In the world of accounting software, Great Plains Accounting Software, now known as Microsoft Dynamics GP, has long been a trusted name. Whether you’re a business owner, an accountant, or someone simply exploring software solutions, understanding the power of Great Plains is crucial. This article will delve into the key features, benefits, challenges, and the future of this robust financial management tool.
What is Great Plains Accounting Software?
Great Plains Accounting Software is a comprehensive accounting solution that has been serving businesses for decades. Originally developed by Great Plains Software Inc., it provides a suite of tools for financial management, inventory control, and business analytics. Today, it is known as Microsoft Dynamics GP and continues to be widely used by organizations worldwide.
Brief History of Great Plains Software
Great Plains Software was founded in 1981 in Fargo, North Dakota, and quickly became a leader in the accounting software industry. In 2001, Microsoft acquired Great Plains Software, rebranding it as Microsoft Dynamics GP. This acquisition allowed the software to benefit from Microsoft’s resources and integrate more seamlessly with its suite of products.
Transition to Microsoft Dynamics GP
Post-acquisition, Great Plains transitioned into Microsoft Dynamics GP, maintaining its core accounting features while expanding to include enhanced functionality like business intelligence, HR management, and project accounting. While the software’s name changed, its reputation for being a reliable and scalable accounting solution remained intact.
Key Features of Great Plains Accounting Software
Comprehensive Financial Management
One of the standout features of Great Plains Accounting Software is its comprehensive financial management capabilities. It offers a wide range of tools that streamline financial operations.
General Ledger Features
With the General Ledger, businesses can manage their financial data, perform budgeting, and generate accurate financial statements. It supports multi-currency transactions, which is critical for businesses operating internationally.
Accounts Payable and Receivable Management
Accounts Payable (AP) and Accounts Receivable (AR) modules allow businesses to track what they owe to vendors and what is owed to them by customers. Automating these processes reduces manual entry errors and improves efficiency.
Inventory Management and Control
Inventory is a critical asset for many businesses. Great Plains helps companies track and manage their inventory efficiently.
Tracking and Reporting Inventory
The software enables users to track their inventory in real time, providing detailed reports on stock levels, turnover rates, and valuation. This level of control ensures that businesses can maintain optimal inventory levels and reduce carrying costs.
Advanced Business Intelligence
In today’s data-driven world, access to real-time insights can make all the difference.
Real-time Reporting and Data Insights
With Great Plains Accounting Software, businesses can create custom reports, track key performance indicators (KPIs), and analyze data to make informed decisions. The software’s advanced analytics tools ensure that you’re always working with up-to-date information.
Payroll and Human Resource Management
Great Plains also excels in handling payroll and employee management, making it a one-stop shop for all HR needs.
Payroll Processing Features
The payroll module automates employee payments, tax calculations, and benefits management, ensuring compliance with labor laws and regulations.
Employee Management Tools
For HR professionals, the software includes tools for managing employee records, performance reviews, and benefits administration, simplifying workforce management.
Project Accounting
Many businesses work on a project basis, and Great Plains Accounting Software has powerful project accounting features.
Job Costing and Project Tracking
Businesses can track project expenses, manage job costing, and ensure profitability by using project-specific accounting tools. This feature is especially beneficial for industries like construction and engineering.
Benefits of Using Great Plains Accounting Software
Efficiency in Financial Processes
By automating various financial tasks, Great Plains increases operational efficiency, allowing businesses to focus on growth rather than mundane accounting tasks.
Improved Data Accuracy
Manual accounting is prone to errors, but with Great Plains, automated processes ensure data accuracy, reducing the likelihood of costly mistakes.
Scalability for Growing Businesses
As businesses grow, their financial needs change. Great Plains is scalable and flexible, ensuring that it can meet the demands of a growing company.
Integration Capabilities
One of the strengths of Microsoft Dynamics GP is its ability to integrate with other software.
Integration with Microsoft Office Suite
Seamless integration with Microsoft Office tools like Excel and Outlook allows for easy data transfer and analysis.
Integration with Third-party Applications
The software also integrates with various third-party applications, enabling businesses to customize their accounting solution according to specific needs.
Industries That Benefit from Great Plains Accounting Software
Healthcare Industry
In the healthcare sector, accurate financial tracking is crucial. Great Plains helps healthcare providers manage their financials, ensuring compliance with industry regulations.
Manufacturing Sector
For manufacturers, Great Plains offers features that streamline inventory control, project accounting, and supply chain management.
Retail and E-commerce
Retailers can benefit from Great Plains’s real-time inventory tracking, sales reporting, and customer management tools.
Nonprofit Organizations
Nonprofits often have unique financial reporting requirements, and Great Plains offers the tools necessary to manage donor contributions, grants, and financial statements.
Challenges and Considerations
Learning Curve for New Users
Like any robust software, Great Plains has a learning curve, especially for users unfamiliar with accounting software.
Cost of Implementation and Maintenance
While the software offers many benefits, the initial cost of implementation and ongoing maintenance can be high, making it better suited for mid-sized and large businesses.
Compatibility with Newer Systems
Some users have noted compatibility issues when integrating Great Plains with more modern systems. However, with proper IT support, these challenges can be mitigated.
How to Implement Great Plains Accounting Software in Your Business
Steps for Successful Implementation
Assessing Business Needs
Before implementing the software, it’s important to assess your business’s unique needs and determine how Great Plains can meet them.
Customizing the Software to Your Industry
Customization options allow businesses to tailor Great Plains to their specific industry requirements, whether it’s healthcare, manufacturing, or retail.
Training and Support for Employees
Employee training is crucial to ensure the successful adoption of Great Plains. Microsoft provides resources and support for onboarding new users.
Ongoing Maintenance and Upgrades
Regular maintenance and updates are essential to keep the software running smoothly and to take advantage of new features.
Future of Great Plains Accounting Software
Transition to Cloud-based Solutions
While Great Plains is traditionally an on-premise solution, the future is moving toward cloud-based services. Microsoft is slowly transitioning many of its products, and Dynamics GP is expected to follow suit.
Continuous Enhancements and Updates
Microsoft continues to release updates, ensuring that Great Plains stays relevant in an ever-evolving technological landscape.
Conclusion
Great Plains Accounting Software remains a powerful tool for businesses looking for a comprehensive financial management solution. With its robust features, scalability, and integration capabilities, it’s no wonder that businesses across various industries continue to rely on it for their accounting needs.
FAQs
What is Great Plains Accounting Software used for?
Great Plains is used for managing financials, payroll, inventory, and business intelligence.
Is Great Plains still supported by Microsoft?
Yes, it is now known as Microsoft Dynamics GP and continues to receive support from Microsoft.
How much does Great Plains Accounting Software cost?
The cost varies based on the size of the business and the level of customization required. It’s generally suited for mid-sized to large businesses.
Can Great Plains integrate with other software?
Yes, it integrates well with the Microsoft Office suite and various third-party applications.
What are the alternatives to Great Plains?
Alternatives include QuickBooks, Sage, and Oracle NetSuite.