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9 Tips to Achieving a Profitable Accounting Software Application

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As your business matures, you’ll reach the point at which you’ve outgrown the out-of-the-box accounting* software that started you off and you’re looking for an accounting solution that has all the capabilities your growing business demands. Making the move towards a more comprehensive accounting software is essential for those who are looking to borrow money from a lending institution or are ready to seek out Series A or seed round investors.

Selecting the best accounting software is important, however, it’s only the beginning. It is now time to ensure that the installation goes smoothly. These 9 tips will assist you and your business to succeed in the implementation of your accounting software.

Contact Mr accountants to get more details.

1. Set Clear Expectations

You’re more likely accounting software that is enhanced or added features before you make your decision. You often forget the features your current software does very well and what your new system will do. This could mean you aren’t thrilled with the new system you have just purchased.

While your old and new systems won’t work the same, if there are important features you like in your existing accounting* software, or other functions it handles especially well, makes sure your vendor is aware of your requirements.

2. It’s written

Certain conditions will be demanded by your business for the new accounting* software. What kinds of reports and other data outputs do typically employ in your organization? Do you have the ability to provide investors and other stakeholders with data visualizations that are able to be utilized in a practical manner rather than infinite rows of numbers?

If you’ve created an RFP as part of the process to select software that will put you ahead of the competition in documenting your requirements. Even if you didn’t It is essential to state your requirements clearly in writing before the implementation process can begin. This ensures that you and your vendor are on the same page about what you’re receiving.

(But try to avoid too many customizations, since they increase the cost of your system and make maintaining the system more difficult. If you require a lot of customizations, you might think about rethinking the choice of a solution!)

3. Designate a Project Champion or Working Group

In the event that you are implementing a new program, it’s a team effort that can affect everyone in the organization You will require an individual or small group of people to act as the project champion. The project champion is the one who leads the team on your behalf, ensuring the project is on track and is able to get everyone’s approval.

If your project’s champion is an individual or working group, you must select your team members who have a proven ability to work cross-functionally as well as the authority to make decisions about the software implementation and the capacity to manage tracking of the project’s progress in relation to the plan, and the willingness to engage in ongoing communication regarding the project both with colleagues and the vendor of the software.

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4. Create a shared project plan

For a successful implementation of accounting software, a well-thought-out project plan is crucial. It will help you ensure that your solution is properly implemented on time, in line with the deadline, and within budget.

Even though the vendor could be the one to develop a plan draft for you, you and your team must be involved in the plan. If you do not want specific dashboards, and your plan doesn’t include it as a requirement for your project then you’ll have to follow an outline that takes you into the wrong direction.

Even if the final product is just a spreadsheet, the project plan should include timelines, deliverables, and milestones. It should also be able to assign assignments to different people. After the plan has been agreed to, everyone involved needs to understand the roles and responsibilities of each participant. The plan then needs to be a live document that you and your vendor update and track progress against.

5. Make a plan to keep your daily work on track

It’s normal for companies to delegate the task of overseeing an accounting implementation process to the employees who handle the day-to-day accounting* work. They’re the best experts on this job. However, implementing a system is time-consuming, making it tough for your team to stay on top of the accounting tasks they have to perform daily.

It’s the reason why some companies outsource their accounting work to a trusted third party and the internal team is focused on managing the implementation and gaining knowledge about new features and functions. This method ensures that the daily accounting* work continues to be completed in a timely and accurate manner on time. It also relieves some stress off your team.

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6. Prepare Your Books for the Transition

It can be tempting to turn your attention towards the new system when an upgrade to accounting software is in the near future. You shouldn’t move bad data into a new accounting* software.

Clean, clear records are what you need at the beginning. However, it might be difficult to keep up with the daily financial tasks and also manage the software’s implementation.

It is important to keep all your records up-to-date in the current accounting* system and ensure that you reconcile it fully prior to making the move. When you get your books in a clean and tidy state as is possible–much like if you would prefer to use your current system, you’ll be able to start in the new system with good, clean information.

7. Make Enough Time for Testing

The closer you get to the end of the road the more appealing it may be to get through the rest of the process quickly, especially if there have been delays and everyone is eager to get to the new accounting software. But if you short-change the test, you’ll regret it in the future.

Be sure that all of your system’s end users are actively involved in testing the new accounting* software thoroughly, examining the features and functions you expect to use now (and other functions you could use in the future) and making sure all details are accurate. It’s a lengthy process, but one you can’t afford to rush.

8. Do not cut corners on training

The best accounting* software training isn’t merely a gimmick It reflects the way your company intends to use the system. If your staff is taught one method to make a purchase order (PO), and you have customers that require an additional PO, the training won’t be much help.

Before you begin the training, take time to identify the various scenarios and variations your team is expected to train on. Also, ensure that your training includes a mix of interactive, live sessions as well as helpful tools that system users can access at their own pace. Video tutorials are especially effective as they allow you to connect to the new system visually and emotionally. It is best to have the training provided by an accountant* not an engineer.

Your accounting software training should be simple to comprehend and utilize. Documents that are lengthy and written are not as useful or effective as material that is broken down into smaller chunks, and also includes visuals.

9. Plan for Post-Implementation

As important as initial preparations for implementation, a robust post-go-live plan is equally crucial. It’s the point when you’ll deal with any remaining unanswered, or maybe were not previously discussed in the process of establishing the project expectations. It’s also a time to look over your current procedures and determine whether you’ll need to redesign them so you can best use the software according to the intended use to make the most of its features as well as capabilities (as instead of creating software workarounds).

Planning for post-implementation ahead the time–both with your team within as well as your accounting software vendor – puts everyone on the same page and in agreement that your system will not be perfect, but you’ve got a group of experts who are ready to tackle any issues. A plan in place to offer post-implementation assistance can lessen the frustration of your staff and ease their anxieties.

Scrubbed can assist you in making the transition to an accounting* system that is more robust for your business. Scrubbed has helped a variety of businesses to understand their accounting system requirements, evaluate various options in software and verify that the application will work with the existing systems.

We also offer support for the software’s implementation, taking on your daily accounting* tasks while your team works on the implementation, and preparing your accounts for the transition.

Contact the accounting* and finance experts at Scrubbed to learn how we can support your switch to a more powerful accounting* software solution! *

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