At FYIsoft, we work with a number of partners who handle several different ERP systems. In our discussions, there is always a common question that comes up: “How can we help our clients make a smooth transition from one ERP system to another?”
Before I answer that question, let me first provide some context. The focus on corporate growth and the need for finance departments to keep up with increasingly aggressive growth goals is creating a number of challenges. Companies may need to consider changing their ERP system as a way to face these challenges and keep up with their rapidly changing corporate structures, product offerings, and so on. However, neglecting to properly plan for the required and ongoing financial reporting requirements of a company can stall the implementation process or put the project on hold indefinitely.
The Critical Financial Close Process
I want to focus on the importance of the close cycle, and the extreme importance of the finance department to continue to produce financial statements monthly, quarterly, and annually in contemplation of any change. This is a big hurdle that may not be fully understood by ERP vendors. There could be any number of good reasons for a company to consider upgrading their ERP system, but if this critical area is not addressed in the planning process, then the entire project may be shelved, and the company will continue to limp along with inefficiencies until they are left with no choice but to make a change. (Financial reporting has to be a “mandatory” component of planning any ERP transition if the company is publicly traded.)
Fortunately, FYIsoft can help eliminate this challenge, and allow the ERP vendor and the company to focus on the actual financial system implementation itself. FYIsoft’s financial reporting software connects to over 30 ERP systems, which means that we can pull the numbers directly from the company’s Chart of Accounts to generate reports in our system. Assuming that we offer a connector for the company’s current ERP system and their future ERP system (it could be different providers or different versions from the same provider), we can address the company’s major need of continuing to be able to produce financial statements throughout the transition process – and beyond.
Produce Accurate Financial Statements Throughout the Transition Process
How do we do this? Leaving aside the countless other reasons a company would want to use our report writer, a company can quickly and easily set up their financial reports in FYIsoft pulling from their current system. We only need to add a connector for the new ERP system and the company can continue to generate their reports and meet their close deadlines. FYIsoft solutions are able to read data from the old system and the new system to generate the company’s financial statements. When the company completes the migration to the new system, we simply eliminate the other connector from the old system. (There are additional planning steps that may need to be discussed should there be differences in the Chart of Accounts between the two systems, but this can be also be handled by FYIsoft’s report writer.)
Contact us today to learn more about how FYIsoft can help make the transition to a new ERP system much easier.