{"id":1360,"date":"2019-06-07T14:00:12","date_gmt":"2019-06-07T21:00:12","guid":{"rendered":"https:\/\/addison.lwh.dev\/insights\/tips-financial-system-upgrades\/"},"modified":"2019-06-07T14:00:12","modified_gmt":"2019-06-07T21:00:12","slug":"tips-financial-system-upgrades","status":"publish","type":"post","link":"https:\/\/addisongroup.com\/insights\/tips-financial-system-upgrades\/","title":{"rendered":"Tips for Financial System Upgrades"},"content":{"rendered":"\n<p>While updating financial systems may seem like a never-ending\nand arduous endeavor, keep in mind that financial system upgrades are an\nopportunity to eliminate mundane tasks, helping your team be more productive. Optimizing\nperformance and enhancing security are the top reasons that many company\u2019s plan\nfinancial systems upgrades.<\/p>\n\n\n\n<p>Following these steps can help you to set up the financial system upgrade project for success:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Define Your Needs<\/h3>\n\n\n\n<p>A system update shouldn\u2019t just be about embracing the hottest new technology.&nbsp; To ensure you make an astute upgrade of your financial systems, conduct a pre-process analysis of your business objectives. Starting with clear objectives allows you to make informed decisions about financial system upgrades.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><em>Is there a definite business need to improve financial system performance?<\/em><\/li><li><em>Define the requirements needed to achieve and maintain digital maturity.<\/em><\/li><li>What<strong> <\/strong><em>vulnerabilities will a financial system upgrade address?<\/em><\/li><li>Is<em> there is a requirement for better data capture and reporting?<\/em><\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Team\nAssessment<\/h3>\n\n\n\n<p><strong>Analyze<\/strong> whether your current employees have the needed expertise to carry out a financial system upgrade. &nbsp;You need experts capable of mapping-out the existing process, identifying areas that the change will impact and keeping the technical disruption to a minimum.<\/p>\n\n\n\n<p><strong>Training and support<em> \u2014<\/em><\/strong>&nbsp;Consider your technical training needs before the new system goes live. Have technical experts available to deal with any post-implementation issues.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Collaboration<\/h3>\n\n\n\n<p>Cross departmental collaboration among the CFO, CIO, CMO and Human Resources will promote a smoother financial system upgrade.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Stay in Control<\/h3>\n\n\n\n<p>Change managers will want to focus on these areas:<\/p>\n\n\n\n<p>Keep a constant flow of open communication with the entire\nupgrade team. Hold regular meetings, send email briefings and provide updates\non shared project files. Over communication is not a bad thing when it comes to\na financial system upgrade. <\/p>\n\n\n\n<p>Chart the existing workflow, then map out the post-upgrade\nprocess. These documents will serve as the basis for training.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Training<\/h3>\n\n\n\n<p>Ongoing training and support are important, especially in the\nfollowing areas:<\/p>\n\n\n\n<p><strong>Transition process \u2014<\/strong>&nbsp;The\ninitial training, which should take place before the go-live date, should thoroughly\nexplain how current processes will work with the new system.<\/p>\n\n\n\n<p><strong>Security and compliance \u2014&nbsp;<\/strong>Users\nneed to know the specific data safeguards of the upgraded software. This can\nalso be an opportunity to review current guidelines and best practices. Be sure\nto update any online training modules or classroom sessions with features of\nthe new system.<\/p>\n\n\n\n<p>Financial system upgrades are rarely simple or quick. &nbsp;However, it is an opportunity to learn, develop and streamline processes. <\/p>\n\n\n\n<p><a href=\"https:\/\/dlcinc.com\/digital-future-accounting-industry\/\">Click here<\/a> to read more about the digital future of the accounting industry. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>While updating financial systems may seem like a never-ending and arduous endeavor, keep in mind that financial system upgrades are<\/p>\n","protected":false},"author":9,"featured_media":1361,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[11],"tags":[],"post_function":[],"post_audience":[],"class_list":{"0":"post-1360","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-article"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Tips for Financial System Upgrades - Addison Group<\/title>\n<meta name=\"description\" content=\"Optimizing performance and enhancing security are the top reasons that many company\u2019s plan financial system upgrades. 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