Way To Implement An Accounting System

Accounting System - Complete Controller

An accounting system assemblages interconnected processes intended to amass, organize and account for an organization’s transactions. The ultimate goal of this bookkeeping system is to engender informative reports to sustenance an organization’s decision-making. Managers can make well-informed decisions based on their knowledge from these reports generated through an automated system.  

To assimilate a novel and efficient accounting system into your business, you should follow a step-by-step approach.  Implementing this approach for your accounting system includes a series of steps that must be undertaken before you are ready to go digital and say goodbye to your old ledgers. Check out America's Best Bookkeepers

The following list of steps is a theoretical impression for the implementation process in a formal organization. Factors such as the proficiency of your 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.

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 full implementation because necessary details must be kept in mind for everything to go smoothly. Check out America's Best Bookkeepers

Hire a Project Manager

An implementation of an accounting system has to be managed carefully. You must designate an individual who serves as a project manager. The job of the project manager is to lead the entire process and form cross-functional teams. Members of the team represent all of the departments with a vested interest in the system, 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.

Tidy Records in the Previous Accounting System

Insufficient data is one of the main reasons for nuisances 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 this.

Trying to start fresh without getting rid of old mistakes can result in a colossal 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 to remove bad clusters of data and repair them for reuse in the new accounting system. Check out America's Best Bookkeepers

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 key highlight of a conversion plan. Depending on the format support of both the old and new systems, the conversion can vary from relatively simple to highly complex. Therefore, before choosing the new system, it is essential to gather all of the technical details about it to avoid complications later on.

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 critical people in your company with the new system to work with it efficiently. Arrange a conference room pilot testing for everyone to learn about the critical features from an expert hands-on. You may need to hire someone for the training session, or you can 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’s time to configure it to their devices and reap all of the benefits. The new accounting system will generate better, more detailed financial reports such as balance sheets, income statements, cash flows, and other reports that can significantly assist you in making critical decisions for your business.

Check out America's Best Bookkeepers 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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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. Check out America's Best Bookkeepers