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Read more on "The Secret Ingredient Of Best-In-Class Organizations" »secretingredient

The pace of modern business seems to get faster and faster. And while keeping your business agile is something everyone knows is important, achieving a high standard of efficiency and room for strategic planning can be tricky.

The Secret Ingredient Of Best-In-Class Organizations
Highly successful companies often share a common approach to operations: ERP. According to a recent study1, 70% of Best-In-Class companies have moved to a standardized ERP implementation.

But for many businesses, the realities of day-to-day operations come down to a mixture of siloed applications and manual business processes. Although this kind of structure can function well enough, there are disadvantages that accompany it — inefficiency and time lags can decrease profitability.

What ERP Can Do For You
ERP can move your business beyond outmoded processes, making your business leaner and more adaptable. In short, ERP:

  • Increases efficiency by automating business processes
  • Improves decision making by providing business intelligence and analytics
  • Provides integrated applications that share information, allowing users to quickly and easily find the data they need

When you compare the efficiencies of an ERP with laggard or average companies, the standout feature is the use of stand-alone applications to manage various operations. Having a separate application for each task makes obtaining and sharing information across a business very difficult. Information is rekeyed into different systems, reducing operational efficiency.

Here are a few of the key ways ERP can make your business better.

1. Standardization
Reducing manual processes is a powerful means of supercharging efficiency. Liable to human error, manual processes can corrupt important information and leave customers with an uneven experience. ERP solutions eliminate these problems by automating the processes. Automated processes are not only faster and produce fewer errors, they note exceptions. Managers can act on alerts and respond more proactively.

2. No Task Too Big Or Small
And ERP works across your business to integrate operations. It can automate:

  • Payroll
  • Human Resources
  • Accounting and Finance
  • Customer Resource Management
  • Sales
  • Distribution
  • Inventory
  • Manufacturing

3. Supports The Way You Do Business
You might think that standardization would entail a rigid solution. One of the best features of ERP is the flexibility it brings to your enterprise. The unique way that you do business, the ways you and your team work, can be supported by an ERP. IT can bring an outside-the-box perspective to processes, configuring them to meet your workflow requirements.

4. Multi locations? No Problem
Multiple locations, subsidiaries, divisions, global offices, extended supply chains – complex organization brings its own unique challenges. ERP solutions can streamline processes as well as make data available to aid collaboration.

The flexibility of ERP allows you to achieve standardization, but at the same time lets you customize solutions to meet the needs of individual divisions or locations. ERP solutions support global operations, accommodating different languages and currencies.

5. Reporting And Analytics
When it comes to analyzing data in modern business, real time access to information is critical. ERP eliminates the need to import information from various applications into a spreadsheet. Flexible search features yield reports quickly in real time, speeding up the accuracy and efficiency of decision making.

More and more companies are turning to ERP to reduce inefficiency and improve over all performance. Flexible and adaptive to real-world business needs, an ERP can increase your profitability.

Want to learn more about the ways ERP can improve your business? Contact us today and learn how ERP can take the hassle out of operations and improve workflow.

1  “ERP in the Midmarket 2009: Managing the Complexities of a Distributed Environment,” Cindy Jutras, Aberdeen Group, August 2009.

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Read more on "10 Essential tips For Implementing an ERP System: Part One" »10essentialtipsp1

Implementing a new ERP system can be a headache. There is a significant need to invest time and resources in accessing strategy and planning implementation and training. Lags can result in your achieving a slower ROI.

By focusing on 10 key elements, proven methodology can come to the rescue, speeding up the implementation and measuring of progress against your business goals.

1. Assemble The Right Team
The single most important element supporting swift and efficient implementation is the creation of an implementation team.

Team members should have the authority to monitor progress and ensure implementation progresses steadily.

The team should be composed of

  • An executive steering committee in charge of directing the course of the implementation.
  • A project team that has ownership of the project and will drive implementation. It must have a clear understanding of how the software can best serve the company. Critical to include are the business managers from the various business lines: they have the best knowledge of their functional areas.

2. Review Business Goals
These goals must be established before implementing a new ERP system. They should be reviewed before and during implementation to incorporate any strategic changes.

Common goals in the implementation process include:

  • Empowerment and improved efficiencies for end-users as they perform their daily tasks, with the ability to access the information they need and an integrated, end-to-end business process.
  • More timely and meaningful data that will allow management and executives to make faster and more strategic decisions.

3. Ensure Understanding
Understanding the benefits of software is critical. Arranging training for your implementation team is ideal to ensure they understand all features and functionalities of your new system. The training should be structured to ensure implementation team members clearly understand how the new system will improve business processes.

4. Detail How Business Processes Can Be Improved
The key benefit of an ERP system is automating and streamlining business processes. This is the time to:

  • Re-examine your current processes with the help of your implementation partner.
  • Streamline current processes by taking into account best practices that are available in the new software.
  • Validate new processes to ensure that you don’t miss any opportunity to make improvements.

5. Maximize Training
To ensure that your users are able to effectively use the new ERP software, functional teams will need to be established to ensure maximized end-user training.

Ideally, in order to ensure full optimization of end user training, selecting an ERP system with an intuitive interface will allow users to get up to speed faster. In addition intuitive interface features are more cost-effective, promoting efficiency.

It is imperative that training materials are available which document features and processes, and that these materials are easily accessible for end users.

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Read more on "Do You Make these 5 Productivity Mistakes?" » ProductivityMistakespsd


You have it all together – the calendars sync’d, the project planned, the expenses tabulated. As a busy executive, you pride yourself in your productivity and organization. But are you slipping up on the details? Test your executive staff with the eight productivity habits below.

1. Do you touch an email multiple times? Email is one of the busy CFO’s biggest time wasters. Minimize its impact on your schedule with a firm “once and it’s done” rule. Answer it when you read it, then delete it or file it immediately. No need to waste more energy on one communication.

Bonus points – Do you have a super-simple email filing system? Thanks to today’s fast email searching capabilities, major email programs like Gmail and Outlook do not require an extensive filing system to find what you need. Simply search or even filter within the search bar to call up that important information. Simplify your life with one main file to save anything you are afraid to delete, and label it “Important” or “Saved.”

2. Do you have too many to-do lists? The more lists you have, the less likely you are to call up the information in a timely manner. Try to combine as much as possible, perhaps with one master “personal” list and a master “work” list that you view daily. If multiple work projects require separate lists, assign an owner of each to champion its cause and make sure all the shareholders stay on task.

Bonus points – Do you schedule tasks on your calendar rather than dumping them on a list? Scheduled tasks get done, and schedulers get productive!

3. Do you neglect to write things down? Some professionals think that the casual “I’ll remember” makes them look calm and in control. But forgetting commitments or deadlines makes a busy CFO look irresponsible, instead. Make a commitment to write down every promise and to schedule every appointment immediately.

Bonus points – Do you actively take notes during meetings and presentations? Whether helping you remember insights or keeping you engaged on a sleepy afternoon, note-taking works your memory and creativity, keeping you sharp when you need it most.

4. Is your phone always on? In today’s hyper-connected world, the busy CFO strives to be reachable and responsive. But the “always on” phenomenon takes a toll on sleep, relationships, and health. Set personal boundaries, like “no phones during dinner” or “no work communication after 9pm” to protect your sanity – and that of your loved ones.

Bonus points – Have you taken a vacation from your phone lately? Show your loved ones you care and demonstrate responsible work/life balance to your staff by leaving work completely behind for a weekend or even a week-long family vacation.

5. Is your planner packed from pre-dawn to midnight? A day with no margin is a day set up for failure. Productive executives are ready for the unexpected with a good cushion around meetings, lunches, and major events. Stay cool, calm, and collected by giving yourself wiggle room in the agenda.

Bonus points – Have you blocked off “down time” in your week and even your year? Productive executives give themselves leeway with one day of rest a week and firm vacations throughout the year.

Productivity isn’t a goal, it’s a tool to accomplish what matters most. Did you notice any productivity habits missing from your daily life? Start practicing them now to achieve your goals with confidence.

We want to see you achieve those goals. Contact us today to see how we can make your business more productive with TGO’s professional development webinars and training.

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Read more on "Take Charge of Your Social Media Message" »

Add Value While Building Your Community


It’s time to face the new reality: your customers are getting younger and their communication is less traditional than ever. Today’s consumers are social, and they make their buying decisions long before they visit your website or brick-and-mortar. How can today’s company make the most of this rapidly-changing social media environment?

Meet them where they’re at. Growing companies realize the new business model – don’t wait for customers to come to you, go to them. But with today’s wide array of social media outlets, which one should you invest in? Start with a snapshot of your ideal customer, or customer persona. Are they part of a large community of friends and relatives on Facebook? Are they information junkies, checking Twitter every hour? Do they save recipes and decorating ideas on Pinterest? Or are they taking snapshots of a morning jog on Instagram? Engage your community on the social media platform(s) they use most to build a community of fans.

Give them what they want. Get to know your community on the platform of choice and notice what is commented and shared most. Whether it’s funny memes, beautiful graphics, or informative links, start sharing and even creating that valuable content for your own audience. What you are after here is interaction – shares and comments that indicate your message is resonating with your community. Let them know you care and understand.

Forge relationships. Let your own social side shine with some public cross-promotions and shares from friends in your industry. Highlight initiatives from causes that matter to your company. Give public commendation to fans who are making a difference. Demonstrate your support for your industry and for your community with public displays of appreciation.

Advertise responsibly. Every industry has its own sweet spot, but one principle is clear – your community needs to be courted before they will buy. Before making that purchase, your customer is wondering “what have you done for me lately?” Increase your chances of success by giving more than asking. Set a ratio of content vs. advertisement for your social media shout-outs, and regularly evaluate how your customers respond to changes.

Stay personal. Encourage executives to make a personal appearance on social media regularly. Answer fans’ questions and concerns personally, by name. Respond to public criticism graciously and publicly. Let your community know that you are real and reachable.

Stay positive. Social media is, at the end of the day, as much customer service as it is marketing. Keep the conversation as light, personable, professional, and uplifting as you do your corporate message. Hold your social media interactions to a high standard, and your community will rise to your level. And above all, keep the customer first.

Social media is about reaching your customers. With our business and financial solutions, TGO frees up your time so you can meet your customers’ needs better. Contact us to learn more about how TGO solutions can benefit your bottom line.

Posted by & filed under Enterprise Resource Planning (ERP), Financial, Microsoft Dynamics GP, Tips & Tricks.

Read more on "Microsoft Dynamics GP 2014 Year End: Part 6 – General Ledger Year-End Close" » 2014 Year end closing webinar

TGO Consulting will be creating a series of blog posts related to 2014 Year-End Closing. We hope you find the information and tips in this series useful and it helps your Year-End process run effortlessly!

Below is the list of the entire series of Microsoft Dynamics GP 2014 Year-End Closing Blog Posts:

Part 1 – Inventory Control
Part 2 – Receivables Management
Part 3 – Payables Management
Part 4 – Fixed Assets
Part 5 – Analytical Accounting
Part 6 – General Ledger

The order of these modules listed in the schedule above is the same order that the modules should be closed – and listed at the top of the GL year-end KnowledgeBase #888003. Please note that year-end procedures for Payroll are independent from other modules and are always performed at the end of each calendar year.

General Ledger Year-End Closing:

When should the year end close be done? 

- The General Ledger Year End Close should be done after you have completed the Year End close for all other modules

- Other modules should be closed in the following order:

  • Inventory
  • Receivables
  • Payables
  • Fixed Assets

What does the year end close process do? 

- The year-end close process closes all Profit and Loss accounts out to Retained Earnings, leaving the P&L accounts with a zero balance at the beginning of the new year

- All Balance Sheet accounts are updated with the beginning balance in the new year which will be the same as the ending balance from the year you are closing

- The Retained Earnings account(s) are updated with the amount from all P&L accounts if you close to one Retained Earnings account, or with the amount from the P&L accounts in that division if you close to divisional Retained Earnings

- The Retained Earnings accounts are the only Balance Sheet accounts that should have a different beginning balance than the ending balance from the year that you are closing

- The year-end close routine moves all open year transactions from the GL20000 table to the GL30000 table

- Balance brought forward journal entries are created in the GL20000 

- The Fiscal Period tables are updated to mark the year that you are closing as historical

- Inactive GL Accounts removed

- Moves AA data to history and creates BBF entries on dimensions

What steps should I take to close the year?

- Follow the steps in KB 888003: “Year-end closing procedures for General Ledger in Microsoft Dynamics GP”

- FAQ section covers most common YEC Issues

What are some important points to remember? 

- Remember to make restorable backups as needed and follow ALL the steps in KB 888003

- Review all Account Posting Types!!!

- Make sure that you have enough free space on the server to allow for the GL20000 table to double in size

- Perform the Year End Close at the server

- Have all other users out of Dynamics GP when you perform the year end close

- If the year-end close routine does appears to hang at 50%, it is still processing, so let it run

- You cannot reopen a year once it has been closed, Microsoft does not support this

- Year End Close report cannot be reprinted so be sure to print it at time of generation if required

What are some of the related KnowledgeBase articles that can be referenced? 

KB 871679: “How to set up an adjusting period”

KB 850615: “How to use divisional retained earnings accounts”

KB 864913: “Changing the posting type on an account after you close the year”

KB 850741: “ Retained Earnings account not found”

KB 857582: “Query to clear beginning balances for unit accounts”

KB 856550: “General Ledger year end close still in process and batches cannot be posted”

KB 2452542: “Inactive GL Accounts deleted during Year-End Close process for General Ledger”


Blog: https://community.dynamics.com/product/gp/gptechnical/b/dynamicsgp/default.aspx


 Contact TGO to help you with your year end close in GP

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