Gravity Software™ (Gravity), a mid-market cloud accounting solution built on the Microsoft Power Platform (aka Dynamics 365) that allows users to scale up and down has just released Version 5.1 of its popular application. John Silvani, President & CEO of Gravity told Insightful Accountant, “We are excited to introduce Gravity Software v.5.1, with enhancements to meet the growing needs for companies around the world... We will continue to position Gravity as the number one cloud-based accounting solution for companies that have outgrown entry level applications like QuickBooks and Xero.”
Gravity v.5.1’s key major enhancements include major enhancements to Multi-Currency management, Multi-Entity Accounting, and their Dimensional Reporting capabilities.
Multi-Currency
We talked about Multi-currency in my earlier mini-series, but things have been refined so that Users have the enhanced ability to set up Multi-Currency at three different levels. They can setup a single organizational currency for consolidations, a base currency for each company (or Entity as shown below), and transact in different currencies (in other words post transactions in different currencies). For example, they can receive a vendor invoice in a currency different than the entity’s base currency and Gravity automatically handles all the currency conversions. (The illustration below is pretty well clear on all these options.)
Gravity has a sound multi-currency support that is founded on it's multi-entity foundation.
Gravity_Multi-currency-support
Enhanced Multi-Entity Accounting
- Entity Groups can now be created and used in reporting and master files security (customer, vendor, etc.)
- Entities can be assigned to one or more groups. You can select an Entity Group and the report will include all of the entities in the group.
This all sounds a bit 'technical' but it adds to the overall capabilities (such as 'Group reporting for several different Entities') and security functionality of the system.
Enhanced Advanced Financial Reporting
- Dimensions can now be used as filters on ADFS rows.
- Multiple entities can be grouped under a common name and used in reporting by just selecting the group. (This is what I mentioned above.)
As I mentioned in my original 'Exploring Gravity' Part One article, Gravity’s Multi-entity Capabilities are 'out of this world, providing consolidation of multiple entities into a single database on a single platform. That means no more opening one 'Company/Entity file', then closing it to work on a different entity, and opening a different 'Company/Entity file'. And, Gravity’s multi-entity capabilities eliminates redundant data entry and provides real-time insights so you can make better informed decisions for your business.
“80% of our clients came from QuickBooks and the remaining from legacy accounting apps,” said Silvani, “This software update release provides better efficiencies for businesses that are managing multiple entities and need to transact in different currencies. Gravity helps companies that truly want a robust cloud-based accounting solution at an affordable price.”
Overall, I really like Gravity for a mid-size system. I liked it when I first 'explored it' and I have liked what they have done with it in each subsequent release including this newest one. And, as I noted in my 'Exploring Gravity' mini-series, just like the system you presently love and hate to leave, this one is a lot easier to learn, easier to use and easier to implement then a lot of bigger systems that will tell you they are the next step up.
So, if your company has outgrown the small business accounting software you are using and/or you need key features like integrated multi-entity or the kind of 'dimensional reporting' that I have previously written about, then you should explore Gravity for yourself by scheduling an online demo.
Disclosures and trademarks:
QuickBooks is a registered trademark of Intuit,Inc.; Xero is a registered trademark of Xero.
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