As a business owner, you probably already know that using the right software can make all the difference in streamlining your operations, increasing efficiency, and reducing costs. If you're using Microsoft Dynamics GP as your primary accounting and finance software, then you're already off to a great start.

Microsoft Dynamics GP is a powerful financial management tool that helps businesses manage their accounting and finance functions. It comes with a lot of standard features that are well-known, but there are also several lesser-known features that can help businesses extend their use, cut costs, and improve productivity. In this blog post, we're going to take a closer look at some of these little-known Microsoft Dynamics GP features.

Extend the Reach of Your Microsoft Dynamics GP System

1) SafePay or Positive Pay

One of the most important things businesses need to do is ensure the security of their payments. With SafePay, Microsoft Dynamics GP makes it easy to do just that. SafePay is a module within Dynamics GP that allows you to print checks that are only payable to the intended recipient. This feature helps to reduce the risk of fraud and unauthorized payments.

SafePay works with your bank’s Positive Pay program to prevent fraudulent checks and EFT transactions from clearing your accounts. This feature is especially useful for businesses that are at risk of fraudulent activities or for those that need to ensure a high level of security for their payments.

Microsoft Dynamics GP can save you both time and effort from one day to another by doing all of this automatically for you!

2) Electronic Funds Transfer (EFT) for your Payables

In today's fast-paced business world, paper checks are becoming a thing of the past. Electronic funds transfer (EFT) is a more secure and efficient way to transfer money between businesses. Microsoft Dynamics GP's EFT for Payables feature makes it easy to pay vendors electronically.

With EFT for Payables, you can set up your vendors for electronic payments and easily send payments to them without the need for paper checks. This feature allows you to pay your bills using the bank account information that you've already entered the system.

Two of the greatest benefits of using EFT are:

• Quicker payment processing time, since payments are made electronically by transferring funds from one bank account to another.
• Reduced costs associated with mailings and checks, which can be expensive if they're lost in transit or damaged in shipment.

The next time you need to pay someone, consider sending an EFT payment instead of a check. It's fast, efficient, and convenient.

3) Automatic Reconciliation with Bank Files

Bank reconciliation is a time-consuming task that many businesses dread. However, Microsoft Dynamics GP's Bank Reconciliation feature makes this process much easier. With this feature, you can automatically match transactions from your bank statement to your accounting records.

Automatic reconciliation is an option that allows you to import bank transactions directly into Microsoft Dynamics GP without having your accountant manually enter them and identify discrepancies. This saves time and reduces errors caused by manual data entry mistakes (such as transposing numbers or missing checks). This module is easy to implement as there is a US standard for the file type called BAI that all banks need to comply with for sending a Reconciliation file.

If you're using Microsoft Dynamics GP for the first time, then this may be all you need to do. If you're already using GP but want to switch from manual reconciliation (or if your bank doesn't offer automatic reconciliation), then give Dynavistics a call so we can help.

4) Workflow with Microsoft Dynamics GP Web Services 

In any business, there are often processes that involve multiple people and multiple steps. Workflow in Microsoft Dynamics GP is a powerful tool that helps businesses automate and streamline these processes.

Workflow is a system installed with Microsoft Dynamics GP. It provides functionality you can use to create individual workflows or approval processes, such as the approval process for a document, master record, or batch. A workflow defines how a document, master record, or batch "flows" through the system by showing who must approve it and the required conditions for that approval.

The benefits of using Workflow include:

• Consistent processes

The Workflow system enables you to define the approval process for specific documents, such as purchase order documents and Receivables Management batches. By using the Workflow system, you ensure that documents, master records, and batches are reviewed and approved in a consistent and efficient manner.

• Automatic notification

Users can be automatically notified when a document, master record, or batch is assigned to them for approval, or when a document, master record, or batch they submitted is approved. Users can be notified via desktop alerts or e-mail alerts.

With Workflow, you can easily create custom workflows that fit your business needs. This feature allows you to define the steps in a process, assign roles to different individuals, and set up notifications and alerts. Workflow can help you to reduce errors, increase efficiency, and ensure that processes are completed in a timely manner.

Conclusion

Microsoft Dynamics GP is a powerful financial management tool that has a lot of features that can help businesses streamline their accounting and finance functions. However, there are also several lesser-known features that can help businesses extend their use, cut costs, and improve productivity.

SafePay, EFT for Payables, Bank Reconciliation, and Workflow are just a few of the little-known features in Microsoft Dynamics GP that can help businesses to be more efficient, secure, and accurate in their financial operations. By leveraging these features, businesses can improve their bottom line and achieve greater success.

Give Dynavistics a call and let us know how we can help you use all the GP features you already own.

Related Articles

• Benefits of Using Microsoft Dynamics GP SafePay
• Benefits of Using Microsoft Dynamics GP Electronic Bank Reconciliation
• Benefits of Using Microsoft Dynamics GP Workflow

Dynavistics is here for you

Do not worry, you have Microsoft and Dynavistics Support for years to come.  You can plan what is right for your firm and select the timeframe that works for you. Dynavistics is happy to provide full and accurate information so you can make the right choice at the right time for your firm.  If you have any questions or want to discuss your future ERP plans or want help with ERP planning, feel free to contact me at info@dynavistics.com.

If you have any questions about Dynamics GP or BC, NetSuite, Acumatica, or general questions about how we can help you, contact Dynavistics today!