8 Strategies to Sidestep Financial Software Implementation Pitfalls (Pt.2)

Posted by Rick Yvanovich

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In our previous blog post, we explored four strategies businesses should implement to avoid common mistakes in financial management software implementation. Today, we will uncover four additional strategies to help you and your business prepare effectively before embarking on your implementation journey.

Read more: Scaling Your Business With Sunsystems Cloud​


[Infographic] 8 strategies to sidestep financial software implementation pitfalls

8 Strategies to Sidestep the Most Common Pitfalls in Financial Software Implementation

Educate Yourself and Your Team to Manage Change and Maximise Benefits

In many cases, the decision to adopt a new management system is a top-down process that doesn’t involve the people who will be using the system on a daily basis. This can give rise to resistance and frustration, which can develop into formidable hurdles that ultimately stymie the implementation process.

Further exacerbating the situation is the lack of sufficient training. While investment in tech tools has seen a steady increase, a 2020 survey conducted by the UK tech recruitment firm CWJobs revealed1 that less than 10% of surveyed companies had provided training to all the essential staff for the tech tools they had invested in.

Read more: 8 Do’s & Don’ts in Cloud Accounting Software Implementation

Implementing a new financial management software goes beyond technical considerations; it requires effective change management. To ensure a successful transition, organisations should communicate the reasons behind the implementation, engage employees in the process, provide comprehensive training, and establish champions to drive adoption.

Managing resistance, monitoring progress, and adapting based on feedback are also vital. To navigate the transition smoothly and maximise the benefits of your new financial management system, prioritise inclusive training and change management alongside technical implementation.

Take the time to familiarise yourself with the new software and understand its capabilities to effectively roll out the system and set your team up for success. Allocate sufficient time and resources for training sessions that cover functionalities and best practices. Encourage user engagement and offer ongoing support to address concerns to ensure everyone is comfortable and can make use of the software’s full potential.

Make sure to keep all teams informed and involved throughout the implementation process. Conduct general meetings and in-depth training sessions with each team to foster effective communication about and understanding of the changes. Involving employees from the beginning and providing comprehensive training will empower them to embrace the software and minimise resistance.

Read more: The Need for Industry-specific On-demand Training for End Users

Your ability to maximise the benefits of your financial management software depends, by and large, on proper training and user adoption. By investing in comprehensive training, you equip users with the knowledge and confidence needed to embrace the new system and drive success. By prioritising change management to proactively address any challenges, you ensure a smooth and successful transition.

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Set Clear Goals and Ground Your Expectations

Securing stakeholder buy-in and effectively managing their expectations are crucial for a successful implementation. However, it is equally important to establish clear and measurable goals. Without clearly defined goals and metrics, it becomes challenging to measure progress and drive continuous improvement.

Start by defining specific goals and key metrics that will track the system’s impact on your organisation. This empowers you to make informed decisions, adjust business trajectories, and improve practices over time. Regularly review and analyse these metrics to ensure ongoing improvement and alignment with your business objectives.

Engage stakeholders from risk, audit, and management teams. Seek their input and align their expectations with the project's scope and objectives. Foster open and transparent communication by providing regular updates on project progress and milestones. Involving stakeholders throughout the process will help you build trust and keep everyone informed.

Ground expectations by conducting thorough expectation assessments and managing them realistically. Through effective and open dialogue, ensure that stakeholders understand the project's progress and are prepared for potential delays or challenges along the way.

Additionally, incorporate contingency plans into your project timeline to address unexpected delays or obstacles effectively.

By setting clear goals, proactively managing expectations, and preparing stakeholders for potential obstacles, you minimise resistance to change and create a supportive environment for implementation.

Read more: Building a Healthy Data Culture: 7 Factors to Consider (Part 1)

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Secure the Necessary Human Resources

Implementing a financial management software system is a complex undertaking and, while opting for an in-house implementation may appear cost-effective initially, it often leads to higher long-term expenses due to extended troubleshooting periods and limited technical support.

Instead of attempting the process on your own, consider making use of the expertise of professional implementation services. By outsourcing to experts who understand your specific needs, you eliminate the risk of implementation mistakes and financial stress.

Your options typically include industry experts2, who are large firms with long lists of clients, and implementation experts, who are smaller and offer a more personalised experience throughout the process.

The main advantage of working with a larger, more experienced firm is that they will have a wealth of knowledge and expertise to draw on. They have likely worked with companies with similar needs to yours, and know how to meet those needs.

On the other hand, smaller firms excel in providing personalised support, including tailored training, coaching, and ongoing assistance after implementation, ensuring that you don’t feel like just another client and that your unique support needs are met.

Whichever option you choose, this approach provides you with access to experienced professionals precisely when you need them, without having to hire more people.

Read more: Expert Advice on Choosing the Best SunSystems Implementation Partner

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Continuously Evaluate and Improve

Successful implementation doesn’t end with the go-live date. To ensure ongoing success, establish a process for continuous evaluation and improvement. Regularly assess the system’s performance against your goals and metrics.

Set up a mechanism to obtain regular feedback from users and stakeholders to identify areas for refinement and improvement. By actively evaluating and improving your financial management software system, you can adapt to changing business needs and optimise its value to your organisation.

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Start Your Implementation Journey

Implementing a financial management software system is a significant undertaking, but by avoiding common pitfalls and following a well-defined strategy, you can position your organisation for success.

From understanding the complexity of data migration to fostering stakeholder buy-in, each step in the implementation process plays a crucial role. Conduct thorough needs assessments, set clear goals, and prioritise effective communication and training to pave the way for a seamless transition.

Embrace the potential of a robust financial management software system, and unlock the benefits of increased productivity, streamlined processes, and enhanced data accuracy as well as better security to support your business’ long-term growth.

If you are ready to take your financial management processes to the next level and embark on a digital transformation journey, we are here to help. Click the button below to share your concerns with us and discover how our industry-specific financial solutions can empower your teams and drive your bottom line.

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1. Hughes, O. (2021) ‘Employers aren’t training staff to use new tech tools. Employees are paying the price’, TechRepublic, 11 March. Available at: https://www.techrepublic.com/article/employers-arent-training-staff-to-use-new-tech-tools-employees-are-paying-the-price/ (Accessed: 14 June 2023).

2. Patterson, J. (2021) ‘Getting Started With ERP Software: Should You Choose An Industry Expert Or Implementation Expert?’, Forbes, 26 April. Available at: https://www.forbes.com/sites/forbesbooksauthors/2021/04/26/getting-started-with-erp-software-should-you-choose-an-industry-expert-or-implementation-expert/?sh=287a23ca363b (Accessed: 14 June 2023).

Topics: Financial consolidation, planning and reporting, Financial Accounting Management Software

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Rick Yvanovich

 Rick Yvanovich
 /Founder & CEO/

With TRG International Blog, it is our mission to be your preferred partner providing solutions that work and we will make sure to guide your business to greatness every day.

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