financial systems upgrade

Financial Systems: Upgrade Success

Replacing outdated financial systems with updated solutions has many benefits – better efficiency, increased productivity and faster growth. To ensure your financial systems upgrade is successful, you need to have a clear road-map.  A smooth financial systems upgrade depends on several key factors, including strategic planning, cooperation, budgeting and training.

Follow these steps for a successful financial system upgrade.

Assess Trends and Financial System Capacity

Assess current and anticipated trends for your business sector. Inquiries to make of accounting, financial, and department managers include:

  • Have glitches occurred with internal and external financial systems communications?
  • Are current software systems keeping up with all departmental needs?
  • How well do digital systems communicate between departments?
  • What regulatory and compliance issues need to be factored into the upgrade?
  • What digital needs are anticipated for growth or market expansion within the next two to five years?

Evaluate Your Team’s Skills and Interest

System upgrades affect human resource capacity as well as digital and technical responsiveness. Assure that your team is ready to take on the demands and benefits of growth by evaluating:

  • The relationships between key stakeholders, such as that of the CFO and the IT manager.
  • Responsiveness for working with financial systems consulting firms.
  • The overall enthusiasm for learning, advanced skills, and growth potential.
  • Staff with the skills and interest in assuming upgrade leadership.
  • Suggestions for minimizing disruption during the systems upgrade.

Conduct a Review of Financial Security

As with many business plans, dollars factor into fulfillment. Conduct a review of your organization’s past, present, and anticipated liquidity to determine:

  • If revenue will be progressively available for fully implementing the financial systems upgrade.
  • Related expenses such as staff training, consultant services, and digital upgrades needed in associated departments.
  • If cybersecurity threats place your company and its customers at risk.

Plan  Financial Systems Upgrade Based on Your Assessment

Use the assessment information to plan the financial systems upgrade roll-out by:

  • Involving the primary stakeholders in planning.
  • Holding regular systems upgrade meetings.
  • Keeping staff updated about progress via email.
  • Bringing external consultants on-board as indicated.
  • Assuring that staffing levels meet demand.
  • Addressing concerns immediately.
  • Demonstrating gratitude to staff as the process unfolds.

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