IT Best Practices for Financial Managers

Chapter 6. Objectives and Scope of Implementing Automated Financial Systems

Michael S. Vowles

Brenda S. Haroian

Organizations have several motivations for implementing financial systems, from streamlining existing process to synchronizing with a corporation's overall business strategy. Whatever the motivation, organizations implementing automated financial systems should focus on achieving process and control simplification and standardization across the organization, efficiency gains resulting in lower costs, globalization, regulatory, compliance, and effective use of end-to-end electronic processes, real-time information delivery, and business performance management.

Objectives

It is important for an organization to understand both the impacts and the benefits that financial systems can provide in order to effectively plan for their efficient implementation. The following are objectives an organization should keep in mind when implementing financial systems.

Changes to Financial Processes and Financial Strategies

Implementing financial systems provides an opportunity to review and transform an organization's existing financial processes and strategies. Since most financial systems are built based on effective practices, these systems can provide an appropriate foundation for future financial growth and change.

Inefficient Processes

When implementing financial systems, organizations should take the opportunity to review, redesign, and streamline financial processes. This is a perfect opportunity ...