Jan 31, 2022

6 Accounting System Implementation Mistakes Every Business Must Avoid

Accounting System Implementation Business Mistakes

If it’s time for your business to upgrade to a new accounting system, it’s important to remember that doing so is sometimes easier said than done; especially when your team doesn’t have a full-time accountant.

Without the help of an accounting professional, it’s easy to make mistakes during implementation that could ruin your entire efforts.

Why is an Accounting System Important?

Implementing your accounting system the right way is important because, without a properly functioning accounting system, it’s extremely difficult to accurately track your business’s finances, prepare official financial statements, and share essential data with local and governmental entities.

6 Implementation Mistakes Your Business Must Avoid

Your accounting system is the crux of your business’s financial success. So you want to make sure that when introducing a new system to your brand, you don’t hit any of these common mistakes.

Failing to Conduct a Needs Assessment

Rushing into a new accounting system can lead to a lot of time and money lost without the right research.

Before you rush out and purchase the latest accounting system software, make sure that it’s truly what your organization needs. Just because you’ve seen competitors using it or heard it was a great program from an industry podcast, doesn’t mean that it’s right for your unique business structure.

Take some time to define your organization’s actual financial needs, then compare and contrast what the system you’re looking at offers and how much it could truly help you in the long term.

Implementing Systems Without Goals

Rolling out a system without any clear goals in mind just leaves the system running without any benchmarks to show whether the system is actually working!

After you’ve conducted your needs analysis, you should be able to define specific goals you want your system to reach in a set amount of time. Setting these goals and reviewing key metrics can help you quickly shift business trajectories and gradually improve your total business practices.

Selecting a Plug-and-Play Option

Yes, it can be tempting to take the “affordable and easy” route of the plug-and-play accounting system options out there. However, these types of accounting systems don’t usually come with the ability to mold the system to meet an organization’s unique needs.

Once you’ve discovered this issue with your plug-and-play system, it’s no longer an affordable option because it’s now money wasted and your team is forced to take the time to hunt down a customizable product that actually helps you meet your goals.

Not Educating Yourself On the Product

While it may be tempting to just hit the ground running with your new accounting software, doing so can lead to lots of confusion and the potential for misuse of a useful system.

Taking the time to review your product and speak with an accounting professional can help you understand all of the features and benefits that come with even the most basic of packages. Once you’ve established a thorough understanding of how your product works, it will be a much easier process to roll out the actual software and set up your employees for success while using it.

Not Involving All Teams in the Process

Regardless of the size of your company, it’s essential that you have all teams involved with your implementation plan. From general meetings about the new system to in-depth training sessions with each team, communication about the new changes is essential.

Failing to keep your employees informed of the implementation of your new accounting software could lead to the following issues as you begin product to use:

  • Individual employees may not understand their responsibilities
  • Employees can miss key rollout dates
  • Some employees may not follow your timeline for adoption and will be left in the dark when you’ve completely phased out your former system

Not Requesting Professional Contract Services

Finally, if you don’t already have an accounting team in place, attempting the implementation process on your own will surely lead to the above mistakes and potentially more!

Hiring a full-time accounting team can be expensive and may not fit your organization’s expected timeline. However, through outsourced accounting services like the options found through OSMEAC Solutions, your business has access to expert accountants at the exact time you need them.

When you put your finances in the hands of a contract professional you experience no financial stress, no constant payroll hits, and above all, no implementation mistakes.

Introduce a New Accounting System the Right Way, With OSMEAC Solutions

As we’ve shown, introducing a new accounting system to your organization without professional help can lead to a few bumps in the road. If your organization doesn’t have a full-time accounting team and doesn’t have the time or resources to spend on a lengthy hiring process, OSMEAC Solutions can help.

Our contract accounting services are affordable and available to our clients when they need them. Our accountants are experienced professionals that can help walk you through the accounting system implementation process from start to finish.

Contact us today to learn more about our services or to get the implementation process started!