Microsoft Small Business Financials - Support, Upgrade, Integration Overview For Consultant

SBF is part of Microsoft Dynamics GP family of ERP application, in the past this product was introduced by Great Plains Software as Small Business Manager. This application was originally initially created from the same code base as regular Great Plains Dynamics and so it is Great Plains Dexterity coded with the options if being modified in Microsoft Dexterity

1. SBF Support. User training is relatively simple in Small Business Financials and often users are reading the manual and discover the system on their own. Security model is also straight forward. Real support needs are typically related to data repair on SQL scripting level. You can also use traditional for GP data fixing technologies as check links. We recommend you to use consultant or programmer who could quickly help you via web sessions or remote desktop connection, meaning that these people do not have to be local

2. Version update. In comparison to Microsoft Great Plains Dynamics GP, Small Business Financials is easier to upgrade, and it is less sensitive to Service packs application in upgrading process. Current version is 9.0 as of April 2008, typical upgrade path is from version 6.0 to 7.5 and then to 9.0. GP latest version is 10.0, where Microsoft Business Solutions completely redesigned user security model, this is probably one of the reasons that SBF is still on 9.0

3. Integration. You should consider such technologies as SQL stored procedures, if you have support from MBS VAR, who is comfortable with Microsoft Dexterity, you can deploy Dex customizations in integrating SBF with external legacy application or in EDI environments

4. Reporting. SBF utilizes GP ReportWriter for integrated reports and FRx reports for Financial reporting. Report Writer stores modified reports in Reports.dic dictionary file, you should be aware about this file, when you install new user workstation. It is also good idea to share reports dictionary for all the users on the server, in this case you should modify Dynamics.set file - the line, where reports.dic file path is specified

5. Backup Strategies. As SBF is typically for small businesses, where IT support is limited, we recommend you to setup automatic backup via SQL Server Agent maintenance plans. Then backup files should be taken by tape backup, or alternatively you can deploy Windows backup utility to backup on external USB hard drive. You should include into backup the following databases: Dynamics, company, master

Microsoft Small Business Financials Support - Reporting

Former Great Plains Small Business Manager, recent version s 9.0, Small Business Financials is in essence GP Dexterity application with similar code base as regular Microsoft Great Plains Dynamics GP, but with scaled down functionality. SBF is available exclusively on Microsoft SQL Server platform and this fact opens great opportunities for SQL programmers and consultants to fix SBF data and program integrations. In this small publication we would like to give your reports design highlights

1. Report Writer Reporting. Small Business Financials allows you only to change the position of the fields, if you need to really change report design - place new fields, add calculated fields, then you need to do it in GP ReportWriter module, and then transfer it back to SBF in the form of Export (or package). This is pretty much a standard practice in supporting and upgrading Small Business Financial customers - they need to be backed by Great Plains Dynamics GP customization partner

2. Advanced Financial Analysis reporting. Yes, SBF has AFA as default and preferred reports for Balance Sheet, P&L, Cash Flow Statement. AFA is another Dex module which builds its reports on GP account categories

3. Crystal Reports for SBF. Here you have the opportunity and the challenge as CR is just a tool and it doesn't give your GP report wizard. We recommend you to familiarize yourself, if you are software developer or programmer with SBF tables structure, this is very similar to GP. If you have MSDN subscription, please download Dynamics GP 9.0 demo CD and install it for testing with demo company

4. SRS or Microsoft SQL Server Reporting Services. Similar to Crystal Reports, SRS should be based on SQL Stored Procedures, however it gives you more freedom in deploying ecommerce or web interface for report users

5. eConnect. This SDK is not available in standard package for Small Business Financials. You would need to upgrade to Microsoft Dynamics GP Business Ready to deploy eConnect integration and reporting functionality

A Good Business Financial Plan

A business plan is one of the most significant channels to ascertain if a business model of strategies would be effective or not. It is a thorough word diagram encircling all financial aspects of the company as well as predicting future possibilities for the business. It is where you should regress to disregard of whether things go wrong or right. The plan can be used as a comprehensive outline of financial affairs of one's company that should include information such as cash inflow, start up costs, operational costs and other relevant details of the business.

There are few options available when it comes to business financial planning. If you are having a small business operated at home then your personal savings should be sufficient for you to begin your business. Just take note that some funds should be reserved in your account in case there is emergency use. If you are lack of capital you may approach your family or friends to seek financial help from them but remember to think twice as you would be risking their money. It is alright if you are certainly sure that your business will pull a winning return but if you are not then stay off from borrowing from your immediate ones as good relationships could be destroyed due to monetary problems.

Another option would be getting financial loan from banks or credit unions. This will involve meeting the bank authority where you propose your business plan and convince them that your business is going to make a return and no doubt you will be able to repay the loan. Or you could look for investors or sponsors to aid your business financially. This may be difficult and you might need an irresistible business venture to lure people to invest in your business.

The business financial planning document is the most important record to start off a new business endeavor or to finance the growth of an existing company. There are many other business documents and they are all very important in the business. But certainly a business' affair will narrow down to attracting customers to keep your sales going.

The Business Financial Information You Need For Funding

Most small business owners are quite eager to find avenues to help their enterprise grow into a thriving business. One key approach to help propel businesses forward is securing additional working capital, in order to get the business to the next level.

Usually, this means that the entrepreneur needs to go to a lending institution to get a small business loan. When meeting with a loan officer for this purpose, detailed business financial information will be required.

The most pertinent financial information that you will need to collect in preparation for applying for a small business loan are the basic financial reports that virtually all businesses of any size generate on a monthly or quarterly basis. These financial statements provide potential lenders with a profile of the financial situation of the business. They are also invaluable in providing the business owner with the management knowledge they need to strategically improve their ongoing business plan.

The most basic form of business financial information consists of a collection of financial statements and reports, which are prepared according to strict, standardized accounting principles. Since accounting practices and principles have long been standardized and accepted worldwide, virtually anyone with even a basic understanding can quickly understand the financial picture of a company that is painted by these basic reports.

The main reports that are generally part of a company's financial information are the following: the balance sheet, the cash flows statement, the profit and loss report, and the overall financial statements, which include highlights and summarize each of the other reports. While the financial statement provides a review, the individual reports go into specific detail for the period of time that the report covers. Many times, when monthly reports are generated there are also quarterly and yearly reports generated that help to provide insights into the overall, financial trend of the business.

The purpose of the balance sheet is to provide the details of all of the current assets of the business, all of the liabilities that the business is obligated to pay, and the resulting business equity. In order for this financial information to be most useful, it should separate the current assets and current liabilities from the listing of the long-term assets and the long-term liabilities.

The profit and loss part of financial information is the report that most commonly covers longer periods of time, usually per business quarter or year. These profit and loss statements often include comparison charts for the previous time period going back long enough to help to identify the important trends.

Without this comparison, it might be easy to assume a business is doing well simply because it is profitable, yet overlook the fact that it is less profitable than the previous year. These trends will be very important to the lenders as it gives them insights about the success of working capital management overall.

When preparing a statement of cash flows, it can be compiled by either using the indirect or the direct method. Generally, this kind of business financial information is better with more detail because the fuller the detail, the clearer the view of the business's financial situation. Most loan officers agree that for the purposes of obtaining financing, the more detailed the information the better because it shows that the business has nothing to hide.

Tips For Business Financial Accounting Management

Financial accounting does not based on only about cash flow and management or knowing about the profits and losses but it is the management of the financial flow across the business and thereby managing it to promote business growth and development. Throughout the flow the accounting equation has to be maintained that is, Assets should be always equal to the Liabilities plus Capital.

Dealing with the business accounting, the first principle that should be followed is to be aware of fraudulence. While doing business with monetary amount one should be very particular about calculation and maintenance. Capital plays a huge role in structuring the business. Therefore saving that finance is important for the management and growth.

7 Tips for the Management of Business Financial Accounts:

Accounting Information of employees which play an important role has to be managed in a proper way so that at the year end reports can be generated easily without any hassles. It is very important to set up proper business financial strategies which can be followed so that the business can ultimately meet the agenda.

The various tips that will help you to flow the cash in the proper direction and will help you to understand the need of the proper settlement of the different business financial accounting can be listed as follows:

* Check Financial Transactions:

Everyday business deals with expenses, revenues, profits, and losses. It is important to keep track of each and every financial transaction as these financial statements play an important role during the tax filing and preparing the annual budget. Therefore, the day to day transactions should be maintained while considering the business financial services.

* Revising Billing Statements:

It is important to revise the billing statements sporadically. It might appear that your business is left with few payments. This should be ensured that you are paying only those bills for which your company has received the services. In financial business, you have to be very sure that you are not being cheated anyhow, that could result into a big loss for your firm.

* Review the Invoices:

Invoices are the financial statements that can be reviewed to control the expense of doing business. These financial statements helps in understanding whether you are paying extra to some business or you can get various services at a cheaper rate or you can still manage some other companies to get the similar services at a more effective rate.

* Updating with Taxation Rules:

While conducting business or you are associated with any services, it is important to pay the tax. Especially if you are associated with any financial firm the taxation services policies has to be remembered. The taxation rules changes after certain interval, in order to run the business the rules must be updated to the specialists. It will not only help in managing the accounting book but also it will play a good role during the audit trail.

* Follow GAAP for Accounting Management:

For running the business financial accounting services people should practice the GAAP (Generally Accepted Accounting Principles) policies. GAAP consists of standard principles which should be followed by every accountant to run the business. For the management of different accounts these principles can be adopted and drive the accounting management in a new direction.

* Maintaining Transparency:

It is important to set the budget limit. The budget of the organization includes all the purchases and expenses made by the organization. Whenever any department plans for purchasing goods or any other raw material it has to be approved by the higher officials. In the same way, after the purchasing of the goods, a detailed slip should be maintained so that everyone in the organization should have the idea what are the purchases have been done and how it is going to help the organization economically.

* Maintain Simplicity in your Accounting Records:

The financial accounting system should be maintained in a very simple way. The simplicity should reflect from the data and from the maintenance of the records. Accounts dealt with calculations, therefore greater complexity will result into more mistakes. Scheduling of the tasks should be maintained in order to imply simplicity.

These are certain principles that the accountant or any other outsourced accounting services Provider Company should follow in order to run the business ethically and to meet the financial need of the organization. A systematic accounting procedure helps the business to grow and thereby meeting the expected profit.

Business Financial Software - How Your Needs Grow

So your business has been growing, and now you are wondering if you need new financial software or accounting software to accommodate your growth. There are certain things you can do to make your financial software more manageable for your growing business.

Budgeting: Your business may have been running along just fine for years without a budget. However, as time goes on and you grow from a small to mid -sized business, you can start to reap the benefits of a budget. A budget can help you make better decisions and can also uncover the strengths and weaknesses of your business, as well as help you to keep your spending under control.

Accounting Method: Many businesses start out using a cash accounting system: a system in which only cash income and expense transactions are recorded. Cash accounting systems are very easy to learn and use, and they can provide sufficient information for tax purposes. However, the system does come with its limitations. It does not record non-cash transactions, so transactions that in fact affect the debt structure, such as a purchase on account, are not considered. You may have also used a single entry accounting system that does not provide the built in system of accuracy checks that a double entry accounting system does, and in fact it does not follow the standard accounting principles of professional accountants. A double entry accounting system can track the value of all assets, liabilities, and inventory in a business, and can also generate valuable reports such as an income statement and balance sheet. These reports show the financial 'big picture' and can help a business make smarter decisions and become more profitable.

Chart of Accounts: You may have started your business with the standard and generalized chart of accounts offered by your more basic accounting system. Over time you start to develop categories within your chart of accounts, and it may be beneficial to create more detailed accounts that fit your business just right. For instance, wouldn't it be useful to know what makes up a marketing expense, rather than just putting it into a general expense account? This is when it can be helpful to create an additional layer to your chart of accounts.

Implementing business financial software can accommodate the growing needs of your business, and can help you understand your numbers, which, in turn, aids the growth of your profitability.

Business Financial Planning - A Helping Hand

If you're a small business owner, then you already know that just about everything you've been taught about your business financial planning is a bunch of garbage. Yes, I called it garbage because it's not designed to help you build wealth...

So here's the truth...

Nearly everything being taught about business financial planning in the marketplace, on TV, and in print is designed for one purpose - to separate you from your money and to get it into their company's control.

Because you own a small business you already understand how to make money, but if you're like so many others - you're not exactly sure what you should be doing in terms of investing for the future, getting a reliable return on your money, or how to structure your overall financial plan in a way that optimizes your cash flow.

So what should you do?

Who should you trust?

Those are both important questions, and I'm going to help you with how to find the answer... but I'm going to warn you in advance that it means that you're going to have to think for yourself.

The first rule of business financial planning is that no one cares about your money or success as much as you do. Period. It's just the same as acknowledging that no one else cares about the success of your business as much as you do.

It's not that they are bad people or bad advisers, it's just that they care more about their own bottom line than they do yours... it's human nature.

That means that you're going to have to be accountable for your own money and you can't just turn it over to a so called "Financial Expert" and trust that they are going to take as good a care of your money as you do... It just doesn't work that way and if you need proof, look at the American public.

The majority of them have put money away in investments and followed the mainstream advice about how to grow wealth, but reality is showing that this hasn't worked for most people and the majority of them are relying on dwindling savings & social security to help them scrape by...

This is what happens to most people when they don't take responsibility of their own success - and it doesn't have to happen to you...

So, now that we've established that you can't delegate growing your wealth, the next question you need to answer is this...

Does it make more sense to invest your time, money, and resources into something that you understand really well, or something that you don't really understand? If you agree that investing in things you understand makes more sense then look at what you've done up to this point...

Do you know where your money is invested?

Do you understand how those investments work?

If not, it may be time to reconsider where you're putting all of your resources.

The next question is similar... Does it make more sense to invest in things where you have control of your money, or to invest in things that are out of your control?

That means "Can you effect the outcome of your investments?" or "If things started to go wrong, could you do anything about it?" or "In the case of an emergency, do you have access to your own money?"

If you agree that no one will take as good a care of your personal finances as you will, then it's clear that investing those hard earned dollars into things where you have control also makes sense.

These are just few considerations when learning business personal finances, but where do you go from here?

The next step is for you to invest in yourself and your understanding of how to build and manage your finances in the same way that you've invested in learning how to make your business successful.

Begin thinking for yourself, take the time to learn the skills involved in how to manage and invest your money properly, and you'll begin to see the world of personal finances for you as a small business owner change for the better.