Tips for implementing a new finance system

Implementing a new finance system can feel like a daunting prospect for many organisations. But, by investing in the right software and choosing the right finance system provider, implementing a new finance system can be a seamless transition that will propel your organisation into a more successful future.

Here are some things to look out for to ensure a successful finance system implementation.

Find the right implementation partner

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.

Configuration, not custom code

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.

Get to know your new system

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.

Upgrade your process to fit your new system

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.

Buy true cloud

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.

Written by: Helen Colbourne

Consultant, Xledger UK.