The finance department is instrumental in the success of a company. Its organization is key to succeed in any eventuality. This is why you should always count on good strategies based on accurate information. Considering this, the best solution for them is, without a doubt, to implement an ERP.
An enterprise resource planning (ERP) software allows organizations to optimally manage their financial processes. For this, it is fundamental that the selected software has a financial module like NetSuite ERP, for example, since it can adequately automate all financial processes to achieve an agile finance department.
4 key practices to implement an ERP in your finance department
Implementing an ERP for finance can be a complex process. However, if some practices are considered it is possible to achieve a successful result. These recommendations can be very useful for your company.
- Use a methodology
A methodology is like a roadmap that helps you provide structure and direction to the finance department. It is about an essential frame to shape the ERP implementation process; because it helps teams to address the complexity of the project. It is considered one of the best practices because having a methodology guarantees that all team members address tasks using the same proved methods.
- Perform tests when implementing an ERP
Performing tests is fundamental to know if the ERP system is working correctly. It is essential to do these tests in a comprehensive way and not only for individual tasks, because only then you can verify that all business processes work properly and that they can support the financial operations. In addition, it is key that the company involves the ERP final users from the beginning. This is important because it will guarantee that they are all interested in implementing the software as smoothly as possible.
- Do not wait too long to use integrations
Another recommended best practice to implement an ERP is not leaving integration for the end. Financial management software are often integrated with third-party tools to provide a more complete service to customers. But many times these integrations take time, that is why it is important to implement them from the beginning so that there are no problems once the ERP is up and running.
- Prioritize communication between team members
It is not possible to implement an ERP successfully without clear and fluid communication with all members of the finance team. Regardless of the methodology used, it is essential to have a communication plan that allows the project to move forward in an optimal way.
Implementing an ERP in the finance department is a task that requires an investment of time, money and resources. For this implementation to be successful it is essential to take into account the best practices to guide the project, but also to make sure that the data is complete and correct before migrating it to the platform. This way you will be able to take full advantage of this type of management software. If you are interested in learning more about the benefits of an ERP system for your finance department or if you need advice from experts in the field, do not hesitate to contact us.