‘Why are you looking for a new system?’
One of the first things we do with finance teams looking to change systems is to understand where they are today.
We’ll often ask questions about your current set-up, how you use it and where the pain points are.
We’ll talk about the software you’re using, what’s not working for you, and whether we can help.
We also try to understand what you’re looking for in a new system.
Here are some of the key areas of functionality which we cover with clients, to get a snapshot of how things are going.
What’s important? Who does the information go to? How are reports segmented/analysed?
We would often talk about the kind of reports you need to run, how they’re currently generated and whether they’re fit for purpose.
We’d also ask about how you share information internally and with external stakeholders.
How many companies do you have? What information is shared between them? How do they consolidate? How is inter-company posting handled?
We’d want to understand the structure of your business and how your legal entities operate so we can understand your multi-company accounting requirements.
Do you trade internationally? Do you have multiple base currencies to account for? How is this reported?
We’d explore how you currently manage currency and whether this is working for you.
We’d also ask about your plans for growth and how this might impact your currency requirements in the future.
Where does data come from and go? How often does data need to be updated?
The integration of systems is a key concern for many finance teams.
So we’d ask about the systems you currently use and how they integrate and communicate with each other.
When it comes to accounts payable, we’d want to know how you currently manage the process.
How does procurement work (or not!)? Do employees have expenses to be reimbursed?
We’d also ask about any areas which cause you pain, such as late payments or manual processes.
The revenue cycle is different for every business.
So we take the time to understand how yours works and what challenges you face.
How does your organisation make money? Does debt need chasing? Are there complex pricing models in place?
All of these factors can impact the revenue process and we’d want to know about them.
What kind of transactions do you make? Do you have multiple banks? In what currencies? How do you make payments? How is your bank reconciliation done?
We’d ask about your current banking arrangements and whether they’re working for you.
What kind of assets does your business have and how many? How do you depreciate them? What is the value of your portfolio?
This helps us understand the kind of assets you have and how they’re accounted for.
We’d also ask about any plans to dispose of assets and how this would be handled in the new system.
If applicable, how is this managed? Do you manufacture anything? What raw materials do you need to account for?
This is important to understand if you have any stock or inventory which needs to be managed.
Why do we do this?
It’s because we want to understand your specific requirements. We want to understand where you are today and where you want to be in the future. This allows us to tailor our solution to your specific needs and provide you with an excellent system which will work for you.
If you’re curious about how a new finance system can assist with the above, we can help. Get in touch with us today to discuss your specific requirements.