9 Tips for Achieving a Profitable Accounting Software Application

As your company grows it will come to the point that you’ve surpassed the accounting software which started your business and you’re ready for an application that can provide all the capabilities your growing business demands. If you’re planning to borrow funds from lenders, or your company is looking for Series A or Seed investors, it’s imperative to upgrade to accounting software.

It is essential to select the appropriate accounting software. However, that’s only the beginning. It’s now time to make sure that the implementation runs smoothly. These 9 suggestions will aid you and your organization to succeed in the implementation of your accounting software.

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1. Set Clear Expectations

When you choose Accounting Software Implementation that is new, you’re likely to focus on additional or enhanced features. It’s common to overlook what your current system can do well and what your new system will do. That could leave you less than pleased with the system you just invested in.

While your brand-new and older systems might not work in the same manner, you should inform your vendor know the most important characteristics or functions you’re looking for within your accounting software.

2. It’s written

Certain requirements will be required by your business for the new accounting software. In particular, what kinds of reports and other data outputs do you think your staff will most likely to use? Do you have to provide the stakeholders, investors, or other investors with visualizations of data that can be more useful than endless rows of numbers?

You’ll be able to list your requirements in the event that you have an RFP you created as part the software selection process. Even if you didn’t need to clearly state your requirements in writing before implementation can begin. It will ensure that you and your vendor are in agreement about the services you’ll receive.

Avoid making too many changes because they could add costs and make maintenance more difficult. If you require a lot of customizations, you might consider rethinking your selection of a system!)

3. Assign a Project Leader or Working Group

Implementing new software can be an effort in the collaboration that impacts all employees within the organization. It is necessary to have an individual or a small group to act as project champions. The project champion is the one who leads the effort on your side and ensures that the project stays on track and gets everyone’s support.

If your project’s champion is an individual or part of a group, ensure you choose team members who have demonstrated ability to collaborate across functions with the authority to take decisions about the software’s implementation, the time to own tracking of the project’s progress according to the plan, as well as the capacity to engage in continued communication about the project, both with colleagues and the vendor of the software.

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4. Set up a Shared Project Plan

In order to ensure the success of your implementation of accounting software, a well-constructed plan of action is vital. This will guide you in implementing the solution efficiently, on time, and within budget.

While the vendor may be the one to create the plan for you but you and your team must be involved in the plan. If you don’t like certain dashboards, but your plan does not include it as a project step and you’ll be following a plan which leads you to the wrong path.

Even if the final product is a spreadsheet, your plan of work must include milestones, deliverables and deadlines. It should also assign tasks to people. When the plan is approved to by all parties, they need to be clear on their roles and responsibilities. The vendor and you must maintain the plan and track your performance.

5. Create a Plan for Keeping the Day-to-day Work in Progress

Companies often assign the responsibility of implementing an accounting system to employees who already have a good understanding of the accounting process. They’re the most qualified subject matter experts for the task! Implementing a system takes time and could make it difficult for staff to perform their accounting* tasks.

That’s why some businesses outsource their accounting work to a trusted third party while the internal team focuses on managing the implementation and getting trained on new features and functions. This approach ensures the daily accounting* work continues to get done accurately and on time. It also relieves a bit of stress from your employees.

6. Prepare Your Books to prepare for the transition

It is tempting to shift your attention to the new accounting system when an upgrade to accounting software is coming up. However, the last thing that you’ll want to do is shift bad data to a new accounting system.

You’re looking for clear sheets of data that you can begin with. However, trying to achieve that while also keeping up with the accounting tasks of the day and manage the software’s implementation can be daunting.

It is important to keep all your records up to date in the current accounting* system and take time to reconcile it fully before you make the switch. By putting your books in the best condition as possible – nearly as if we’re planning to remain on your current system–you’ll start off in the new system with good, clean records.

7. You should allow yourself time to test

It’s tempting to hurry through the remaining steps faster If there’s been delays or everyone wants to adopt the latest accounting* software. It will be a mistake later on If you rush through the test.

Everyone who uses the system must be involved in the testing of the new accounting software. This involves assessing all features and functions that you’ll be using, as well as those you may use in the future. Even though it’s a time-consuming process, you should not rush.

8. Don’t cut corners when it comes to training

It’s not enough just to teach accounting software. You have to be able to apply it in a way that your business uses it. It’s useless in the event that your team is instructed only on one method to create the purchase order (PO) and you have customers with distinct requirements for POs.

Before beginning the training, take time to identify the various scenarios and permutations your team will require training on. Make sure that your training includes real-time, hands-on workshops and informative tools your system users can study on their own time. Video tutorials are especially effective as they allow you to feel emotionally and visually connected with the system. It is best to have the training provided by an accountant* and not an engineer.

Training for your accounting software should be easy to comprehend and use. Long-form documents are not more effective or useful than documents that broken down into smaller pieces and have visuals.

9. Plan for Post-implementation

Just as important as the initial preparations for the implementation, a solid post-go live strategy is equally essential. This is the time to address the issues that remain unclear or not addressed in the initial project plan. Also, it’s a good time to evaluate your current processes and decide if you’ll have to change them so you’re able to use the software in the way you intended and maximize its features and functionality (instead of creating systems workarounds).

The preparation for post-implementation is essential. It is best to work in conjunction with your internal team and the accounting software vendor. This helps ensure everyone is on the same and on the same page. They are all in agreement that it won’t be easy however, they also have a team that is focused on finding solutions to assist with any issue. Staff frustration can be reduced and their worries eased by knowing that there is a plan for post-implementation support.

If you’re looking for a reason to change towards a more robust accounting solution, Scrubbed can assist! We’ve helped many businesses understand their accounting* system needs as well as evaluate solutions for software and ensure that the software can be integrated with your current processes and other systems.

We also provide help with software implementation. Our team is able to handle your accounting* work whilst you and your team work on the implementation. Prepare your books for the transition.

Scrubbed’s accounting and finance experts can assist you in making the switch to more powerful software. 

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