Have you outgrown your general ledger system?
Making the switch from a general ledger to a customized enterprise solution can notably advance operations by offering improved efficiencies and accuracy along with the freedom in being untethered from complicated third-party software integrations. This holds especially true when less sophisticated financial reporting, forecasting, and analysis solutions begin to hold you back from optimal growth. However, bringing executives on board, from the CFO and CTO to the COO and CEO, can prove challenging—especially when the term “custom” brings to mind high cost and increased complexity.
If your goal is to achieve efficiency and growth, it is critical to have a system tailored to your organization’s needs and one that can grow along with you. While innovation may come with a price tag, it is important to weigh that against the benefits and efficiencies attained.
- Do system inefficiencies slow you down?
- Are employees spending too much time on redundant and manual work or rectifying errors that could have been avoided?
- Has gated or varied data access led to undue frustration, stalled initiatives, or data duplication in numerous formats and locations?
- Could you realistically scale to meet long-term objectives using your existing general ledger system?
Enterprise systems can be pre-configured for your industry, completely custom, or anywhere in between. While pre-configured solutions do offer benefits in terms of ease of use, they can be more difficult to integrate with existing applications, requiring add-ons and workarounds that could give rise to new challenges.
Beyond technical requirements, migration from a general ledger to an enterprise system involves significant organizational change. A successful undertaking requires effective communication, dedicated resources, stakeholder engagement, and a well-executed change management plan.
AAFCPAs always advises that clients begin with a Business Process Assessment to determine their needs, pain points, and future trajectory. Consider what works and what does not. What would you like to replicate in an enterprise system? What should your new system accomplish? What are your current challenges? What might you need in the future? How will employees interact with this system, and what is their ideal process or flow?
Should you decide to move forward, look for a company that understands your business and the accounting function. Successful migration and implementation will also require a team with resources in place to prioritize your project. In addition, they should have a solid understanding of the resources required for successful migration along with a background in general ledger, able to work with and train staff once your new system goes live.
How we help
For clients looking for resource enhancements and expertise needed to successfully manage a complex system migration, AAFCPAs steps in to assess your environment, develop a fit-for-purpose system, and implement across a range of businesses and industries. Having managed numerous migrations to date, we intimately understand the challenges and risks you face. We are here to manage the end-to-end process, ensuring a smooth adoption that takes into account key stakeholders from finance to IT, executive management, and the end user.
If you have questions, please contact Robyn Leet, Partner, Business Process Assessments & Attestations at 774.512.4010 or firstname.lastname@example.org—or your AAFCPAs Partner.