How long does it take to implement new finance software?
Very often, we speak to organisations who need a new finance system quickly. This may be due to current software frustrations, to keep control of their finances as their business grows, or implement before the new financial year starts. What they don't realise is, bespoke finance systems take on average 3-4 months to implement.
Read on for the 5 key phases of finance software implementation so you can confidently plan and prepare.
Looking to implement new finance software for 2024? Contact us for more information.
The 5 key phases of finance software implementation
Step 1: Planning phase
- Identify the reasons you have outgrown your existing software
- Build your business case
- Seek board approval in principle
- Assemble your team
Step 2: Engagement phase
- Engage potential suppliers
- Choose final supplier
- Detail and document your requirements
- Final board approval
Step 3: Design phase
- Solution workshops
- Confirm requirements
- Make sure your data is up to date
- Choose your project team
Step 4: Build and deliver phase
- Build configure
- Train your super users
- User Acceptance Testing (UAT)
- Conduct end user training
Step 5: Go live
- Get your finance team up and running
- Use the software to its full potential
- Experience the power of software to improve the efficiency and productivity across your business
Why implement new finance software?
Watch this 3 minute video to see how Access Financials will benefit your business.
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Reasons to start your journey now
Finance systems take 3-4 months to implement into organisations, that's why getting ahead and starting now will bring you all the benefits you're looking for next year. Our finance software will help you:
- Make better business decisions with real-time financial reporting.
- Work smarter by having all your data at your fingertips - anytime, anywhere.
- Improve business-wide efficiency by automating manual processes.
- Empower your people with self-serve apps and connected data across systems.
- Keep your data safe against threats, data loss and leaks.
Frequently Asked Questions
What is a financial management system?
A financial management system refers to a technology solution for businesses that helps track, process and manage the entire financial life cycle. It encompasses core financial functions such as general ledger, accounts payable, accounts receivable, budgeting, and reporting. Learn more about financial management systems.
Why should I switch my current accounting software?
There comes a time in any growing business when choosing a new finance and accounting software or replacing an existing one becomes essential to ensure efficiency and reliability for finance teams. Access Financials is a cloud-based accounting solution that handles all your accounting, procurement, collaboration, analytics and more, all in one place, securely in the cloud. Discover our tips and best practices for switching accounting software.
What should I consider when searching for a new finance software?
When considering a new financial management system, consider features and functionality that enable your finance team to carry out more value-adding activities. Take into account factors such as:
- Project accounting
- Automated report generation
- Access to real-time data
- No need for manual re-keying
- Automatic software upgrades
- Secure cloud-based software
Find out how to choose the right accounting software for your business.
How will Access Financials integrate with our existing systems?
Access Financials integrates with the Microsoft Office suite such as Excel, Word and Outlook, as well as Digital Tax software, HR, CRM, expenses, purchasing, payments, rostering, scheduling, inventory management, and many more. It also connects with Experian for company credit data to support your sales processing by giving you an instant view of your business health. Check our 7-step finance system integration checklist for more details.
How much does Access Financials cost?
Accounting features and user seats affect the cost of most financial management systems. Access Financials comes with various add-on options so you can build a system that works for your organisation, and a one-time financial software implementation fee. Additionally, we offer customisable customer success packages that vary depending on the level of support you need. Learn more the cost of accounting software and discover our flexible accounting packages.
How secure is Access Financials?
At Access, we take data protection and security seriously. Our powerful cloud-based solution is designed using industry-leading cloud technology that enables you and your team members to always have access to the information you need within a single sign-on platform, safe and secure, and always updated to the latest version.
Finance professionals can free up time with our automatic software updates instead of manually downloading and installing new versions locally on their devices. Read our article about cybersecurity in finance to learn more about the benefits of cloud-based accounting software.
What kind of support and training is there available?
Making a decision on switching your accounting system is a big decision for your company, particularly if the existing accounting system has been in the business for many years.
There's not a ‘one size fits all’ when it comes to financial system implementation and ensuring your team are fully equipped to run the organisation. Keep reading here our 4 helpful tips for training your team for new accounting software.
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