Ask the Experts: How do you optimize financial resources when upgrading your accounting system?
Answer: Most organizations upgrade their accounting system as they grow or evolve. Often, organizations find that their current financial system has limited capability to provide pertinent financial information for performance tracking, financial and operational analysis, and decision-making. Implementing new accounting software takes both IT expertise and financial knowledge to get the new system to function as desired.
The technical team needs to assess and install the system, including the appropriate modules, as well as check for issues and make sure the software itself is functioning as it should. Before the software is installed, the finance team will need to create a new Chart of Accounts. After the software is implemented, the finance team will also need to map the old system’s data to the new system and create meaningful reports to generate the financial information the organization requires.
Organizations should consider bringing in additional finance support if the internal finance and accounting team:
- Has not previously been involved in a system migration or
- Does not have the time to be involved with an additional project.
- Has not previously structured a Chart of Accounts utilizing a more sophisticated reporting structure
Upgrading to a new financial system takes careful planning, so where additional expertise is required, most organizations engage external support from the beginning of the process. Having expert advice on board before the upgrade begins will enable the existing finance team to continue to focus on core business functions, while a dedicated external resource can facilitate a smooth implementation process and help to ensure an optimal outcome for the organization.
If your organization is upgrading to a new accounting system or is considering an upgrade and you think you may need assistance on the financial end, contact Dan Davis.