Options for Implementing an Accounting System

Implementing an Accounting System - Complete Controller

An accounting system is an assembly of interconnected processes intended to amass, organize, and account for an organization’s transactions. The goal of a bookkeeping system is to engender reports to inform an organization’s decision-making. Managers can make well-informed decisions based on the knowledge they gather from these reports generated through an automated system.  

To assimilate a novel and efficient accounting system into your business, you should follow a simple step-by-step approach. The following steps are a theoretical impression for the implementation process in a standard organization. Factors such as the proficiency of your Information Technology (IT) department, available resources, and ability to adapt to change will influence the design and related implementation stages that are essential to achieving the go-live plan. LasPass – Family or Org Password Vault

Plan for Implementing an Accounting System

Before you start with anything else, it is imperative to devise a proposal in the form of a project plan and perform a cost-benefit analysis of the whole project. Rest assured, the benefits far outreach the costs if you are serious about running a professional business. The plan should include the timelines, key milestones to be achieved, and a list of all required resources for the project. Planning is the most critical phase of the whole implementation because essential details need to be kept in mind for everything to go smoothly.

Hire a Project Manager

The implementation of an accounting system must be managed carefully. You must designate an individual who serves as a project manager whose job is to lead the entire process and form cross-functional teams. Members of the team represent all the departments that have a vested interest in the system and will be using it in one way or another. Since these departments will eventually be the end-users, it is vital to have their input in the implementation process. Cubicle to Cloud virtual business

Tidy Records in the Previous Accounting System

Bad data is one of the main reasons for obstacles when you move over to a new system. If you know, there is imprecision in your books, bad transaction coding, invoicing issues, and other areas that need to be fixed. You should always prioritize corrections before transitioning systems.

Trying to start fresh without getting rid of old mistakes can result in a huge blunder. Even the best system in the world will not help you if you have issues related to the credibility of your data. The project manager is responsible for designating a special team with the sole responsibility of removing bad data clusters and repairing them for reuse in the new accounting system.

Data Migration and Pilot Testing

As most of your old data needs to be transferred to the new system, a data conversion plan must be devised. Mapping the data according to the new format is the priority of a conversion plan. Depending on the format support of both the old and new systems, the conversion can vary from being relatively simple to complex. Therefore, before you choose a new system, it is important to gather all the technical details to avoid complications later. Exit Advisor

Once all data is transferred, the accounting system needs to be pilot tested to ensure that it works perfectly. Apart from being technically sound, you need to acquaint the key people in your company with the new system so that they can efficiently work with it. Arrange a conference room pilot testing for everyone to learn hands-on about the key features from an expert. You may need to hire someone for the training session or do it yourself.

Configure and Generate Reports

Once everyone is on the same page, and your employees understand how to work with the new system, it is time to configure it to their devices and understand all the benefits. The new accounting system will be able to generate better, more detailed financial reports such as balance sheets, income statements, cash flows, and other reports that can assist you in making key decisions for your business.

CorpNet. Start A New Business Now About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Complete Controller. America’s Bookkeeping Experts