In a day and age where everything seems to be about finding the next big thing, Microsoft Dynamics 365 has understandably received the lion’s share of media attention within the information and computer technology space.
It’s little wonder why, both the enterprise resource planning platform and customer relationship management version offers incredible visibility and flexibility for business owners.
But Microsoft Dynamics GP – the predecessor to 365 – is still around and continues to receive rave reviews from the likes of 360Quadrants, which recently named the accounting software as being among the very best for small and mid-sized enterprises.
In mid-June, Microsoft Dynamics GP was selected as an elite accounting management software system for SMEs, with the publication pointing specifically to the platform’s ability to help business owners and managers make better decisions about how their companies should operate by making data-driven insights easier to interpret, collect and analyze.
“Microsoft Dynamics GP helps businesses optimize cash flows and monitor financial parameters efficiently,” 360Quadrants stated in announcing its results. “It has inbuilt analytics for analyzing and delivering real-time insights for better decision making. It helps organizations track critical metrics and digs deep into each transaction to help ensure metrics are in a good state.”
The website, which primarily focuses on reviews and ratings for various online and computer-based products, also noted that the automated capabilities of Microsoft Dynamics GP make time management easier by systematizing routine financial processes, so they don’t have to be done manually.
How did 360Quadrants arrive at its findings?
Earlier this year, 360Quadrants performed a comprehensive review of more than 80 accounting software products, including Workday, AlignBooks, Mint, NetSuite, Xero, Zoho, FreshBooks and SAP Business One. It then narrowed down the field to the top 25, basing its decisions on which were the very best through the following scoring methodology, some of which involved answering close-ended questions:
- Does the accounting software leverage an algorithm to collect inputs from key stakeholders based on criteria for product maturity and company maturity?
- Does the product maturity feature functionalities, differentiation, and depth of service in comparison to others?
- Does the product provide measurable customer value?
- Over 90 “in-depth” parameters used in evaluation for each accounting software system.
- Weights are assigned to criteria by level of importance, as determined by the industry experts, buyers and 360Quadrants analysts judging the accounting software products.
These measures were complemented with extensive secondary research, annual reports, white papers and reviewal of relevant databases and directories.
Once the top accounting software programs are officially announced, the best of the best will be categorized accordingly. For example, some of the categories include “Emerging,” “Visionary Leaders,” “Innovators” and “Dynamic Differentiators,” among others.
What is the history of Dynamics GP?
Originally created by Great Plains Software, which was purchased by Microsoft in 2000, Microsoft Dynamics GP is a trailblazer in the accounting software space. It was the very first multi-user version to run on Microsoft Windows 32-bit. It’s been through several iterations since it was first released in June 2007 and has evolved to become a web-enabled application. The current installment is called Dynamics GP R2, released to the public in October 2018.
With the launch of Microsoft Dynamics 365 CRM/ERP solutions – some have questioned whether Dynamics GP will be discontinued. As reported by Encore, GP R2 is expected to receive software updates until January 2023 and will also have extended support through at least 2027.
Although Microsoft is not making Dynamics GP available as a cloud solution, Njevity has launched the Power GP solution which is essentially GP in the cloud with some functional enhancements. This has been a very popular solution for GP clients which want to move to the cloud but prefer to stay on the familiar and functionality rich GP solution.
Highly in-demand accounting skills can be difficult to come by for business owners these days. According to a 2019 poll by Robert Half Finance, 86% of chief financial officers cited business analytics as a key capability for people in finance and accounting-related occupations.
Steve Saah, Robert Half executive director, noted that the degree to which big data is leveraged by organizations of all sizes makes it clear that business analytics skills isn’t a flash in the pan.
“Neither the demand for technology skills nor the lack of them available is going away soon,” Saah predicted. “By providing professional development on new and emerging tools, companies can upskill their existing teams and make themselves more attractive employers.”
One of the more popular modules on Microsoft Dynamics GP is project accounting. Aside from tracking as many contracts and projects as you need in real time, it also allows you to create a client database. You can also connect project activities so they’re in keeping with your company’s timeline and budget.
Microsoft Dynamics GP is a game-changing ERP software. If you’d like to see for yourself what all the buzz is about, The TM Group will be happy to set it up for you or give you a rundown of how it works. Contact us today.