30 Nov 30 Day’s to “Go Live”: Is moving to a new accounting System possible by January 1st?
December 1st is quickly approaching and the angst of knowing that a new accounting system is needed looms before you. While the business of doing business has been all consuming during the last 11 months, the notion of spending one more year on an inadequate accounting system seems unfathomable. If you plan on taking any time off for the holidays, is moving to a new system by January 1st even possible? Well, relax. You actually have more than 28 days because some of your “Go Live” tasks are actually done after you cut-over to your new accounting system.
Week 1 – define chart of accounts and financial reporting needs
Week 2 – extract/clean/modify – vendors, customer, and inventory master lists
Week 3 – import vendors, customers, inventory
Week 4 – bring in open balances such as month end trial balance numbers, open accounts payable, accounts receivable, inventory items costs and balances, purchase orders and sales orders.
End of Week 4 – GO LIVE
Post Go Live:
Week 1 – Develop your financial reports
Week 2 – Open Bank transactions – enter outstanding checks and deposits in transit
Looking at the details
Week 1 – The key to every good ERP/accounting system is the chart of accounts. After all, it is the basis of all your financial reporting. If you get this wrong you will be cursing yourself for years to come. It is no wonder why CFO’s, controllers and business owners spend countless hours trying to come up with a COA that allows for growth, best practices in reporting and significant enough visibility to managers and bankers without going overboard on the number of accounts. And those are just the posting accounts. You also have to think about departments, location or product segmentation reporting. Whether you are a simple start up business, a sophisticated distribution or manufacturing company or a complex professional services company. We have predefined four very unique charts to handle general business, supply chain, manufacturing and professional services businesses.
Week 2 – If you are moving from another accounting system like Quickbooks, Peachtree or many of the Sage products, extracting your master data files can be done quickly and easily into Excel. From there you will want to clean out any old vendors, customers and inventory items you no longer use and you might also want to rethink their ID’s.
Week 3 – Now that your data is nicely organized and current, you can use our simple integration manager tool, which comes standard with the product to import these items into Dynamics GP. If you need help or have a lot of items, we have a fixed price list for help on importing these items.
Week 4 – This week usually falls during the last week of December between the holidays, so depending upon your business this can either be a quiet week or a busy one. So make sure you plan accordingly. Many customers try to print checks out of their old system and hold on to them while they transition over to their new system to avoid having to enter too much open AP. Open AP can easily be manually entered as well as open purchase orders if you have less than 20 – 40 of each. More than that and we recommend doing an import, again using Integration Manager in Dynamics GP. Open AR however is usually something out of your control, so you will have to enter, or import in these transactions so that your AP and AR aging’s match your old system. Open Sales Orders are also recommended to be manually entered if possible as many of these will affect inventory balances as well. So make sure you enter your inventory balances first. Remember once you move these over, no more transactions should be entered into your old system.
GO LIVE – well you’re about to start entering into your new system. Make sure you have checked stock on hand that will work with your new system – Dynamics uses most existing check stocks but some manual changes may need to be made. This might also be a good time to take a copy of your database and move it into a test company. Reach out to the support team at RoseASP and they will do this for you. Then go into your test company and run some transactions; purchase orders, sales orders, accounts payable invoice entry, journal entries etc, and print out all the items to make sure that everything looks the way you want it to.
Post Go Live – Week 1 – Well now that you have gone live and are entering transactions into your new system, getting financials or reporting is your next important task. If you are using the predefined charts that came with the system initially you are ready to print financials. If you added accounts, you will just need to go into the report writer and add them there.
Post Go Live Week 2 – By now you have probably received your bank statement or you can go on line to print one out. But in order to use the Bank Rec module you will need to enter in (from your last bank reconciliation) your deposits in transit and uncleared checks.
Hopefully this quick recap will give you the confidence that you can move to a new accounting system with just 30 days left to January 1st. It will take some dedication on your part, but well worth the effort when you realize all the great features that you will get with your new Dynamics system.