Great Plains Accounting Software, now known as Microsoft Dynamics GP, has been a staple in the accounting software market for decades. Renowned for its robust features and integration with other Microsoft products, Great Plains continues to be a go-to solution for businesses looking to manage their financial operations effectively. In this comprehensive overview, we’ll explore the history, features, benefits, and future of Great Plains Accounting Software.
Introduction to Great Plains Accounting Software
What is Great Plains Accounting Software?
Great Plains Accounting Software, originally developed by Great Plains Software Inc., is an accounting and enterprise resource planning (ERP) software solution. It was designed to help businesses manage their financials, supply chain, and operations with greater efficiency. In 2001, Microsoft acquired Great Plains and rebranded it as Microsoft Dynamics GP, integrating it into its suite of business solutions.
The Evolution of Great Plains into Microsoft Dynamics GP
Since its acquisition by Microsoft, Great Plains has evolved significantly. The software has been continuously updated with new features, improved integration capabilities, and enhanced user experience. Today, Microsoft Dynamics GP is a powerful ERP system used by thousands of businesses worldwide, offering a comprehensive set of tools for managing everything from accounting to human resources.
Key Features of Great Plains Accounting Software
General Ledger Management
One of the core features of Great Plains is its robust general ledger management system. It allows businesses to track all financial transactions, manage budgets, and generate detailed financial statements. The general ledger is the backbone of any accounting system, and Great Plains excels in providing a flexible and comprehensive solution.
Accounts Payable and Receivable
Great Plains offers powerful accounts payable and receivable modules that help businesses manage their cash flow effectively. The software streamlines the process of managing vendor payments, customer invoices, and collections, ensuring that all transactions are recorded accurately and efficiently.
Payroll Management
Managing payroll can be complex, especially for businesses with a large workforce. Great Plains provides a comprehensive payroll management system that automates payroll processing, tax calculations, and benefits administration. This feature ensures compliance with local regulations and reduces the risk of errors.
Financial Reporting and Analytics
Financial reporting is a critical aspect of business management, and Great Plains offers a wide range of reporting and analytics tools. Users can generate custom reports, track key performance indicators (KPIs), and gain insights into their financial health. The software’s integration with Microsoft Excel makes it easy to create detailed reports and perform in-depth analysis.
Inventory Management
For businesses that manage physical products, inventory management is essential. Great Plains includes robust inventory management features that allow businesses to track stock levels, manage reorders, and reduce carrying costs. The software also integrates with other modules to ensure that inventory data is always up-to-date.
Integration with Other Microsoft Products
One of the standout features of Great Plains is its seamless integration with other Microsoft products, such as Office 365, Azure, and Power BI. This integration enhances productivity by allowing users to access and analyze data across different platforms, improving collaboration and decision-making.
Benefits of Using Great Plains Accounting Software
Robust Financial Management
Great Plains is known for its strong financial management capabilities. The software provides comprehensive tools for managing all aspects of a business’s finances, from general ledger to payroll, making it a reliable choice for businesses with complex financial needs.
Scalability for Growing Businesses
As businesses grow, their needs change. Great Plains is designed to scale with your business, offering advanced features and modules that can be added as needed. This scalability ensures that the software remains a valuable asset as your business evolves.
Customization and Flexibility
Every business is unique, and Great Plains recognizes this by offering a high level of customization. Users can tailor the software to meet their specific needs, whether it’s through custom reports, personalized dashboards, or industry-specific modules.
Strong User Support and Community
Microsoft Dynamics GP has a large and active user community, providing a wealth of resources, forums, and support. Microsoft also offers comprehensive support services, including training programs and documentation, ensuring that users can get the most out of the software.
Integration Capabilities
Great Plains’ ability to integrate with other systems and software is a significant advantage. Whether you’re using other Microsoft products or third-party applications, Great Plains can seamlessly connect, ensuring that data flows smoothly across your business.
How Great Plains Accounting Software Compares to Other Accounting Solutions
Comparison with QuickBooks
QuickBooks is a popular accounting software for small businesses, but it lacks the advanced features and scalability of Great Plains. While QuickBooks is easier to use and more affordable for very small businesses, Great Plains offers more robust financial management tools and is better suited for growing businesses with more complex needs.
Comparison with Sage Intacct
Sage Intacct is another strong competitor in the accounting software market, offering cloud-based financial management solutions. While Sage Intacct excels in its cloud capabilities and ease of use, Great Plains offers more comprehensive ERP features and deeper integration with Microsoft products, making it a better choice for businesses already invested in the Microsoft ecosystem.
Comparison with NetSuite
NetSuite is a cloud-based ERP system that competes directly with Great Plains. Both offer robust ERP features, but NetSuite’s fully cloud-based architecture gives it an edge in terms of accessibility and scalability. However, Great Plains remains a strong contender for businesses that prefer a hybrid or on-premise solution with tight integration with Microsoft tools.
Implementation of Great Plains Accounting Software
Planning and Setup
Implementing Great Plains requires careful planning and preparation. This includes defining your business requirements, setting up the software to match your workflows, and ensuring that all necessary hardware and software components are in place.
Data Migration
Data migration is a critical step in implementing Great Plains. Businesses need to ensure that their existing financial data is accurately transferred to the new system. This process may involve cleaning up old data, mapping data fields, and testing the migration to ensure that everything is working correctly.
User Training and Support
To ensure a successful implementation, it’s essential to provide comprehensive training for all users. Microsoft offers a range of training resources, including online courses, documentation, and support forums. Investing in training helps users become proficient in the software, maximizing its benefits for the business.
Best Practices for a Successful Implementation
Successful implementation of Great Plains involves more than just setting up the software. It requires ongoing support, regular updates, and continuous improvement. Businesses should also establish best practices for using the software, such as regular data backups, security protocols, and performance monitoring.
Who Should Use Great Plains Accounting Software?
Small to Mid-Sized Businesses
Great Plains is an excellent choice for small to mid-sized businesses that require a robust accounting system with ERP capabilities. Its scalability makes it suitable for businesses that are growing and need a solution that can grow with them.
Enterprises with Complex Financial Needs
Enterprises with complex financial and operational needs will find Great Plains to be a powerful tool. The software’s comprehensive features and customization options make it well-suited for businesses with multiple departments, locations, or product lines.
Industries That Benefit Most from Great Plains
Industries such as manufacturing, distribution, professional services, and retail can benefit significantly from Great Plains. The software’s inventory management, financial reporting, and payroll features are particularly valuable in these sectors.
Common Challenges with Great Plains Accounting Software
Cost and Licensing
One of the challenges of Great Plains is the cost, particularly for smaller businesses. The software requires a significant investment in licensing, hardware, and implementation. However, for businesses that can afford it, the benefits often outweigh the costs.
Complexity of Features
Great Plains offers a wide range of features, which can be overwhelming for new users. The complexity of the software requires a steep learning curve, and businesses may need to invest in training and support to fully leverage its capabilities.
Integration with Non-Microsoft Systems
While Great Plains integrates seamlessly with Microsoft products, integration with non-Microsoft systems can be more challenging. Businesses that rely heavily on third-party applications may need to invest in additional tools or custom development to achieve the desired level of integration.
Future of Great Plains Accounting Software
The Role of Microsoft Dynamics GP in the Cloud
As more businesses move to the cloud, Microsoft Dynamics GP is evolving to offer more cloud-based features and integration. While traditionally an on-premise solution, Dynamics GP is increasingly offering cloud options, making it more accessible and flexible for businesses looking to leverage cloud technology.
Integration with AI and Machine Learning
AI and machine learning are becoming increasingly important in business software, and Great Plains is no exception. Future updates are likely to include more AI-driven features, such as predictive analytics and automated decision-making, helping businesses make smarter, data-driven decisions.
Enhancements in User Experience and Mobility
As user expectations evolve, Microsoft is likely to continue enhancing the user experience of Dynamics GP, making it more intuitive and accessible on mobile devices. These enhancements will make it easier for businesses to manage their operations on the go and improve overall productivity.
Conclusion
Great Plains Accounting Software, now known as Microsoft Dynamics GP, remains a powerful and versatile solution for businesses of all sizes. With its robust financial management tools, scalability, and integration capabilities, Great Plains continues to be a leading choice for businesses looking to streamline their operations and improve efficiency. Whether you’re a small business looking to grow or an enterprise with complex financial needs, Great Plains offers the features and flexibility you need to succeed.
FAQs
Is Great Plains still supported by Microsoft?
Yes, Microsoft continues to support Great Plains through its Dynamics GP product line. While there is a strong focus on cloud-based solutions, Dynamics GP remains a viable option for businesses that prefer an on-premise or hybrid solution.
How does Great Plains Accounting Software handle updates?
Updates for Great Plains (Microsoft Dynamics GP) are handled through regular releases from Microsoft. These updates include new features, security patches, and performance improvements. Businesses can choose when to implement updates based on their specific needs and IT schedules.
Can Great Plains be customized for specific industry needs?
Yes, Great Plains offers a high degree of customization, allowing businesses to tailor the software to meet their specific industry requirements. This includes custom reports, workflows, and industry-specific modules.
What are the costs associated with implementing Great Plains?
The costs of implementing Great Plains can vary depending on the size of the business, the complexity of the setup, and the level of customization required. Costs typically include software licensing, hardware, implementation services, training, and ongoing support.
How does Great Plains compare to newer cloud-based solutions?
While Great Plains is a robust and proven solution, newer cloud-based ERP systems offer advantages in terms of accessibility, scalability, and ease of use. However, for businesses deeply integrated into the Microsoft ecosystem or those requiring an on-premise solution, Great Plains remains a strong contender.