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Using our 23+ years experience with FMS & ERP systems, we’ve created a 20-point guide (FREE access here) in which we look at the steps involved in selecting and implementing an accounting system that serves your needs and works within the confines of your budget.
The guide covers topics such as:
- Where you should start
- What to consider
- Who to include in your processes
- Selection process best practices
- Analysing your requirements
- Building a project team
- The things to look out for
It also includes detailed explanations on:
- Business case
Other topics covered include:
- Implementation stages / Timelines
- Tips for a successful implementation
- Why projects become delayed
- Resourcing your project
- Change management
This guide covers everything you need to know about selecting and implementing an accounting system that will work for your business.
Here are a few nuggets from the guide:
What to consider
1. Your organisation
Understanding the breadth and depth of your organisation allows you to decide what functionality you need – from business-critical functions to ‘nice to haves’. This will also shine a light on what type of system is right for you: Financial Management System or Enterprise Resource Planning System.
Here are some areas of consideration:
- How many users do we need?
- How many of these are finance users vs users in different departments?
- What products and/or services do we provide?
- How many locations do we operate from?
- What legislation affects our reporting?
- Do we require on-premises or cloud software?
- What existing systems do we rely on that need to integrate into our new finance system?
2. The functionality you need
You need to determine the purpose of implementing a new system and outline the specific features and modules needed to support your day-to-day operations.
Have internal discussions about the wants and needs of the new system.
You need to ask and answer the right questions, like:
- Will there be a need for organisation-wide reporting?
- Does the quality/quantity of data you would be migrating need improving?
- Do you have multiple companies that require consolidation?
- Would you need to do an intercompany posting?
- Does your organisation process or operate in multiple currencies?
- What are your day-to-day management reporting requirements?
- Does your organisation have regulatory/statutory reporting requirements?
- Are there other areas you need to include — Inventory, Human Resources, Customer Relationship Management, Warehouse Management?
By assessing the functionality you need and settling on what your core requirements are, you’re creating a solid foundation that’ll guide you through making the right decision about the software to select.
3. FMS or ERP?
“Financial Management System” (FMS) and “Enterprise Resource Planning” (ERP) are two popular terms used in the finance, operations and management departments of a business.
While there’s an overlap between the two (and some people even use the terms interchangeably), there is a clear difference between them.
A financial management system (FMS) is the software used by organisations to manage financials—including income, expenses, and assets. It integrates and consolidates all financial operations, data, processes and procedures within a single, centralised platform.
Enterprise Resource Planning (ERP) is software that organisations use to manage all day-to-day business activities.
ERP is the brain of a company. It streamlines and integrates all aspects of business management, from financial accounting to customer relationship management, into a single system, making for an efficient business operation suitable for any type of enterprise.
To continue reading, download the FREE 20-Point Guide To Selecting And Implementing An Accounting System.
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