How Dynamics GP Simplifies Year End Processing (And Saves Your Sanity)

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It’s that time of the year accountants. While your co-workers are off on ski trips or sunny vacations to Mexico you are stuck at work dealing with year-end processing and closing the books. You are stressed to the max and you can’t seem to come up for air. With so many things to prepare, you can’t see the forest for the trees because you are bogged down in manual processes. There has to be a better way for you to handle all of this extra work. If only there was a way to automate some of these items maybe you could actually enjoy the holiday season and lower your stress levels. Interested? Well please read on.

We are continually surprised how many prospects track fixed assets manually. Yes, creating spreadsheets to track asset purchases, manually calculating depreciation, and booking manual entries. So many simply send these spreadsheets to their CPA’s to have them create depreciation schedules (at a significant cost). This process is wrought with pitfalls. Did you remember to retire all of the right assets? Did you remember to add all the appropriate assets? And should you need to do any research on the Vendor, you’ll find yourself digging through stacks of papers and receipts. Did you know that with Dynamics GP you can automate the process from start to finish? When you purchase an asset, you can create an Accounts Payable voucher and asset all in the same step. That automatically ties the asset to the voucher giving you complete insight to the transaction. With Dynamics GP you can create multiple asset books and have assets depreciating as you need them, utilizing the numerous depreciation methods offered. This allows you to have multiple depreciation schedules for book and tax purposes. Speaking of depreciation, Dynamics GP allows you to run the depreciation schedules and have journal entries created automatically. When you retire an asset, the system takes care of all of the entries for you. No more worrying about getting it right, the system will. The Fixed Assets module within Dynamics GP is a sanity saver and can significantly reduce your workload.

Another thing we see too often is manual creation of 1099’s. Yes in 2010, there are many companies that still type their 1099’s. Dynamics GP offers full 1099 reporting. All payments to Vendors are tracked in the system and with robust reporting capabilities, the 1099 process becomes just another process instead of a time consuming procedure. Simply run the calculation, review the numbers, and insert the forms and print. Make a mistake? No need to worry, Dynamics GP allows for changes that won’t bog you down.

Finally let’s look at the nightmare of all nightmares for accounts: year-end payroll processing. Employees typically show no patience in waiting for their W-2’s. Wouldn’t it be nice to speed this process up and keep your co-workers off your back? With Dynamics GP you can do just that. With the support of Microsoft, year-end tax updates are a snap to install. All changes to the W-2 forms and payroll tax tables are done behind the scenes. No need to worry about typos on tax rates and if you got all locations updated properly; it is all done for you in the update process. Now all you need to do is run the W-2 creation process and print the forms. Need to submit the forms electronically? No problem; Dynamics GP can do that for you too.

Accountants are human too. Lower your stress level, free up some time, and, what the heck, plan a trip to the beach while you are at it!

Learn about Microsoft Dynamics GP’s Financial Capabilities

Learn about Microsoft Dynamics GP’s Payroll Capabilities

By Associate Solutions, Microsoft Dynamics GP partner serving Kansas

How Dynamics GP Simplifies Year End Processing (And Saves Your Sanity) is a post from: ERP Software Blog