In today’s competitive business environment, companies are finding it hard to remain competitive when using siloed and antiquated accounting software systems. Constrained accounting systems 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 implications, and how long it takes to implement. In case you’re interested in Microsoft NAV developer, we can assist with this request as well.
What is MS Dynamics GP?
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.
Some of the key companies and organizations using Dynamics GP solutions include Pacific Market International, LLC, The Royal Australian College of Physics, Borroughs Inc, and Action on Hearing Loss.
Dynamics GP Features and Benefits in Different Sectors
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.
Dynamics GP e-Commerce
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.
Dynamics GP Manufacturing
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 Financials
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.
Microsoft Dynamics GP for Non-Profits
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.
Cost of Microsoft Dynamics GP Implementation
When it comes to the cost of Microsoft Dynamics GP 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:
- Software licenses
- Maintenance fee
- Implementation services
- Hardware
While it’s relatively easy to calculate the licenses and maintenance fee, calculating the implementation cost boils down to your business needs and the Microsoft Dynamics GP developer 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.
Microsoft Dynamics GP Development Team Composition
Depending on the complexity of your project and the specific business needs, you need to have the following professionals in your team;
- Dynamics GP developer
- ERP technical consultant
- Business system analyst
- System administrator
Get Dynamics GP Developer Help
“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 NAV integration. 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.