In today’s business world, staying on top of financials and maintaining an up-to-date accounting system that can efficiently execute sales, service, and financial operations are key to ensuring business success in the long run.
With Microsoft Dynamics Accounting software like Business Central and Microsoft GP, organizations can integrate all aspects of their accounting and business operations for seamless functionality and better collaboration across teams.
Keep reading to learn more about Microsoft Dynamics Accounting and where our senior-level Microsoft Dynamics consultants can come in to help.
What is Microsoft Dynamics 365 Business Central for Accountants?
Microsoft Dynamics 365 Business Central for Accountants is an Enterprise Resource Planning (ERP), business management solution that delivers connected human resources (HR), accounting, financial performance, operations, sales, and marketing functionality to facilitate more efficient business management and better engagement.
It supports multi-currency, multi-language, and audit trails to meet the unique needs of organizations in any industry. The software is part of Microsoft’s comprehensive suite of enterprise applications and integrates seamlessly with Microsoft applications like Office 365, Power BI, and Azure.
What is Microsoft Dynamics GP?
Microsoft Dynamics Great Plains (GP) is an accounting program created specifically for small and medium-sized organizations. Based in North Dakota, Great Plains Software first created Dynamics Accounting software, which Microsoft eventually bought in 2001.
Microsoft Dynamics GP Accounting offers a variety of dynamic tools for IT management, financial management, human resources management, manufacturing planning, supply chain management, field service, business intelligence, compliance, and more.
Microsoft Dynamics GP can be integrated with various third-party applications and software add-ons, like management tools in the Microsoft Windows suite and .Net frameworks.
Who Can Use Microsoft Business Central and Dynamics GP?
Dynamics 365 Business Central is recommended for small companies with 10-50 employees and midsized companies with 50-200 employees. This cloud-based solution offers flexible deployment options, including on-premise and cloud execution, and caters to numerous business models and IT infrastructure setups.
It supports multiple companies in the following industries:
- Financial services
- Professional services
Microsoft Dynamics GP offers similar functionality and is recommended for small and mid-sized organizations.
Microsoft Dynamics GP supports companies in the following industries:
- Professional services
- Software and tech
- E-commerce and retail commerce
- Financial services
Is Business Central An ERP or CRM?
With integrated business applications and CRM features, Dynamics 365 Business Central is an ERP solution designed for managing client relationships and facilitating better functionality across the Microsoft landscape, including solutions like Dynamics 365 Sales, Client Service, and Marketing.
Dynamics 365’s ERP and CRM integration allows easy data flow between various company processes and teams. This hybrid strategy improves customer-facing processes while also streamlining back-office operations in the process.
Features of Microsoft Dynamics Business Central
Here’s a look at the key features of Microsoft Dynamics 365 Business Central:
Keep Projects On-Time and Within Budget
Track the project budgets and progress with real-time data on available resources and monitor customer invoices against quotes and orders. Leverage real-time insights into profitability and project statuses, resource-usage metrics, and other key performance indicators to make more successful business decisions.
Improve Customer Service and Sales Tactics
Track and manage all customer engagements and learn about the best cross-sell, up-sell, and renewal opportunities throughout your sales cycle with built-in Microsoft Dynamics 365 Business Central functionality.
Secure and Automate the Supply Chain
Gain more control over the purchasing process to purchase only what you need and keep the right amount of inventory by using powerful, updated inventory management functionality.
Better Financial Management
Streamline financial accounting processes, improve financial predictions, automatically reconcile accounts to closure, and easily report on financials with an end-to-end perspective of critical organizational metrics.
Using sales predictions and anticipated stock-outs to generate production plans and build purchase orders automatically, Business Central users can streamline manufacturing and warehousing operations to deliver goods on time and cut overall costs.
Grow Accounting Processes
Leverage the Dynamics 365 Business Central Accountant Hub to manage accounting duties and get quick access to client data through a single, user-friendly interface.
Features of Microsoft Dynamics GP
Take a look at some of the key features of this Microsoft Accounting Software:
Comprehensive project management features in Microsoft Dynamics GP make it easier for users to connect their most important third-party accounting programs, finance applications, and inventory management systems and facilitate stronger collaboration across the entire workforce.
With extra connectors and add-on tools, users can manage and track all critical business initiatives more efficiently. Microsoft Dynamics GP project management functionality also makes it easier to plan, review, and approve company projects, manage timesheets, and leverage analytical tools correctly.
With advanced accounting management features, the General Ledger Account simplifies the entire analytical procedure and improves accounting accuracy. Pre-built productivity systems and general ledger functionality also assist users in effectively managing and balancing workloads across teams.
Companies can leverage Microsoft Dynamics Accounting Software to gather and manage budgeting and financial data gathered across the entire workforce. All of this data can be merged to provide centralized accounting management and identify specific profit zones and areas of improvement.
Users can also connect other Microsoft applications, like Microsoft Excel, to update and monitor project budgets and simplify data-sharing functionality through predefined import and export features.
Microsoft Accounting Software offers an advanced forecasting feature to help users manage financial inflows and outflows and automate specific areas of their core accounting procedures.
Bank Account Management
Microsoft Accounting Software allows users to add unlimited checkbooks to their existing bank accounts through either a PC or mobile device, making it easier than ever to make payments and withdraw money.
Customers can access and manage their most important bank accounts by automating all critical financial transactions and reconciliations across their entire accounts.
Human Resource Management
With Microsoft Accounting Software, users can effectively manage their core human resources operations and access all core metrics and benefits information in the same place. Monthly or yearly data can be filtered and checked with customizable filters, making it easier to analyze performance without requiring manual paperwork.
In Microsoft’s Human Resource Management software, magnetic media files can be created and used to keep compliance with specific government or industry regulations.
Users can seamlessly report all the details of your requirements and leverage them to complete different jobs more easily. People management teams can hire employees, plan activities and tasks, record data, and analyze business performance using Microsoft’s human resource management tools.
Microsoft’s HRM features can be completely custom-made to fit your needs, speeding up the process and improving the efficiency of smaller tasks.
Microsoft Accounting Software boosts efficiency by automating tasks such as complex vacation and sick leave regulations and employee payroll. It also helps company leadership support employee health and safety to enhance overall work atmospheres for employees.
Manufacturing management functionality utilizes the Manufacturing Suite for planning and executing sales forecasts. Users can also view and manage the entire processing cycle while their products are being manufactured.
Microsoft Dynamics Accounting also aids in automating the creation of certain products per sale and managing raw materials and product elements to improve efficiency and increase profitability.
Supply Chain Management
With Microsoft Accounting Software, users can track inventory stock levels and costs and create reports that contain all the details about products and stocks in the same place.
With Microsoft Accounting software, users can set prices for critical products and stocks to guarantee clients receive their products at a price that can be set on an individual customer basis.
By changing and aligning products to correspond with industry pricing trends, users can automate and customize the manual pricing process and develop flexible price options and particular regulations for consumers.
Benefits of Microsoft Accounting Software
To maintain successful business strategies, users must maintain an up-to-date ERP solution, and Microsoft Accounting software makes this possible. With its advanced workforce management features, Microsoft Accounting software can take your business to the next level.
Here are some of the specific benefits of using Microsoft Dynamics Accounting Software:
Security and Protection
Users can leverage Microsoft Accounting software to transform and modernize their business and protect core operations from cyber hackers, as cracking through codes and business files has become more common. Dynamics Accounting Software also saves work as it’s completed, ensuring that all progress is protected from potential viruses or security breaches.
Effective Financial Management
With Microsoft’s high-end financial management features, users can avoid any mistakes by managing all of their finances in one place. Users can leverage dynamic applications and software solutions driven by artificial intelligence (AI) technology to handle all business needs and improve efficiency.
Microsoft Dynamics GP has a comprehensive mobile app, providing access to all key features via any mobile device, including iOS and Android devices. This allows users to access their critical ERP software solutions on their mobile phones and monitor their business from anywhere.
Understanding Dynamics 365 Vs. Office 365
Office 365 and Microsoft Dynamics 365 are separate programs that function well together. While the Office 365 suite focuses on productivity tools like Word, Excel, PowerPoint, Teams, and Outlook, Dynamics offers a more comprehensive ERP solution.
To bridge the gap between ERP and productivity tasks, users can effortlessly export sales data or customer information from Dynamics into Microsoft Excel or share it through Microsoft Teams.
How Can We Help?
Whether you’re looking to implement Microsoft Accounting software for the first time, need help deciding which Microsoft Accounting software is the best fit for your company, or need a hand getting started on your Microsoft Dynamics journey, Surety Systems can help.
Our senior-level Microsoft Dynamics 365 consultants have the experience and skills needed to help you successfully implement your new Dynamics solution from start to finish and improve user adoption across your organization.
Are you ready to learn more about Microsoft Dynamics Accounting and how our Dynamics consultants can help you make the most of your technical investment?
Contact us today!