As a finance manager, CFO, or the leader of your finance team, implementing a new financial management system may seem like a daunting task.

Not to mention, it could add more responsibilities to your finance team’s workload.

However, the benefits of having an efficient financial management system cannot be overstated.

With the right system, your finance team can automate manual processes, streamline operations, and have a clearer view of your company’s financial health, enabling them to make informed decisions and ultimately leading to better business outcomes, amongst other benefits.

Here are eight ways you can make your new finance system less daunting and less overwhelming for your team!

Communicate the Benefits

It’s crucial to communicate the benefits of the new financial management system. Your finance team needs to know why the change is necessary and what improvements it will bring.

Focus on how the new system will streamline processes, reduce workload, and ultimately increase efficiency.

Get Buy-In from Key Stakeholders

Get buy-in from key stakeholders before implementing a new financial management system, particularly those who’ll be using the system.

Involving these key users in the decision-making process will provide valuable feedback and insights that will help you select the right system that everyone will be happy to use.

Provide Adequate Training

After selecting the new financial management system, leadership should ensure that their team has all the necessary training. This will make your finance team feel more confident in using the new system.

For instance, we have regular SunSystems training here which is open to anyone in the SunSystems community that want to learn and improve.

Our training includes:

  • Remote training
  • On-Site training
  • Group sessions
  • 1-to-1 training
  • Refresher sessions

Start with a Soft Launch

If going live with the full system or across all departments will be too daunting for the team, then you can do a soft launch. This helps your finance team to gradually adjust to the change rather than jumping in all at once.

For example, you can use a phased approach, starting with one department, and then gradually moving on to others.

Configure the System to Suit Your Needs

Having a system that is configured to meet the specific needs of your organisation is crucial. It ensures the system can handle all transactions precisely.

Configure the system to meet your company’s unique needs, including customising workflows, automating reports, and adding specific data fields.

This way, it’ll be natural for your team to work with the new system as it is configured to align with your organisation’s needs.

Integrate with Other Business Systems

Integrating the financial management system with other business systems is essential for end-to-end automation. It will reduce duplication and streamline data transfer.

Integrate the system with other finance-related systems like procurement, payroll, and timekeeping to make it easier for your team to use.

Get Feedback

Getting feedback from your finance team during and after go-live is critical. They can provide valuable insights into the system’s strengths and weaknesses, offering suggestions on any changes or improvements required.

Review and Update Regularly

Review and update the new financial software regularly. As your business grows and changes, so too will your financial management needs. Regular review and updates will help ensure that the system remains effective and relevant to your business goals and team’s work.

Conclusion

Implementing a new financial management system can seem daunting, but these eight easy ways will help your finance team adjust to it efficiently.

By communicating the benefits, getting buy-in from key stakeholders, providing adequate training, starting with a soft launch, configuring the system to suit your needs, integrating with other business systems, getting feedback, and reviewing and updating regularly, you will ensure a smooth transition.

Need help with implementing a new financial management system? Talk to us today!