As businesses continue to seek out tools that can streamline financial operations and improve overall efficiency, Great Plains Accounting Software, also known as Microsoft Dynamics GP, remains a prominent solution in the marketplace. With a long-standing history and a robust suite of features, Great Plains is particularly known for its capabilities in financial management, inventory tracking, payroll, and reporting. But how does it work, and why has it maintained popularity among businesses? Let’s dive deeper into the details.
What is Great Plains Accounting Software?
Great Plains Accounting Software is a comprehensive accounting and enterprise resource planning (ERP) solution that helps businesses manage their financials, inventory, and operations. Originally developed by Great Plains Software, the product was later acquired by Microsoft in 2001 and became part of the Microsoft Dynamics product line. Today, it is commonly referred to as Microsoft Dynamics GP and is widely used by mid-sized companies seeking robust financial management tools.
History and Evolution of Great Plains
Great Plains was founded in 1981 as a software company focused on accounting solutions for businesses. It quickly became one of the top accounting software providers in the 1990s due to its user-friendly interface and powerful features. After Microsoft acquired Great Plains, the software was integrated into the Dynamics product suite, enhancing its capabilities and ensuring that it could meet the needs of businesses of all sizes.
Why Great Plains Software is Popular Among Businesses?
Great Plains gained its popularity because of its reliability, scalability, and deep integration with Microsoft products like Excel and Outlook. Its ability to handle complex financial processes with ease, combined with its reporting and analytics tools, makes it a preferred choice for businesses looking for a comprehensive financial management system.
Key Features of Great Plains Accounting Software
Financial Management
Great Plains excels in financial management, providing businesses with a range of tools to manage their day-to-day financial activities.
General Ledger
The General Ledger in Great Plains allows businesses to track and manage their financial transactions, including income, expenses, and overall financial performance. It also enables multi-currency management, making it ideal for businesses operating globally.
Accounts Payable and Receivable
With Great Plains, businesses can easily manage both Accounts Payable (AP) and Accounts Receivable (AR), ensuring that payments are processed efficiently, invoices are tracked, and cash flow is optimized.
Inventory Management
Another standout feature of Great Plains is its inventory management capabilities, which are critical for businesses that need to track stock levels and handle order fulfillment.
Stock Tracking
With Great Plains, businesses can track their inventory in real time, ensuring that they always know how much stock is on hand and when reordering is necessary.
Order Processing
The software also helps businesses manage order processing, from purchase orders to sales orders, streamlining the entire workflow.
Payroll Management
Payroll can be a challenging aspect of business, but Great Plains simplifies this with its robust payroll management features.
Employee Payment Processing
Great Plains makes it easy to process employee payments, including direct deposit, deductions, and benefits management, ensuring that payroll is handled accurately and on time.
Tax Calculations
The software also automates tax calculations, making it easier for businesses to remain compliant with local, state, and federal tax laws.
Reporting and Analytics
Great Plains comes with powerful reporting and analytics tools that allow businesses to gain insights into their financial performance.
Customizable Reports
Users can create custom reports tailored to their specific needs, helping them track everything from expenses to sales and beyond.
Real-time Financial Insights
With real-time data access, businesses can make informed decisions based on current financial performance, improving overall efficiency.
Benefits of Using Great Plains Accounting Software
Streamlined Financial Operations
Great Plains offers a centralized platform for managing all financial processes, making it easier to streamline operations and reduce manual work.
Improved Accuracy in Financial Data
By automating many of the accounting processes, Great Plains helps to reduce errors and improve the accuracy of financial data.
Enhanced Business Decision-Making
With access to real-time insights and customizable reports, businesses can make better, more informed strategic decisions.
Integration with Other Microsoft Tools
Since Great Plains is part of the Microsoft ecosystem, it integrates seamlessly with other Microsoft products like Excel, Word, and Outlook, further enhancing its functionality.
Challenges of Using Great Plains Accounting Software
Initial Setup and Configuration
Setting up Great Plains can be complex, especially for businesses without dedicated IT staff.
Time and Expertise Required
The software requires a certain level of expertise to configure, and the initial setup can take time, especially for larger organizations.
Learning Curve for New Users
Great Plains is a powerful tool, but it can be difficult for new users to navigate.
Need for Training and Support
To fully utilize Great Plains, businesses may need to invest in training for their employees to ensure they are comfortable using the software.
Limited Customization Options
While Great Plains offers many features, it has limited customization options compared to some other accounting software, which can be a drawback for businesses with very specific needs.
Industry-Specific Needs
Businesses in certain industries may find that they need additional customization beyond what Great Plains can offer out of the box.
How to Implement Great Plains Accounting Software
Assessing Business Needs
Before implementing Great Plains, businesses should assess their specific accounting and financial management needs.
Choosing the Right Version
Microsoft offers several versions of Great Plains, so it’s important to choose the one that best fits your business size and requirements.
Migration from Legacy Systems
If your business is migrating from an older system, it’s crucial to plan the data migration carefully to ensure no information is lost or corrupted.
Training and Support for Employees
To ensure a smooth transition, businesses should invest in employee training and seek out support from Microsoft-certified consultants.
Integrating Great Plains with Other Software
Integration with Microsoft Dynamics 365
Great Plains can be integrated with Microsoft Dynamics 365, allowing for enhanced functionality in areas like CRM and project management.
Linking with CRM and ERP Systems
Businesses can also link Great Plains with other CRM and ERP systems to create a more cohesive business management environment.
Third-Party Add-ons for Enhanced Functionality
There are numerous third-party add-ons available that can expand the capabilities of Great Plains, including tools for specific industries or functions.
Top Alternatives to Great Plains Accounting Software
QuickBooks
For smaller businesses, QuickBooks is a popular alternative to Great Plains, offering a more user-friendly interface and lower cost.
Sage 50
Sage 50 is another option for businesses looking for robust accounting software, with a strong focus on financial management.
Xero
Xero offers cloud-based accounting software that is simple to use and ideal for businesses that need flexibility.
Future of Great Plains Accounting Software
Transition to Cloud-Based Solutions
As more businesses move to the cloud, Microsoft is focusing on transitioning Great Plains users to cloud-based solutions like Dynamics 365 Business Central.
Increasing Use of AI in Financial Management
The future of accounting software will likely see increased use of AI and automation to improve efficiency and reduce manual tasks.
Greater Focus on Automation
Automation of routine accounting tasks, such as payroll and invoicing, will become even more prominent, helping businesses save time and resources.
Conclusion
Great Plains Accounting Software has stood the test of time as a powerful tool for businesses looking to streamline their financial operations. While it may require a steeper learning curve and careful planning during implementation, the benefits it offers in terms of financial management, integration, and reporting make it a valuable asset for mid-sized companies. As the industry continues to evolve, Great Plains is expected to transition into more cloud-based solutions, ensuring that it remains relevant in the years to come.
FAQs
Is Great Plains still a viable accounting solution?
Yes, Great Plains is still widely used, especially by mid-sized businesses that require comprehensive financial management tools.
Can Great Plains be used for small businesses?
While it is typically used by larger organizations, smaller businesses can also benefit from Great Plains, though it may be more than they need.
How much does Great Plains Accounting Software cost?
The cost of Great Plains varies depending on the version and the specific needs of your business, but it typically involves licensing fees and costs for implementation and support.
What industries benefit the most from Great Plains?
Industries that require complex financial management, such as manufacturing, healthcare, and distribution, tend to benefit the most from using Great Plains.
How does Great Plains compare to QuickBooks?
Great Plains offers more advanced features and is better suited for larger businesses, while QuickBooks is simpler and more affordable for small businesses.