When moving to a new financial system, planning a seamless cutover becomes a key component for success. You can invest in a modern, state of the art technology but without your pertinent and accurate data, the technology may not provide much value. So how do you plan for this very crucial activity effectively?
Most articles you will find on the subject are long, extensive and rather technically focused - failing to convey the simplest yet most critical considerations for a financial cutover. The purpose of this document is to provide finance and accounting stakeholders with the five key areas to consider when performing a financial cutover. Addressing these areas will ensure the success of your new financial system implementation project.
This whitepaper will cover the following five key areas:
- Restructuring the Chart of Accounts (CoA)
- Close vs. Open Transactions
- Historical Transactions vs. Trial Balances
- Currency Exchange and Consolidation
- Go Live Timing
Nolan Business Solutions was founded over 30 years ago and are a Netsuite Solution Provider and NetSuite Partner. We have successfully implemented NetSuite into a number of business across a variety of industries.