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Here are some things to look out for to ensure a successful finance system implementation.
The most successful implementations occur when the two parties are on the same page and speak the same language. When choosing a finance system provider, look out for an implementation team that speak finance – namely, a team where the consultants are accountants.
While every organisation has its unique challenges, an implementation team that understands both the technology and the real-world challenges a finance team face are the best partners to secure a successful financial system implementation for your organisation.
Modern systems allow your employees to manually configure the software simply and efficiently to meet the organisation’s needs, rather than needing an IT department to add complex customised programming code. Traditionally with on-premise systems, implementing a new finance system, and the maintenance of it required in-house technical specialists to make changes and install upgrades. A configurable cloud-based system not only puts the power back into the hands of the finance team but also means that the system is fundamentally easier to use and does not require additional resources and time to modify it.
A good finance system provider will be flexible with the project timeline to suit your needs. But, if you are looking to move quickly, do not be afraid to backfill roles to allow your organisation to concentrate on the future. Likewise, a good implementation partner will want you to take an active role in the project to ensure that your team have the necessary skills inhouse to carry out the day-to-day activities.
When it comes to achieving organisational objectives, such as providing enhanced insight and automating processes, a finance system upgrade is only half the story. To leverage the full benefits of a new system, your organisation will need to update its current processes. A good implementation partner will guide you through the means of evaluating your business processes and will help you to redesign these with the new system.
Modern finance systems are built in the cloud, and a ‘true cloud’ solution has countless benefits over an on-premise system. Besides the fact that users can access the software from anywhere with an internet connection, including on a mobile or tablet, one of the major advantages of a true cloud system is the ability to receive automatic upgrades. Automatic upgrades give your organisation access to the latest technology as soon as it becomes available.
By choosing a true cloud solution, you avoid implementing a new finance system that may be obsolete in a few years, as a true cloud system will adapt and grow with your organisation. Get in touch with our dedicated team today.
In this two-part series, focusing on all sectors, our team of experts from Xledger explore the scoping and implementation of a new finance system, featuring Tim Wright (Operations Director), Zheng Zeng (Consulting & Support Manager), Ana Rodrigues (Project Manager), and Robb Webb (Senior Business Development Manager). Learn about their insights and experiences from working on finance transformation projects.
Key points:
Implementing a new Enterprise Resource Planning (ERP) system may seem daunting, so breaking down the process of migrating to an ERP system into small, achievable chunks is the best path to success. That way, your organisation is en route to better data manipulation, heightened financial control, and real-time data insights that streamline business functions.
Speak to one of our dedicated team members for more information on how Xledger can support your business.
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