The document outlines a structured approach for evaluating and implementing new accounting software for businesses, emphasizing the importance of initial assessment, budget fixation, and industry-specific needs. Key roles such as a champion and project manager are highlighted to oversee the implementation process. It also recommends using consultants for cost savings and customization, along with various methods for selecting appropriate software solutions based on organizational requirements.

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STAG E 1 : E VA LUAT I N G YO U R AC CO U N T I N G
S O F T WA R E R EQ U I R E M E N T S
ACCOUNTING SYSTEM IMPLEMENTATION

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Introduction
The initial assessment that you need a new accounting system is
where the process starts. There are many different accounting
software packages and making the right choice, right from the
beginning is the single best way to insure your implementation is a
success.
Therefore, you need to select with care what system you
implement for your business.
Often the best place to start is talk to your current software
provider if you have one to see if an upgrade is the answer as this
is the easiest and quickest way to improve your system.
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The Champion
Assuming you have decided to change your system you will first
need to appoint a champion within the organisation to take overall
command of the process. This is will be a person in authority
within the organisation, usually the CFO or Managing Director.
The Champion should aim to be involve in the evaluation stage as
much as possible.
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The Project Manager
Once a Champion is appointed a Project Manager is needed to
undertake the actual implementation.
This role can be delegated internally or externally to a consultant
either employed directly by the organisation or supplied by the
software house. Who to use as Project Manager depends on the
complexity of your business model and the depth of technical
expertise within your organisation.
In more compact organisations this could even be the champion
themselves!
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Using a Consultant
Bringing in a consultant may have cost advantages and allow you to
use their experience to tailor your system more closely to your
needs.
Cost savings can be gained in the first step of the process as
providers of accounting software are usually happy to involve
software buyers as much as possible.
You can help reduce your cost by doing much of the analysis work
in-house.
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Evaluation Steps
The evaluation stage consists of a number of component parts for
example:
 Fixing the implementation Budget.
 Reviewing the new accounting software to the ensure it matches
the size and complexity of your existing and planned business.
 Consider your Industry Type and making sure features you
require are included in the software package.
 Deciding which of your Software suppliers have the necessary
technical expertise and available resources to meet your needs.
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Constructing a Budget
You will need to fix how much you can spend on the
implementation based on the overall cost of Software, Hardware,
Implementation and Training.
The cost of the software maybe your initial concern, however it is
important to bear in mind this generally works out at around a
1/3rd of the total cost.
The overall spend should be monitored on a regular (weekly,
monthly) basis against the implementation budget throughout the
project by the project manager and reported on to those who have
the power to take action on any cost overrun.
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Identifying your Accounting Software
Talking to your existing supplier (if you have one) to see what he
has to offer, this is probably the most cost effective method of
getting an initial determination of what you need.
Accounting Software is of three types, differentiated by cost and
complexity.
 Small business systems with very basic features.
 Mid-level business system requiring more robust or industry
specific features.
 Enterprise level system with advanced features.
Which one of these three you go for depends on your
organisations size, the industry you are in, where you are planning
to be in the next 3- 5 years and of course your budget.
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Industry Specific Requirements
Once you have identified where you fit size wise you need to look at Accounting Systems
designed for your specific industry. This will offer far more functionality than basic industry-
neutral accounting packages. Typical examples of industry specific needs are:
 Cost control and budgeting – most companies
 Customer relationship management tools – marketing driven companies
 Document management – engineering, financial services
 Equipment and fixed asset management – oil and gas companies
 Financial management, cash management and reporting – most companies
 Inventory control – retail and manufacturing companies
 Investment tracking – financial services
 Multilingual, multi-currency – international companies
 Order entry – retail and manufacturing companies
 Payroll and HR – most large companies
 Production and quality control reporting – manufacturing companies
 Project management – engineering, oil and gas, construction companies
 Purchasing and procurement – most companies
 Time and labour management – engineering and service industry
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Matching Accounting Software
Your ideal software will be one that matches your
companies aspirations, provides flexibility for growth and
makes most efficient use of your resources.
The final consideration is of course cost. Whatever you
choose in the end must fall within your budget where:
Software 33%
Implementation 50%
Hardware 17%

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Evaluating the Software Supplier
Having decided on your software product the next step is to find a
supplier if you have decided to change software providers. The
best way to get an idea of what a software provider has to offer is
to:
 Use professional or industry/trade associations accredited
software listings.
 Use a reputable independent software expert.
 Meet and review the credentials of the Software House and
discuss these with the Software Supplier.
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Follow on Stages
With your accounting software and software provider
selected you are ready for the next stages of your
implementation;
 Implementation planning
 Software installation
 Accounting system configuration
 System training
 Parallel running and Go live
 BAU
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