Financial Systems Implementation Consultant: What Do They Do? (2024)

Changes in financial systems can provide much-needed order and focus or create organizational chaos. As such, it’s vital to ensure you obtain the proper levels of project support from your finance function in order to increase success rates and drive positive outcomes.

As experts in implementing measures that drive financial success, we’ve outlined the main reasons why turning to a financial systems implementation consultant for help is instrumental in identifying which solutions and systems will work best for you, keeping tabs on important company ongoings and driving business growth.

What is Financial Systems Implementation?

Financial systems implementation is the process of improving current financial processes and configurations by developing and implementing a financial system, application or software.

The right financial system will streamline productivity, make processes more efficient and provide real-time visibility into important financial ongoings, such as ongoing transactions, investments and more.

Financial Systems Implementation steps:

1. Analyzation: Analyzing your business and operations to develop a roadmap for financial systems implementation
2. Integration: Working closely with high-level executives to integrate new technology systems, solutions and software
3. Management: Consistently monitoring the configuration to ensure efficiency and eliminate potential issues
4. Optimization: Reworking the implementation as needed to ensure alignment with company growth goals

What do Financial Systems Implementation consultants do?

A financial systems implementation consultant or team will start by analyzing your people, processes and current configurations to identify which financial systems will be most beneficial for providing real-time visibility, driving operational success and developing a healthy finance function.

From working with your team to ensure implementation readiness to optimizing your configuration post-deployment, a financial systems implementation consultant will be there every step of the way to ensure you’re choosing systems and solutions that will work specifically for your goals, both now and well into the future.

Duties of Financial Systems Implementation consultants:

• Requirements definition in the software selection process
• Acting as a functional lead in the implementation of financial systems or product upgrades
• Serving as a liaison between IT and Finance/Accounting functions
• Chart of accounts design and mapping
• Writing and execution of test scripts
• Financial report design using system or bolt-on reporting tools
• Identification and implementation of “quick hit” process automation
• Post-implementation troubleshooting and reconciliation
• Backfilling functional financial roles for client staff assigned to project teams

How do Financial Systems Implementation consultants help your business?

Understanding which solutions and systems will work specifically for your company is no easy feat – and integrating them with as little interruptions to business as possible is equally as challenging.

Financial systems implementation consultants or teams are there to not only identify the systems you need but also streamline implementation, offering hands-on training and post-deployment support so your team is best prepared to drive financial success.

Benefits of hiring a Financial Systems Implementation consultant:

1. Streamlined operations and improved employee performance
2. Automated processes that cut down on overhead spend and drive efficiency
3. Company-wide alignment and better communication processes
4. Real-time visibility into the health of your financial function
5. A reduction in risk and the potential for configuration issues to arise