Information Systems are the workhorses of the finance organization. They have been developed to process enormous amounts of data according to the programming rules associated with the system.
The promise of a single system has faded and most organizations have serial implementations of a myriad of systems which need to work together to create periodic financial statements and provide timely and accurate data to allow management to effectively run the organization.
Systems implementation are costly, require a significant effort and generally rely on outside consultants since the core finance and IT teams are busy with their daily work. Sometimes the implemented system fails to meet the promise of the solution, resulting in manual steps to close the books.
We notice that it is always those edge cases, those transactions which do not meet the rules of the system which cause the most rework and errors.
The emergence of XBRL for United States Public Reporting Companies has thrown yet another layer of software and compliance requirements.
We approach systems in a holistic manner looking at the organization’s requirements, the features of existing software, the interaction between users and the importance of the system to closing the books.
We also consider the various alternatives such as patching, re-design, use of interfaces, upgrading the system or replacing the system.
A mid-term and long-term strategy is important as the organization builds out its information systems environment.