In today's business world, accounting systems play an integral role in the success of a company. An efficient and accurate accounting system can provide businesses with valuable insights into their financial operations, helping them make informed decisions that drive growth and profitability.

Implementing a new accounting system can be an overwhelming task, but proper planning, leadership, and implementation schedules can ensure a smooth transition from your old system while also preparing you for future digital successes. To help you with this task, here are some insights from the experience of professionals who have handled hundreds of clients.

Determine Your Business Needs

The first step in implementing a new accounting system is to determine your business needs. What are your current pain points with your existing accounting system? What functionality do you need that your current system doesn't provide? What are your goals for the new system? Understanding your business needs will help you select the right accounting system that meets your requirements.

To know your business needs, book a free consultation with us

Evaluate Different Accounting Systems

Once you have determined your business needs, you should evaluate different accounting systems that are available in the market like Visma e-conomic, Microsoft Business Central, Fortnox, etc. Consider factors such as cost, features, scalability, and ease of use. It's also essential to ensure that the accounting system you select integrates with other software applications you use, such as your ERP or CRM systems.

Take time to plan the implementation of your accounting system

To ensure the successful implementation of a new accounting system, it is important to allocate sufficient time for planning. It is commonly acknowledged that effective planning constitutes 80% of any project's success while implementation only takes up 20%. Therefore, it is recommended to invest ample time in identifying and defining system requirements. Here are a few suggestions to assist you in focusing your planning efforts and positioning yourself for success.

Plan Your Implementation

• The first step in implementing a new accounting system is to plan thoroughly. Here are some tips for effective planning:
• Identify a project lead who knows the business well and has the authority to direct the rest of the team.
• Do your pre-sale research and due diligence to ensure that your technical requirements will be fulfilled with the product you're moving to.
• Identify key stakeholders and involve them early on, including process owners in different departments.
• Engage with your consultant to agree on the Chart of Accounts, BI codes, user profiles, and consolidation requirements during the design process.

Prepare Before Implementation

To ensure a punctual and well-budgeted implementation, it's essential to prepare comprehensively before the accounting system implementation begins. Here are six things you should prepare:

• Chart of Accounts structure
• Subsidiary structure
• Tax and regulatory requirements
• User information and roles
• Data clean-up
• Data migration

Plan for Data Migration

If you are moving from an existing accounting system to a new one, you need to plan for data migration. Data migration is the process of moving data from your current system to the new one. It's essential to ensure that your data is migrated accurately and all data is accounted for. This process can be time-consuming, and you need to plan for it in advance.

Define Your Accounting Processes

As part of the implementation process, you should define your accounting processes. This includes processes for accounts payable, accounts receivable, financial reporting, and other accounting activities. Defining your processes will ensure that the new accounting system is configured to meet your requirements.

Provide Adequate Training

Training is critical to the success of a new accounting system. You should provide adequate training to all users, including accounting staff and other employees who will use the system. The training should cover system functionality, data entry, reporting, and other relevant topics.

Implement the System in Stages

Implementing a new accounting system can be overwhelming, especially if you are migrating from an existing system. It's important to implement the system in stages to ensure that everything works as intended. This approach allows you to identify any issues and fix them before moving to the next stage.

In conclusion, implementing a new accounting system requires careful planning and execution. By considering the factors mentioned in this blog, you can ensure a smooth transition to a new accounting system that meets your business needs.

Importance of Communication in New Accounting System Implementation

Effective communication is crucial for the successful implementation of new accounting software by the implementation team and its positive adoption. Unverified rumours can spread rapidly, causing confusion and hindering the accounting system implementation process. To prevent this, it is essential to identify key stakeholders such as finance users, suppliers, customers, directors, senior managers, and other relevant parties.

Throughout the implementation process, it is important to keep stakeholders informed and ensure that they fully understand how the changes will impact them. To achieve this, a robust communication plan should be established, with regular updates and a provision for feedback. It is also important to prioritise the needs of key stakeholders and address their concerns promptly to ensure a smooth implementation process.

Tips for Successful Implementation

Once you've planned and prepared for your new accounting system, here are some tips to ensure a successful implementation:

• Start with your reporting requirements to ensure that your new chart of accounts and BI structure align with your business and reporting needs.
• Choose a time that suits your business and internal resources, such as year-end or end of VAT period.
• Import what you need and remove the need for running parallel systems, such as starting with an opening trial balance and bringing in monthly movements for reporting purposes.
• Give your project lead time and scope to focus on the tasks at each stage.
• Implement in phases and celebrate successes to avoid overwhelming your team and to prioritise future changes based on business benefits.

Assistance Provided for Businesses in Implementing New Accounting Software

We offer our support to businesses in the process of migrating to new accounting software. Our experienced implementation and success teams have aided numerous companies in this endeavour and are ready to assist you too.

We begin by conducting a thorough fact-finding exercise to comprehend your finance management system requirements. Based on this information, we collaborate with you to create a detailed plan for migrating to the new accounting system, and we will be by your side throughout the implementation process.

Our project management teams possess in-depth knowledge of the product and are capable of customising it to meet your specific needs.

Once the project is completed, our customer success team will continue to monitor your software to ensure it remains at peak efficiency. Additionally, they may suggest utilising additional functionality that can help you work more efficiently.