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5 best practices for managing multiple companies in Dynamics GP


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Scaling your company as it grows can be a bit of an administrative nightmare. Many teams find themselves stretched between multiple databases, simply implementing what worked initially across their new locations. Information often ends up scattered across different databases, and reports have to be cobbled together from various sources. A system which is far from ideal, taking unnecessary time to compile and is often riddled with human error. 

 

As you know, managing a company is complex. A complexity that only multiplies with each new company added to the list, particularly when it comes to resource management, reporting, and general accounts. Your team needs access to reliable reporting that gives a clear overview of performance across all companies, and also allows for the ability to drill down into each company.  

By following the five best practices for running multiple companies in GP, you can avoid the mistakes many companies make as they scale. 

  1. Implement consistent labelling conventions across all databases 

Synchronizing your master records across all your companies is essential when it comes to making sure that Vendor IDs and Vendor Names always match. Before entering data into your Dynamics GP system, decide on the conventions for labelling vendors, as well as other important information. Stick to those conventions when inputting data. A simple step like this saves time and ensures consistency across all your databases, making it easier to pull the information you need without complications. For example, one vendor with two separate IDs, or with two slightly different names, means reports may include only some of the information when pulled. 

      2. Synchronize your chart of accounts 

 Decide which accounts to use for which kinds of data, and make sure your team follows the same chart of accounts when entering data. Accounts must be consistent across all your companies to be effective. If accounts match, it prevents cross-company confusion and inaccurate reporting e.g. Consistently using 4100 for sales revenue across all companies, makes it easy to get accurate sales revenue data when you run a report. 

      3. Pay attention to your security 

Many companies apply the same security system across all databases, but managing multiple companies comes with a whole range of security concerns. Never be complacent when it comes to sensitive information.  Take time when setting up your system to go through the permissions and ensure you’re happy with each user’s level of access. Restrict permissions, limiting employees to the information they need to perform their duties. 

       4. Use a tool that pulls both individual and consolidated reports 

Use a reporting tool that makes pulling individual company and consolidated reports possible. You may need to train a member of your team as the go-to person for managing your reports, or perhaps you might choose to use a Microsoft partner to handle reporting. Either way, a good reporting tool will give your company the ability to get an accurate picture of accounts across all companies without having to mine multiple databases for the information required. 

        5. Consider a system built to manage multiple companies 

Rather than running multiple databases, use our Multi-Entity Management module for Dynamics GP (MEM].  

  1. Run all your companies from a single database, saving you time.  
  2. No more duplicate entries. Consolidate your data into a single set of master records. 
  3. Strengthen security, share data between companies while still restricting access, making reports and companies invisible where necessary.  
  4. Automatically uses the same chart of accounts for each company.  

Unsure how to best manage your companies in Dynamics GP? 

Why not download our infographic here. Our experts are on hand to help you figure out the best system for managing your specific needs. If you’d like some advice or further insights, email sales@binarystream.com 

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