Updated July 27, 2024 · Originally published March 12, 2024

Our GP Support North team is pleased to share some guidance on Simplifying Your Multi-Entity Management (MEM) with Dynamics GP (Great Plains) in 2024 and beyond.

In the corporate world, particularly for Finance leaders who oversee organizations with multiple subsidiaries and separate legal entities, Multi-Entity Management (MEM) is the key to maintaining order and efficiency.

In this overview, we will explore the power of Dynamics GP's Multi-Entity Management capabilities, brought to you by GP Support North’s trusted partner, Binary Stream. MEM is designed to simplify the complexities of managing subsidiary companies within your organization, this valued GP addon has emerged as an indispensable resource for financial professionals looking to expand the capabilities of Dynamics GP (Great Plains) to take their financial management to the next level.

Multi-Entity Management: Your Central Hub

Developed by Binary Stream, Multi-Entity Management (MEM) serves as the central hub that modernizes processes across all your GP company databases. These cross-company and intercompany GL/AP/AR transactions, consolidated financial reporting, and centralized controls are paramount for increasing efficiencies within organizations that have a diverse array of entities. MEM simplifies this complexity by providing a unified platform for overseeing various aspects of your organization.

Key Benefits of Multi-Entity Management for Dynamics GP

1) Facilitated Cross-Company and Intercompany Transactions:

Coordinating financial transactions between subsidiaries can often be a time-consuming and error-prone process. MEM streamlines intercompany transactions, reducing manual efforts and minimizing errors. This means smoother financial operations across your organization.

2) Consolidated Financial Reporting:

One of the critical aspects of MEM is its ability to effortlessly generate consolidated financial reports. These reports offer a comprehensive view of your organization's performance, allowing you to make well-informed strategic decisions. Some of the reporting features include:

Creating centralized or decentralized entity Smartlists, modifying your reports to your organization's specific needs.
Generating scheduled centralized Trial Balance to Summary reports, providing you with a detailed view of your conglomerate’s financial health.

3) Centralized Controls in Dynamics GP:

With MEM, you gain the ability to set up standardized processes, ensuring compliance and consistency across all entities. This is made possible through a unified platform that offers the following benefits:

Only a single login is required to have access to each company, simplifying user management.
Expedite vendor search by restricting vendor payments to a specific subsidiary company, enhancing control over financial operations.
Reinforced controls limit General Ledger alterations to pre-set entity configurations and processes, reducing the risk of unauthorized changes.

4) Advanced Features with Binary Stream:

For those seeking even more advanced features to enhance Microsoft Dynamics GP, GP Support North and Binary Stream offer additional GP modules as part of the Binary Stream Subscription Billing Suite, including "Advance Revenue and Expense Deferral" (ARED) and "Advanced Recurring Contract Billing" (ARC-B). These modules enable you to:

Create straight-line or event-based deferrals for more accurate financial reporting.
Gain advanced reporting insights, allowing for deeper analysis of your organization's financial performance.
Implement price escalation or discounts, which can be crucial in pricing strategies.
Exercise usage-based billing controls, offering more flexibility in billing methods.

To explore these advanced features in more detail, please visit https://www.gpsupportnorth.com/partners/binarystream/

About GP Support North

#weloveGP and expect to support clients for many years. GP 18.6 is Microsoft's continued confirmation of strength in the GP community and GP Roadmap to 2028 and Beyond. Watch our video on “What’s New with Dynamics GP 2024” for our GP Support North team’s annual overview, insights, and demo on the latest Dynamics GP version 18.6 (GP 2024).

GP Support North is a large team of Microsoft Dynamics GP (Great Plains) consultants at Endeavour Solutions, dedicated to supporting clients using Microsoft Dynamics GP (Great Plains) ERP. We are your haven for long-term GP support and consulting services. We will not force you to change platforms, but if and when you are ready, we can help migrate you to the cloud.

2024: Our focus is on providing a "Safe-Haven" for Microsoft Dynamics GP users to gain access to expert GP support, GP training, GP upgrades, and premium consulting services for Microsoft Dynamics GP for the next 10+ years.

We love Dynamics GP (Great Plains) and have more than 550 active clients across North America predominately in the USA and Canada. We believe that GP has a long and prosperous future, and we are here to support you and your team. Need a NEW GP Partner #GPStrong

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