Support in the implementation of a financial and accounting system

With the support of MDDP Outsourcing in the implementation of a financial and accounting system, digitization of bookkeeping becomes an actual competitive advantage.

Implementation of the financial and accounting system is a crucial step in streamlining the management of the company’s financial affairs. Modern accounting software integrates all financial processes of the company – from invoicing and evidencing of documents to reporting and analyses – in one coherent system. A professional implementation of such tool brings measurable benefits:

• it speeds up the work of the financial department,
• minimizes the number of errors,
• and facilitates control over cash flows and document circulation.

In times of ever-changing legal regulations and growing market competitiveness, a well-selected financial and accounting system will help companies maintain their full compliance with the applicable legislation and operate more effectively.

Despite of its apparent advantages, the implementation of a new accounting system might be challenging – requiring specialist knowledge, experience, and time. Each stage, from the analysis of needs to the launch of the system, the process must be carried out with utmost care in order to avoid data loss or disruptions in the work of the accounting department. That is why it is recommended to use professional services and support of experts. The team at MDDP Outsourcing offers comprehensive support in the implementation of financial and accounting systems so that the customers who receive such support can go through the process efficiently, safely, and with maximum potential of the new software.

What are the stages of implementation of a financial and accounting system?

The implementation process of financial and accounting software is comprised of several logically organized stages. We learned from experience that a meticulous completion of each stage will guarantee the success of the entire undertaking. Below, we present the main stages of the implementation that we carry out in cooperation with our customers who use our help during the application of new financial and accounting systems.

1. Need analysis – first, we conduct a thorough analysis of the current financial and accounting processes and identify the business requirements. We learn about the specificity of the customer’s operation, the volume of documents and the possible problems with the current system. It helps us precisely identify the objectives of the implementation and the features the company in question needs.
2. Choice of the adequate system – based on the determined requirements, we help choose the best financial and accounting system to match the particular business. We give advice as to which solution (or module configuration) will be able to satisfy the current and the future needs of the company – taking into consideration its industry, budget, legal requirements, and integration with other tools. Thanks to our strategy based on consultations, the chosen software will be both efficient and user-friendly.
3. Configuration and customization – after choosing the system, we start its configuration. We set the chart of accounts, accounting schemes as well as adjust the modules (e.g., sales, purchase, inventory) to the identified needs. If there is a need for modifications or additional features, we coordinate the programming works with the provider of the system. At this point, we also make sure to provide compliance of the settings with the applicable tax and accounting regulations.
4. Data migration – the transfer of historical financial data to a new system is the key stage of the implementation. According to the plan, we export the data from the current software (among others, the contractors’ files, account charts, settlements, transaction history) and import them to the new system. Before the full launch, we carry out migration tests to make sure that all the data were correctly imported and their integrity has been preserved.
5. Employee training – even the best system will be to no advantage, if the users do not know how to effectively utilize it. That is why we conduct a comprehensive training for the employees of our customers. We teach the accounting personnel and other future users how to operate the new software, including all the key functions. The training is held in a convenient form (workshops, webinars, individual consultations) and adjusted to the participants’ proficiency. As a result, the team is certain to be able to work on the new system and all the concerns connected with the transition are nullified.
6. Technical support and launch of the system – after installing and configuring the solution, it is time to launch it in the production environment. Our experts support you during the launch of the system (go-live), monitoring the first postings and reports in the new environment. We provide ongoing technical support, quickly responding to the emerging questions and problems. As part of the service, we also offer post-implementation support – after the completion of the project, we will still assist you, give advice for further optimization of the settings, and monitor the system updates. With such continuous supervision, our customers will use the maximum potential of the implemented solution.

What are the advantages of the implementation of an advanced financial and accounting system?

The investment in a new accounting system quickly brings measurable business benefits. New financial and accounting software facilitates everyday work and provides tools that previously were out of reach of standard bookkeeping methods. Below, we present the most important advantages of implementing an accounting system in the company.

• Increased work effectiveness – automation of many mundane, repetitive accounting tasks (such as inputting invoices, generating tax statements, or reconciliation of accounts) helps significantly save time. Instead of focusing on manual input of information, employees can devote their efforts to data analysis and strategic consulting. This results in higher efficiency of the financial department and faster completion of tasks.
• Process automation and elimination of errors – the new system independently performs many operations, according to the set rules (e.g. automatic posting, tax charging, sending calls for payment). This allows saving time and reducing the risk of errors resulting from the human factor. Thanks to the automation of accounting processes, the company is assured that the ledgers are managed thoroughly and accurately while the number of corrections or adjustments is reduced to minimum, with considerable time savings.
• Adjustments to the changing regulations – modern accounting and financial software is updated on an ongoing basis for changes in legal and accounting regulations. With a newly implemented system, it is easier to ensure compliance with the applicable laws – e.g. the system acknowledges changes in VAT rates, new reporting schemes or reporting requirements (e.g. SAF-T or electronic invoices). As a result, the company avoids formal errors and sanctions, being able to concentrate on its business rather than following changes in the legislation.
• Better monitoring of finances and reporting – a modern financial and accounting system provides extensive possibilities in terms of analyses and creation of financial statements. The management receives recent real-time data about the company’s condition – from the balance sheet and profit and loss account to detailed cost and cash flow reports. It facilitates making correct business decisions based on reliable data. Full financial transparency increases the control over the budget and allows for a faster reaction to the emerging challenges and market opportunities.
• Scalability and future growth – properly selected financial and accounting software grows alongside the company. It can be easily adapted to the growing number of documents, transactions or expansion of the organizational structure (e.g. opening new branch offices). If necessary, more modules can be added (e.g. projects, BI analyses) instead of replacing the entire system. This way, the implementation constitutes a solid groundwork for further growth of the company and creating a lasting competitive advantage for years.
• Saving money and time – although the implementation of new software requires investments, it will reduce operating costs in the long run. Faster month closing, less errors resulting in fines or corrections, limited circulation of printed documents – all of that means actual savings. Moreover, automatic processes reduce the need for overtime and allow managing business at a larger scale, without the need of proportionate increase in the number of employees.

What are the advantages of the implementation of an accounting system provided by the MDDP Outsourcing team?

The choice of the proper partner for the implementation of the accounting system is as important as the choice of the system as such. MDDP Outsourcing is proud to have a set of assets thanks to which the process of implementation is carried out smoothly and our customers get a solution that suits their needs. Our greatest assets in the scope of the implementation of financial and accounting systems are:

• experience and expert knowledge – we have a dozen years of experience in implementation of various accounting and ERP systems; our team consists of over 300 specialists (including certified accountants, auditors, ERP consultants, and IT experts) with proven qualifications; we have worked on many financial and accounting platforms, such as SAP, Oracle, Microsoft Dynamics 365, Comarch ERP and other, providing us with a unique perspective and practical knowledge; that is why we know how to turn technical possibilities of the software into actual improvements in the companies of our customers;
• knowledge of ERP systems and regulations – we combine IT competence with an in-depth knowledge of accounting and the current legal and tax regulations; our customers perfectly understand how financial and accounting systems work and, at the same time, they know how such systems should be configured in order to meet the Polish and international accounting standards; if the corporation dictates a specific system or there are custom requirements (e.g. group reporting, specific industry requirements), we are able to find a solution that will ensure compliance and full functionality;
• flexibility and an individual approach – we treat each implementation as a unique project adjusted to the customer’s needs; we are flexible in terms of the scope of support – we can carry out a comprehensive implementation process from A to Z or concentrate on selected areas (e.g. data migration or training), if that is what our customers need; we also adjust the pace and the schedule of the works to the company’s capabilities so that the ongoing business operations remain undisrupted; our team operates effectively both with large corporations as well as with medium and smaller firms, adjusting the scope of solutions adequately to the size of the organization;
• cooperation based on consultations – we rely on dialogue and partnership; before we propose a specific solution, we will carefully listen to the expectations and concerns; we explain the intricate technological issues in a comprehensible way, we explain the best practices based on our experience; during the implementation process, we closely cooperate with employees of the customer’s company – the managerial staff, the financial department, as well as the IT workers – so that all the interested parties are involved in the process and approve the result; with transparent communication and consultations at each stage, the final result will fully satisfy the needs of the end users;
• support at every stage – the MDDP Outsourcing team provides full support not only during the implementation process but also afterwards; a dedicated project manager makes sure to meet the deadlines and the budget while a team of IT specialists and accountants is at disposal to solve the possible problems; once the system is launched, our customers can still count on us: we offer post-implementation support, periodic inspections of the system and consultancy in scope of further automation of financial and accounting processes; as a result, our customers are assured that they are not left alone with the new solution – together, we will make sure to fully use its potential.

Frequently asked questions concerning the implementation of a financial and accounting system (FAQ)

How long does it take to implement a new accounting system?

The duration depends on the scale and complexity of the project. For a smaller company, it can be several weeks while in the case of advanced ERP systems composed of many modules and integrations – even several months. This is greatly influenced by the scope of adjustments, number of data migrations, and the availability of employees to participate in training and tests. We always prepare a detailed schedule thanks to which we will know, from the very beginning, how long individual stages will take and when the system is expected to launch.

How does the implementation of a financial and accounting system cost and what does the price depend on?

The cost of implementation is an individual matter and depends on many factors. Among others, we should take into consideration: the scope of modules to be implemented, the amount of data to be migrated, the degree of complexity of the integration with other systems, the number of users that will need training, licenses or subscriptions to use the software. After an initial analysis of needs, we prepare a personalized valuation that specifies all the individual elements of the project. As a result, our customers receive transparent information about the costs already before the commencement of works. Please bear in mind that the implemented system is a quick return on investment thanks to the saved time and higher effectiveness of the performed tasks.

Can the new financial and accounting system be integrated with other software used in the company (e.g.  CRM, inventory system)?

Yes. Most of modern financial and accounting system offer broad possibilities when it comes to integration with other business software. During the implementation, we analyze what systems are already used in the customer’s company (e.g.  ERP, CRM, e-commerce platforms, inventory or HR and payroll systems) and plan a proper merging process. We utilize the available API or integration modules so that the new financial and accounting system can seamlessly exchange data with other tools. As a result, our customers get one consistent IT environment – the data input in one system will appear in another, eliminating the need to input the information twice and reducing the risk of errors.

Will the implementation process of the financial and accounting system disrupt the ongoing work of the financial department?

Our approach to every implementation is aimed ad minimizing its impact on the company’ everyday operations. Very often, the implementation is parallel to ongoing works – it means that until the full launch of the new system, the current solutions are still being used (e.g. we carry out test accounting in parallel). In this case, it is necessary to precisely plan the stages and deadlines of the conducted works in order to avoid downtime. Our consultants remain in close contact with the customer’s accounting and IT teams, informing in advance about the possible short-term interruptions (e.g. for data migration). Thanks to such approach, the risk of disruptions is reduced to minimum and the financial department can continue its work without a significant downtime.

What is the support you offer once the implementation of the financial and accounting system is finished?

We do not end the cooperation after the launch of the system – quite the contrary, we provide full post-implementation support. Among others, it includes technical support for users, ongoing consultancy during the use of new features and assistance during first month closing performed on the new system. In case of any problems or questions, our experts remain at the customer’s disposal, providing necessary help. If needed, we monitor whether the system requires an update (e.g. due to changes in regulations or the release of a new version of the software) and help implement it. MDDP Outsourcing aims at a long-term cooperation – we want to make sure that our customers will fully utilize the potential of the implemented solution and feel confident and safe while using it.

What are the financial and accounting systems and tools that the MDDP Outsourcing team has experience with?

• Comarch ERP Optima
• Comarch ERP XL 
• Comarch Optima
• Enova365
• Exact Globe
• Impuls EVO
• iRems
• Macrologic ERP
• Microsoft Dynamics 365
• Microsoft Dynamics AX
• Microsoft Dynamics NAV (Microsoft Navision)
• Oracle Hyperion
• Oracle’s JD Edwards EnterpriseOne
• Prestiż ERP
• Proalpha
• Raks SQL
• Rewizor
• Sage Symfonia ERP/Symfonia Forte
• SAGE X3
• SAP Business One
• SAP Concur – system do rozliczania wydatków służbowych
• SAP ERP
• SAP Fiori
• SAP GUI for windows
• SAP R3
• SAP S/4HANA 
• Simple ERP
• Xpertis (Macrologic)

Implementation of a new accounting system – how to gain strategic advantage thanks to MDDP Outsourcing?

Implementation of a financial and accounting system is an investment that contributes to a new quality of work of the financial department as well as the entire organization. Modern IT solutions improve accounting processes, ensure compliance with regulations and provide precious information that helps in making strategic business decisions and more effective and efficient company management.

With the support of the experienced team at MDDP Outsourcing, the entire process of implementation of the financial and accounting system is carried out safely and on time, to reach a complete success in this complex and crucial undertaking. It should be highlighted that we do not serve as a substitute for an implementation company, we provide support and act as an intermediary between such a company, the in-house accounting team and the management board of our customers. We offer our support in the process of implementation of accounting systems both to companies for which we render accounting services as well as to undertakings with their own internal accounting teams. Let us start a cooperation – we have already helped many companies in the digitization of their accounting, we will be eager to help you as well.

We encourage you to contact the experts at MDDP Outsourcing in order to discuss your needs and prepare a dedicated offer. Our specialists will answer all your questions, dispel any doubts and cooperate with you to plan the optimum path for the implementation of the financial and accounting system. It is worthwhile to start acting today in order to improve the company’s finances and gain a competitive advantage with a modern financial and accounting system!

Ask about an offer for support with the implementation of a financial and accounting system

Read more [PL]:

• Case Study – Implementation of the Comarch ERP XL system in Polmos S.A.
• Case Study – Implementation of the SAP system for diversified capital groups
• Case Study – Integration of SAP Concur with other systems
• Case Study – Implementation of SAP-Concur for a Customer operating in the pharmaceutical sector
• Case Study – Change of the accounting firm during the tax year