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Improving Finance and Accounting Systems

Facts you Should Know

  • Studies have reported that up to 90% of organizations are unhappy with their accounting and finance systems.
  • One area that receives inadequate attention is the actual implementation process. Many a problem or system shortcoming might have been avoided if the implementation team had addressed the issue properly.
  • Problems often can be traced back to four key areas:
    • How the system was set up
    • How well the processes were married to the technology
    • The type of training people received and
    • How well “Best Practices” were applied to the end-to-end processes
  • System improvements can be accomplished gradually. A team can focus on one process area at a time, and most successful projects begin by focusing on processes that provide a quick win.
  • The costs to improve the system and related processes are insignificant when compared to the total cost of the system and usually have an ROI of less then one year.
  • Changes will not require an army of external consultants.
  • Improvements can be accomplished in stages.