Year-end processes always seem to take up a lot of time on the management schedule. Gathering all of the past year’s financial data and having up to date and accurate reports are vital when constructing budgets for upcoming fiscal years. Management can easily end up spending weeks or months budgeting. Furthermore, tracking all pertinent data, which is continuously changing, in one place is always a challenge. Microsoft Dynamics GP has provided a simple and convenient way for you and your team to collaborate and easily move data in and out of the system in order to analyze and report the company’s financials.
Microsoft Dynamics GP combined with Excel provides an extremely easy and simple user interface to get your data into excel. By utilizing ODC Connections, GP creates an organized file structure on a company share that conveniently places up to date excel reports at your fingertips. Therefore, during budgeting season, and throughout the rest of the year, your managers can make timely decisions based on easily available data. Now, whenever an invoice is paid or a product is received, all reports will accurately reflect these activities, greatly improving your response time and decreasing the likelihood of making a decision based on outdated information.
As far as assisting your budgeting process, you can now review and analyze these reports through excel and share them within and across teams. Additionally, you can create excel budgeting templates through Dynamics GP. By following a brief wizard in GP, you can straightforwardly import or export company financial budgets on a detailed level. When exporting these budgets to excel, they can easily be distributed to various departments and at any time updated back into GP. By utilizing this facet of GP your budgeting team will save time and tedious effort of entering information in both Dynamics GP and a budgeting spreadsheet. By taking advantage of the out of the box reports and GP functionality your company can now closely monitor and compare budget and actual financials.
In addition to the hundreds of reports that can be exported out of GP, many times you are looking to transfer information from excel documents into GP forms such as Journal Entries or Bank Transactions. In these circumstances, Microsoft GP has the ability to import and export data via econnect procedures, which run business logic and data validation methods to verify all information being automated into and out of GP. This can potentially save many tiresome man hours.
Blake Eaches, Staff II Consultant
FMT Consultants, LLC