An accounting system assembles interconnected processes intended to amass, organize, and account for an organization’s transactions. A bookkeeping system aims to engender reports to inform an organization’s decision-making. Managers can make well-informed decisions based on the knowledge gathered from these reports generated through an automated system. 
To assimilate a novel and efficient accounting system into your business, follow a simple step-by-step approach. The following steps are a theoretical impression of 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 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 as a project plan and perform a cost-benefit analysis of the whole project. Rest assured, the benefits far outweigh the costs if you are serious about running a professional business. The plan should include:
- The timelines.
- Key milestones to be achieved.
- 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. It would help if you designated an individual as a project manager who leads the entire process and forms cross-functional teams. Team members represent all the departments with 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.
Tidy Records in the Previous Accounting System
Insufficient data is one of the main reasons for obstacles when moving 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. It would be best if you always prioritized corrections before transitioning systems.
Starting fresh without eliminating 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 to remove bad data clusters and repair them for reuse in the new accounting system.
Data Migration and Pilot Testing
A data conversion plan must be devised as most of your old data needs to be transferred to the new system. Mapping the data according to the new format is the priority of a conversion plan. Depending on the format support of the old and new systems, the conversion can vary from relatively simple to complex. Therefore, gathering all the technical details to avoid complications later is essential before you choose a new system.
Once all data is transferred, the accounting system must be pilot-tested to ensure 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 critical 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 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.
Conclusion
In conclusion, a well-implemented accounting system is the backbone of informed decision-making. From meticulous planning and data cleansing to seamless migration and insightful reporting, each step ensures the success of integrating an efficient system into your organization. Embrace the transformation for enhanced financial management and strategic business decisions.
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