How can Digital Nomads Transform your Business?

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Who are the digital nomads? In simple words - people, who work remotely. But recently, the term "digital nomadism" shifted from a work style to a lifestyle and more and more professionals, like programmers, marketers, and salespeople, can work and still explore the world at the same time. So, how can digital nomads transform your business?

Enhanced Communication

Because digital nomads work remotely, there's no need for them to ask their manager questions in person every 5 minutes - it's much more convenient and effective to send one or two e-mails. Digital nomads also feel more comfortable using messaging or video chats, which can be set up across departments.  

Engaged Employees

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ERP Payment Processing: Benefits of Using EFTs

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Electronic Funds Transfer (EFT) offers a secure and convenient method of payment for companies that manage payments and transactions between multiple bank accounts. In this week’s blog, we highlight how companies can expect to benefit from utilizing EFT payment features in their day to day financial transactions.

Long Term Savings

In Microsoft Dynamics GP, users can post EFT payments by creating a file to upload to the bank. By doing so, companies receive direct deposits and can do away with additional transactional costs such as online processing fees and costs associated with postage and stamps for companies that mail physical cheques.

Enhanced Security

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Global Management: Benefits of Multi-Currency in ERP

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If you’re thinking of expanding your operations and considering doing business internationally, then having an ERP system capable of processing multi-currency is essential for your business practices. In this post, we highlight the key benefits of utilizing multicurrency features found in Microsoft Dynamics products such as Microsoft Dynamics GP and Microsoft Dynamics NAV:

Receive Up-to-Date Information on Current Exchange Rate

With multi-currency ERP, exchange rate calculations and reports are performed and updated periodically. These updates provide invaluable insights towards when would be the right time to perform any exchanges with a partnering country, such as when to process transactions when the exchange rate is lower and to avoid excessive spending once the exchange rate increases.

Automation Capabilities

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How to Create Budgets in Microsoft Dynamics 365 for Financials

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Setting a budget for your company is essential for business planning, and can provide critical insights towards any future strategy or business operation. In Microsoft Dynamics 365 for Financials, you can easily create a budget for yourself or for your company using the following steps:

Step 1: In the search bar, find your G/L Budgets and select Edit List to create a new budget

Step 2: After filling in the necessary fields, select Edit Budget and fill in the necessary fields

Step 3: Click into one of the corresponding cells under the Budget Matrix, which will subsequently open up the G/L Budget Entries window

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Month End in Microsoft Dynamics GP

There are many articles that can be found detailing year-end processes in GP, but what about your month-end processes?  Dynamics GP uses a ‘soft’ close concept wherein periods are not required to be closed.  Further, periods can be reopened if needed.  However, performing a month-end is critical to ensuring you can move forward within your system without any fear of inaccuracies.

Prior to performing any special or unfamiliar processes, it is always recommended that users have a proper backup of the system.  Your system administrator should ensure backups are regularly scheduled and available if needed. 

It is recommended that the month-end process start with the POP and SOP modules.  One can think of both of these modules as feeder modules to Payables, Receivables, Fixed Assets, Bank Reconciliation and the General Ledger.  In these modules, you should ensure all batches are posted within Series Post.  Ensure all Customer Orders, Vendor Receipts and everything in between are posted.  Further, within Purchasing, one should print the Received Not Invoiced report via Reports > Analysis.  This report should tie to your accrued purchases. 

Once the above are reconciled, one should move onto the Payables and Receivables module.  For each, users should ensure all documents are properly applied, especially if multiple currencies are in use, as this will affect realized gain and loss entries.  Users can check for unapplied documents by navigating to Sales > Reports > Analysis > Unapplied Documents Report.  Further, users should also run the Reconcile to GL option within Financials in order to ensure these subledgers and GL match.  The same routine should be performed for the Inventory module.

Once all subsidiary modules are complete, uses should close out the Financial modules.  First, users should complete bank reconciliation and reconcile the Bank to the GL via the associated Financial Routine.  Users can then move onto closing the Fixed Assets module.  Remember to ensure Payables are closed prior to processing anything in Fixed Assets given the Payables feeds the Fixed Assets module.  Within Fixed Assets, users need to double check that all additions and retirements are posted.  Depreciation will need to be run and all related GL processes complete. 

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3 Biggest Failure Cases of ERP Implementation and How You Can Avoid the Same Mistakes

ERP implementation is a quite an expensive and difficult process not only for small companies but for some multinational giants as well. However, with full preparation and thorough research to manage expectations, a successful ERP implementation can be achieved. Below, we outline the 3 biggest failure cases of ERP implementation and offer tips on what you can do to avoid the same mistakes.

Nike and a $400 Million “Glitch”

In 2000, Nike decided to upgrade their ERP system and invested $400 million dollars into the software called i2, where their initial goal was to manage supply chain and forecast the demand for products. This decision became a disaster for shoe giant with $100 million in sales loss and 20% stock price decrease because of a software glitch, which in turn, made stores unable to fill orders for the Air Jordans.

To avoid the same mistake, be sure to set realistic goals for your ERP implementation process early on and ensure that you take enough time to test the system for any kinks that need to be ironed out before moving forward with implementation.  

Hershey and a Halloween Disaster

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Watch Outs: Common Mistakes Companies Make with their ERP Software Implementation

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With the help of Microsoft Dynamics, thousands of companies have successfully integrated ERP software into their companies, which has helped them to reduce their operational costs, minimize their capital investments among other benefits. However, the system is not infallible. Part of the reason we here at WebSan offer support services as well as online training is because we recognize that ERP software is still a complex system and difficult to figure out on your own. Although self-learning is not discouraged, many companies dive head-first into a new ERP software without taking important considerations into account which can only create future headaches. Below, we outline 3 common mistakes companies make with their ERP software implementation and offer suggestions on how to best avoid them:

1. Poor planning:

At this point, you’ve most likely heard that thousands of companies are using ERP software to help streamline their business operations as well as how it has helped companies expand their operations. At this point, companies may decide to jump on the bandwagon, purchase an ERP system and expect their company to instantly become more productive. This however, is never the case. Research is imperative to ensure that the product will suit the needs of your business. Lack of planning and research on what ERP software is best for your company will at best result in failing to utilize the software to its fullest potential, and at worst be a huge waste of time and money. Be sure to research the product beforehand, and if necessary seek third party help to better understand how to successfully implement ERP into your company. 

2. Insufficient company engagement:

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