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Tips to help you implement a new ERP Financial System

Implementing a reliable ERP Financial System is one of the best ways to take control over your company’s financial aspect and it can help you immensely. While financial systems are very complex, they are also known for helping you manage your money a lot better, they also include forecast features and a variety of tools to better handle your finances. As a result, you will get to take better and more comprehensive decisions that will have a positive impact on your company’s growth. Here are some tips to help you implement the right Financial System for your business.

Study multiple Financial Systems and their features

There are many tools such as Hyperion, SAP or Oracle that can help. However, each one is focused on a certain client base, or they have specialized tools to focus on. Once you know what Financial System you need to start implementing, then you can go to the next step.

Assign the proper tasks to your team

This can be tricky; however, you need to assign things like a business lead or a project manager. The project manager is the one that will handle this transition and work closely with the vendor. The business lead will work with the core team and the PM we mentioned above to ensure that everything is going smoothly. You will also need to have a core team. They are the ones that will work with the vendor implementation team, they will deal with testing, managing requirements and anything that might be needed during the entire process.

Prepare the right requirements

The vendor’s team needs to have a very good understanding of what you need. That’s why you need to create a list with all your requirements and ensure that it’s up to date. That means things like managing income, handling workflows, what specialized features you want and so on. There are companies that provide fully customizable Financial Systems, so it’s up to you to identify what features you need. You will need to have a COA structure, tax requirements and regulatory requirements, user info and roles, controls, data cleanup and even data migration info good to go.

Talk about implementation costs beforehand

You want to know exactly how much the Financial System and its implementation will cost your company. In many cases, everything is straightforward and there are no hidden costs since the implementation is included in the total cost. But there are cases in which the implementation is a paid process and can cost you quite a lot. Negotiating the vendor’s resources and time is a crucial aspect and you need to do it as soon as you choose that specific vendor.

Prepare the project documentation

It’s important to have a risk log, decision log, issues log and an action log. Your team will ad all the relevant data in here and in case there are problems, you know where to access the info. You can even have backups in place that you can revert to as needed.

Closing thoughts

Implementing a new Financial System is something very complex and challenging. That’s why you need to hire the right team to help you handle this quickly and without errors. Consulting Remote – Accounting & Finance is here to bring you top of the line accounting and consulting services, and we are also specialized in high quality Financial System implementations. If you want to implement a new Financial System or upgrade your current one, contact us today and we will be here to help every step of the way!

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