Welcome to January 2012! Ready to start the New Year? With Dynamics GP, the next few steps are easy. For many professionals, the first day of the New Year signals the beginning of a long and difficult period in their work lives. January means that three brutal tasks lie ahead: Perform the Year End close, then begin the prep for the auditors visit, and then tax season. January just begins a long period of high-stress work. Happy New Year? Not so much……………………….
Of course, for those Accounting and Finance professionals using as their system of record, these three steps are quick and painless.
Three steps to go:
Begin by closing out 2011. This process is straightforward and trouble free; just be sure to follow all of the steps, in the correct sequence. For a detailed step-by-step process guide, .
Here is the summary:
– US Payroll Close
– Inventory Close
– Receivables Close
– Payables Close
– Fixed Assets Close
– General Ledger Close
Be patient, follow ALL of the steps, even for those modules you are not using. It won’t add much time to the total process and your Dynamics GP system will be that much happier starting the New Year.
Prepping for Auditors
As you begin to prepare for the annual visit from the Auditors, Dynamics GP can make this process much smoother and more comfortable. First, rest assured that no auditor will give you the stink eye for using Dynamics GP, which cannot be said for all of the various shrink-wrapped packages that are available.
Second, make use of the Reports Group function in Dynamics GP. You know that the auditors will always want to see the same basic documents every year: Trial Balance of the General Ledger, AP aging report, AR aging report, Inventory reports, etc. With Dynamics GP, you can create a Report Group that includes all of these basic reports, and then print them for the auditors as a single exercise.
Third, use the Risk Management Suite to provide superior internal controls to protect the integrity of the data in Dynamics GP. The Risk Management Suite consists of the Audit Trails module and the Electronic Signatures module. Audit Trails allows you to monitor the critical data elements within your system, tracking the changes made to specific data fields and recording who made the change, date and time stamped, and preserves the former data value for reporting and auditing. Electronic Signatures can be deployed to require a second approval to a change before it can be finalized and saved.
Finally, at Tax time, you can rest assured that Dynamics GP is ready to help you with your various tax filings and reportings. From Sales and Use taxes, 1099 and W-2 filings, Amortization and Depreciation, property tax filings, and the back-up materials for income tax filings, Dynamics GP provides a smooth and efficient tool for meeting your needs.
If you don’t already have Dynamics GP, well, maybe next year? Most can be completed in 3 – 4 months, so you have plenty of time to make the switch.
By TMC, Your Partner
