What is Microsoft Accounting Software: The Ultimate Guide

• December 15th, 2021

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Microsoft Accounting Software is a financial accounting system specially designed for small to medium-sized businesses. Growing companies in the educational and healthcare institutes, eCommerce, retail business, wholesale business, construction business, and other manufacturing domains prefer Microsoft Accounting Software. Microsoft Dynamics 365 and Microsoft Dynamics GP are the two accounting softwares from Microsoft.

In this blog, you will be introduced to Microsoft Accounting Software Dynamics GP and Dynamics 365 along with their features. You can understand how this can transform your business. The pricing of Microsoft Dynamics GP and Dynamics 365 are discussed in brief. Other alternatives of Microsoft Accounting Softwares are also discussed.

Table of Contents

Microsoft Accounting Software: What is Microsoft Dynamics GP?

Microsoft Accounting Software: Microsoft dynamics GP logo
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Microsoft Dynamics GP is a Microsoft Accounting Software specially designed for small to medium-sized businesses. This Dynamics Accounting was initially developed by North Dakota-based Great Plains Software and was later acquired by Microsoft in 2001. Different applications for financial management, human resources management, manufacturing planning, supply chain management, field service, business intelligence, collaboration, compliance, and IT management are provided by Microsoft Dynamics Accounting.

Microsoft Dynamics GP also can be seamlessly integrated with hundreds of third-party applications from independent software vendors. This Accounting Microsoft Software works well with Microsoft Windows and .NET frameworks. This system is compatible both on-site or on a monthly hosting basis. Online training and support are also provided by this Microsoft Accounting Software.

Microsoft Accounting Software: What is Microsoft Dynamics 365?

Microsoft Dynamics 365- Microsoft Dynamics 365 logo
Image Source: Dynamics365

Microsoft Dynamics 365 is a Customer Relationship Management and Enterprise Resource Planning application that companies use to achieve operational efficiency. It is a comprehensive all-in-one suite of key applications that cater to the needs of various business requirements. The platform helps users save a lot of time by eliminating the need to select different applications to carry out various business tasks. 

It is a Software as a Service solution used by companies of every scale across the globe. It is a product of Microsoft’s range of business applications that comes with various tools and features to help companies carry out their CRM, ERP tasks, and automate various tasks like accounting to increase efficiency and scalability of business operations. Many industry-leading companies, including Coca-Cola, HP, BMW, Adobe, Delta, and many others, use Dynamics 365 to meet their business requirements. 

Microsoft launched this platform in 2016 that integrated its Dynamics 365 AX and Dynamics 365 CRM applications to provide an enhanced experience to customers. Microsoft Dynamics 365 offers Artificial Intelligence capabilities that help companies to deliver fast and actionable insights. Dynamics 365 comes with out-of-the-box integration support for Microsoft 365 application, which makes it a very flexible and scalable application. The application is highly secure and reliable as it is built on the Microsoft Azure platform.

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Microsoft Accounting Software: Features of Microsoft Dynamics GP

Project Management:

Third-party accounting software and apps can be integrated seamlessly with Microsoft Dynamics GP’s project management. You can also integrate these third-party apps with inventory management, financial management, and accounting management. With all these additional integrations, you can manage and track all your business projects. With Microsoft Dynamics GP’s project management, you can use timesheets and analytical tools for planning, reviewing, and approving your business projects. 

Accounting Management

Microsoft Accounting Software provides access to a General Ledger account in accounting management. General Ledger account is an analytical tool that will make your entire analytical process easy with its excellent features and modules. This General Ledger also helps in managing your workloads efficiently with its productivity systems. Microsoft Dynamics Accounting can also track budgets and financial data collected across your entire enterprise. All these data can be combined to form centralized accounting management. These data can be used to improve your business by identifying the regions of improvement and the profit zones.

One more advantage of using Accounting Microsoft Software is that you can seamlessly use other Microsoft products. Using Microsoft Excel, you can update and maintain budgets for your projects. You can easily share your data across other platforms with the export and import options in Microsoft Excel. Microsoft Accounting Software also has a forecasting tool for assisting in managing your financial inflows and outflows. In Dynamics Accounting you can automate some of your accounting processes like automating payrolls and etc.

Human Resource Management

You can manage your human resource efficiently with Microsoft Accounting Software. You can view all your metrics and benefits online. With the help of a filter, the monthly or yearly data can be filtered and verified. By this, you can avoid the manual paperwork in analyzing your company’s performance. Magnetic Media files, used in maintaining compliance with your government can be created in Accounting Microsoft Software’s Human Resource Management. Using this tool you can report all your requirement details easily. You can perform multiple tasks effortlessly in this Microsoft Dynamics Accounting with its customizable tools. In Human Resource Management, you can schedule activities and tasks, hire employees, record and analyze business performance.

This can be entirely customizable to meet your requirement. You can also carry our small tasks and save time. Microsoft Accounting Software increases your productivity by automating a lot of processes like complex vacation, sick time policies, and payrolls to employees and staff members. The health and safety of your employees can also be ensured in Human resource management. This improves the overall working environment of the employees.

Bank Management

With Microsoft Accounting Software, unlimited checkbooks can be attached to your bank account. There is also an option for integrating your checkbooks with your bank account electronically using a mobile phone or PC. With these checkbooks, you can withdraw or make payments more efficiently.  All your transactions and reconciliations of your bank account management can be automated. This makes your bank account be managed productively and securely.

Supply Chain Management

You can monitor all your inventory stock levels and costs with Accounting Microsoft Software. A report will be generated frequently in Microsoft Dynamics Accounting which holds all the details about your products and stocks in your inventory. This report will be mailed to you for keeping a track of it.

From Microsoft Accounting Software, you can set prices for your products and stock in the inventory. This pricing can be set on a customer basis to ensure your customers get their products at the best price. The manual pricing can be automated by modifying and aligning your products according to their prices. The price automation process is also customizable by creating flexible price options and specific rules for customers. 

Manufacturing Management

Microsoft Accounting Software’s manufacturing management leverages your Manufacturing Suite for planning and operating sales forecasts. You can also track the entire cycle of processing while your product is manufactured. By this, you can manage raw materials and other components of the product more profitably. Microsoft Dynamics Accounting also helps in automating the creation of specific products per sale.

Microsoft Accounting Software: Features of Microsoft Dynamics 365

Microsoft being one of the industry leaders in technology provides various features that make Dynamics 365 stand out from the competition.

Microsoft regularly updates the platform with better features and tools to make Dynamics 365 a user-friendly application. Below are a few notable  Dynamics 365 features. 

Effective Customer Relationship Management

With Microsoft Dynamics 365, companies can effortlessly track every customer interaction, action, and history using the Activity Log Feature. The platform simultaneously analyzes the gathered data to display relevant suggestions and recommendations to users that help them in providing a better experience to their customers. Microsoft Dynamics 365 can also be integrated with security systems like Microsoft OMS to minimize the chances of any breach of critical customer information.

Sales and Marketing tools

Microsoft Dynamics 365 comes with many tools and solutions that let companies carry out their Sales and Marketing operations with ease. The application automates several tasks that result in shortened Sales Lifecycle and increases Employee Productivity. Companies can also effectively plan Marketing Campaigns and analyze Campaign results using Microsoft Dynamics 365.  

Smart Search

Smart Search is a unique feature offered by Microsoft Dynamics 365 that lets users retrieve any information from past records, contacts, stored opportunities, and templates. Users can save a lot of productive time while using this smart search feature. Dynamics 365 allows users to search for information across multiple work teams that increases the resulting pool of searches. 

Unified Client Interface 

CRM has become a part of Microsoft Dynamics, which means that even the new Microsoft Office 365 purchaser will have smooth navigation and the crisp layout of Fields and Grids.

Web Client Refresh

The new internet patron interface has passed through a sizable update – Borders around Bins and Uniform Spacing, Greater Color Theming, Discipline Controls Styling, Font Standardization, and Textual Content Wrapping.

Activity Timeline 

This function combines Posts, Activities, and Notes right into a single feed. It additionally enables you to filter out particular pastime kinds and quick pick out un-study gadgets

LinkedIn Sales Navigator

With the LinkedIn Navigator answers for Sales and Campaigns, you can use current LinkedIn functionality to view and synchronize information to your Leads, Accounts, and Contacts.

Virtual Entities

Virtual Entities are much like traditional entities. However, external records are read at run-time without being saved inside the Microsoft Dynamics database. This is an exquisite new function for heavy, custom integrations.

Microsoft Dynamics GP Pricing

  • Starter Pack: $5,000 for THREE concurrent users (required)
  • Additional Full Users: $3,000 each
  • Additional Limited Users: $600 each (read-only access)
  • Self Serve Users: $60 each

Optional (prices below are a one-time fee, covers all users):

  • Extended Pack: $10,000
  • Customization Pack: $6,000
  • Extended Human Resources & Payroll Pack: $7,000

Microsoft Dynamics 365 Pricing

Microsoft Dynamics 365 comes with bundle and role-based licensing. These are the most commonly preferred pricing features. The pricing plans of Microsoft Dynamics 365 are given below:

  • Customer Engagement Plan
    • This plan is preferred while building and supporting customer relationships for your organization.
    • $115 per user/month
  • Unified Operations Plan
    • With this, you can connect and manage your business operations.
    • $190 per user/month
  • Dynamics 365 Plan
    • This is the best value for money option.
    • $210 per user/month

How can Microsoft Accounting Software transform your Business?

To have a successful business, you need to maintain an up-to-date ERP software solution. This can be possible with Microsoft Accounting Software. The ERP software solution of Microsoft Accounting Software can transform your business using its excellent features and modules. You can leverage your business to the next level using Microsoft Dynamics GP irrespective of your business size.

Data Security and Protection

You can transform and modernize your business with the Accounting Microsoft Software Dynamics GP. This provides end-to-end security and protects from cyber hackers. Today, cracking through codes and into important business files has become common. Dynamics Accounting Software saves your work as and when it gets done. By this, you can ensure that all your works and progress are protected from any virus or malfunction. 

Efficient Financial Management

You can manage all your finances in one place and avoid any missteps. The high-end features. The toughest task of your business enterprises and companies can be efficiently tackled with Microsoft Accounting Software. You can use powerful applications and software that are driven by artificial intelligence technology to handle your business needs. 

Mobile Application

Microsoft Dynamics GP comes with a mobile app with access to all the features. With this, you can use the ERP software solution on your mobile phone from any location. With this, you can monitor your business from any place and time.

Alternatives to Microsoft Accounting Softwares

NetSuite

Microsoft Accounting Software- NetSuite Logo
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NetSuite is an all-in-one Enterprise Resource Planning (ERP) software. Evan Goldberg first presented it in 1998 under the name “Netledger”. NetSuite assists businesses in achieving company growth and success via the effective optimization of business operations. It also aids in the automation of corporate operations and activities in a cloud platform with superior features.

NetSuite gives you a full set of Analytic tools to fit your company needs, allowing you to get real-time business insight. The software is known for giving users a 360-degree perspective of their client interactions or end-to-end company operations. As a result, it caters to all types of businesses. Over 27,000 clients use NetSuite throughout the world, with industries ranging from manufacturing, distribution, and retail to professional services, software development, and nonprofits.

Sage Intacct

Microsoft Accounting Software: Sage Intacct logo
Image Source: Sage Intacct

Sage Intacct is a cloud-based accounting and financial management software. Sage Intacct accelerated your success by delivering profound accounting opportunities like tax filings, payroll, inventory tracking tools across multiple industries. Sage Intacct provides an open ecosystem for greater connectivity and impact. This cloud-based accounting software provides true cloud flexibility and accessibility. Sage Intacct keeps your organization agile with a configurable, open cloud accounting solution. This allows you to share data and connect multiple solutions with your financial foundations at ease. The Sage Intacct is said to handle over 100 million application requests per day and over 50 billion financial records.

Sage Intacct automates all your day-to-day business activities to provide valuable insights. These insights will allow you to make convinced long-term decisions and make changes when required.

SAP

Microsoft Accounting Software- SAP logo
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SAP (Systems, Applications & Products in Data Processing) is a popular software tool that offers ERP(Enterprise Resource Planning) services. It is one of the most widely used ERP software and has integrations with 100+ modules that cater to almost every requirement of your business management process. This tool can create a centralized system for your business that allows each department to interact and share their data seamlessly. Moreover, SAP automates workflows and simplifies complex processes.

Today effective communication among various departments is necessary to form a robust working environment. SAP plays a major role in enhancing this inter-departmental exchange of data. SAP also provides Reports and dashboard that allow you to view all important data pointers in an easy to understand format in real-time

Conclusion

From this blog, you would have learnt about Microsoft Accounting Software Dynamics GP along with its features. You will now be clear on your preference in choosing this. You would have understood how this can transform your business. The pricing of Microsoft Dynamics GP along with other options will be known to you now. In case you want to transfer your data from Dynamics 365 or from Dynamics GP, you can use Hevo to pull data into your data warehouse.

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