Five Core Features of Microsoft Dynamics GP That Can Trim Expenses During Tough Times

Success in a down economy often comes from a return to the basics. Fortunately, Microsoft Dynamics GP is especially adept at performing the basics.

I have identified five money-saving techniques that can be implemented using core features within Dynamics GP's functionality. These suggestions are especially relevant during the current difficult economic times many companies are living through-so important, they can save companies significant expenses. All of these features rely on core functionality already present in your Dynamics GP implementation.

Review your vendor terms. Cash is king in a tough economy and paying vendors too early is not a good way to conserve cash. Now is the time to review vendor terms and clean up any wrong items.  With Dynamics GP, you can set payment terms, discount dates and penalty time frames. All of this is designed to help you maximize the time you have to make payments and let you hold on to your cash longer than expected.

Prioritize your vendors. Tough times also mean understanding who needs to get paid and who can wait. Dynamics GP provides a mechanism to prioritize vendors. That way, if your company does have to make tough choices about which vendors to delay payment to, the information is easily available in Accounts Payable.  After all, it's important to make sure that your main supplier is getting paid and that the lights stay on, while those magazine renewals might wait a little longer, or may even be eliminated. Vendor priorities make it easier to make tough decisions about which checks to cut and which ones to cut out.

Review customer terms. Make sure that customer terms are up to date as well. As your company accelerates cash collection efforts, it's ...