Learning to Love your GP: Electronic Banking Features
So your company has been running Microsoft Dynamics GP for a while now — maybe a few months, maybe a few years. And, while it has provided a financial backbone for your growing enterprise, you can’t help but think that you’re not really getting everything out of it that you should.
Well good news: In this installment of “Learning to love the GP you already have” we’ll take a look at some of the electronic banking features that will increase your ROI for GP.
As your business grows, so do the sheer numbers of financial transactions each month. More business means more payroll, purchasing, capital expenditures, taxes and hopefully sales. What was once a simple job of reconciling the books with the bank statement every month has now become a giant chore when you’re trying to close your monthly books.
Good news: There is a better way, and it uses the Microsoft Dynamics GP that you already have. Electronic Bank Reconciliation (EBR) features are part of the core finance functionality, and enable you to link your bank accounts with your “Checkbook” in GP. Reports are generated that will help you locate and correct discrepancies much faster.
This functionality can mean the difference between knowing which checks have cleared correctly and guessing how much money is actually in your accounts. With the upgrades from GP2013, this process now supports both BAI and DAT formats.
Another thing to consider is the time it takes to actually process payments. Does your business operate under multiple names? Process payments from several bank accounts? Is keeping up with all the different sets of checks causing headaches and waste in your accounting department? Well, Mekorma Magnetic Ink Character Recognition (MICR) Checks and your GP Checkbook might be just the solution for you.
MICR Checks are essentially blank check stock — no routing numbers, no check numbers, no company name. This way, you can program your GP Checkbook to use this type of check stock, and it will print everything on the checks as it goes. Logos, routing numbers, even electronic signatures. As the best-selling independent add-on for GP, thousands of customers are already using this powerful tool to more efficiently and securely process payments, and you should too. Check out this brief video to see more.
Just think, by incorporating these two features into your accounting routine, you’ll be able to free up hours of time every month. Time that can keep staffing levels in check as you grow. Time that can be spent looking at BI rather than sorting through pages of bank recs or signing stacks of checks every week. And, you’ll have two more reasons to love the GP you already have.
Want more reasons to love your GP? See our last installment regarding security options. And, check back with us soon as we discuss Automated Clearinghouse (ACH) features that can bring payment processing to a whole new level.