Great Plains Finance Software: A Robust Solution for Mid-Sized Businesses

Microsoft Dynamics GP, formerly known as Great Plains, is a comprehensive enterprise resource planning (ERP) solution geared toward small to medium-sized businesses. Its financial management capabilities are particularly well-regarded, offering a suite of tools designed to streamline accounting processes, enhance reporting, and improve overall financial visibility.

Key Financial Management Features

At its core, Great Plains provides robust general ledger functionality. It allows users to manage their chart of accounts, create journal entries, and perform account reconciliations with ease. Multiple currencies and intercompany transactions are supported, making it suitable for organizations with international operations or those with multiple entities.

Accounts payable and accounts receivable modules automate invoice processing, payment management, and collections. Users can track vendor balances, generate checks, manage customer credit limits, and send automated statements. These features contribute to better cash flow management and improved vendor and customer relationships.

Bank reconciliation is simplified with automated matching of bank transactions to general ledger entries. This significantly reduces the time and effort required to reconcile accounts and minimizes the risk of errors. Electronic fund transfers (EFT) capabilities further streamline payments and collections.

Inventory management is another crucial aspect of Great Plains’ financial capabilities. It allows businesses to track inventory levels, manage costs, and optimize stock levels. Real-time inventory data is integrated with financial reports, providing a clear picture of the financial impact of inventory decisions.

Reporting is a strong suit of Great Plains. Users can generate a wide range of financial reports, including balance sheets, income statements, cash flow statements, and budget reports. Customization options allow for tailoring reports to specific business needs. Integration with Microsoft Excel facilitates further analysis and reporting.

Benefits of Using Great Plains for Finance

Implementing Great Plains offers several benefits for financial management. Automation of routine tasks frees up finance professionals to focus on more strategic activities, such as financial analysis and planning. Improved accuracy reduces the risk of errors and ensures the reliability of financial data.

Enhanced visibility into financial performance enables better decision-making. Real-time data and comprehensive reporting provide insights into key performance indicators (KPIs) and help identify areas for improvement. Strong internal controls and audit trails ensure compliance with regulatory requirements.

Scalability is another advantage. Great Plains can adapt to the changing needs of a growing business. As the organization expands, the system can be scaled to accommodate increased transaction volumes and new business requirements.

Considerations

While Great Plains offers a powerful set of financial management tools, it’s important to consider the implementation process. It can be complex and may require the assistance of experienced consultants. Customization and integration with other systems may also add to the cost and complexity.

Overall, Microsoft Dynamics GP (Great Plains) remains a viable and effective finance software solution for mid-sized businesses seeking to improve their financial management processes. Its comprehensive features, robust reporting capabilities, and scalability make it a valuable asset for organizations looking to enhance efficiency, improve accuracy, and gain better control over their finances.