Avoiding Common Accounting Platform Implementation Errors
March 15, 2020 / Haroon Juma / Accounting & VAT Blogs
With the introduction of UAE Corporate Tax (CIT), maintaining accurate books and accounting is mandatory requirement under the Law. For many companies, systemising the accounting or changing to a more functional accounting system to manage CIT reduces the challenges in managing and reporting CIT. A well-structured, functional system and planned implementation can streamline your processes with major improvements in reporting.
There are many areas to keep in mind when transitioning to a new platform.
Mistakes to Avoid When Implementing Your Accounting Platform
Failing to conduct an assessment.
Implementing any accounting platform without clear insights on reporting or compliance requirements will limit your business. To ensure a successful implementation, you will need to know exactly what your business needs from the platform. Ensure that your specific management and statutory reporting requirements are definedto reap the full benefit of the platform.
Failing to evaluate the product
There are many product options available. Once your business requirements are understood, assess options that serve for the long term. Test and evaluate the software thoroughly for features, ease of use, and how it scales with your business.
Making short-term decisions on a product leads to many issues when you outgrow its capabilities. These can include costly data migrations, new project costs, and training your business to operate the system.
Failing to use product functionality
Many platforms have features that can simplify the accounting processes and reduce errors. These require a good understanding and experience in implementing the product.
Securing expertise to support your implementation will save time and improve the implementation. Ensure your partner is qualified and experienced in advising and implementing the product to its full potential. Some tips are discussed in our Implementing Accounting Software whitepaper.
Cloud systems are also the future and you should consider this as an option. This is further discussed in our Cloud Vs On-Premise blog.
Failing to have a launch plan.
You will also need a comprehensive launch and user training plan in place. Launching without careful planning makes it far harder to implement any new system. Regardless of the size of your company, you will need a best practice framework, training, and change plan as well as documentation to reduce potential issues during the implementation accounting.
Migrating data from one system to another is complex. If you have legacy data, assess the quality and volume of data and have a clear strategy and plan in place.
Migrations take time and therefore you will need to assess whether there is value in a full migration or whether you parallel run systems. An experienced partner will advise you to help take the right decisions.
Failing to involve your teams.
Finally, it is also essential that your teams are involved during each step of the way. Trying to migrate to a brand new accounting system without any type of training or preparation can be disastrous. This will increase frustration and make it harder to see the full benefits of the platform. Make sure that your teams are fully prepared before your launch.
At SimplySolved, we aim to make the transition to a new system controlled and reliable. We provide comprehensive services aimed to help you transition successfully. Contact us today to learn more about implementing an accounting platform.
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We support our clients with defined processes, platforms and expertise to deliver advisory, project and outsourced services in Accounting, Tax, Auditing, HRM & Payroll & ERP solutions. Our offerings are specially designed to meet the UAE Regulations to put you in control of your information, comply to the legislation and help you make better business decisions.