C. - CRM Associate & D365 Manager, PowerApps Consultant
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Alexey P. - Dynamics CRM Developer
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Imeda U. - Junior Microsoft D365 BC Developer
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