Here's how you can manage the potential risks of relying heavily on new technology in corporate accounting.

Early in my career, I championed a new accounting software without considering the risks. Data migration glit glitches and integration issues caused chaos. It was a wake-up call! Now, risk assessment is my mantra. Before implementing any new tech, I identify data security vulnerabilities and system failure possibilities. Evaluating security features and ensuring compatibility with existing systems is crucial. Proactive risk assessment saves time, money, and most importantly, protects our financial data.

The compatibility of the new technology with the functionality, and especially the process, is a must. The risk of incompatibility can be assessed through the business requirements, the demo, and the testing phase. Besides, the security of the technology, the downtime, and the SLA are also important criteria to consider from the start to ensure the confidentiality and secure the data.

New accounting software can feel like a monster at first. When our company switched to a new system, initial resistance was high. Spreadsheets were our comfort zone! But then, management made a smart move. They invested in comprehensive training, not just a one-day crash course. It wasn't just about learning the features; it was about understanding the benefits. This, along with ongoing support, fostered a culture of continuous learning. Now, everyone embraces the new system, and our efficiency has soared. It's a win-win for the company and for us! #Accounting #Technology #Training

Implementing cultural change and encouraging your staff to utilise the new software can be challenging. This is something I often come across with my consulting clients. One way we overcome this is by having regular sessions with the staff where we explain the technology and how it is going to help them improve their day-to-day lives. We also record training videos that they can refer back to for months to come.

Early on in my accounting career, I witnessed the chaos caused by outdated accounting software. A critical security breach exposed sensitive client data, all because we hadn't prioritized system updates. It was a stressful scramble to recover and regain client trust. From then on, I became a champion for regular updates. We implemented a scheduled maintenance plan, ensuring all software received timely updates. This not only improved system security but also prevented compatibility issues with new regulations. It was a simple change that made a big difference in our efficiency and peace of mind. (#Accounting #Security #Updates)

Not just backups but also access to previous programs or versions with usernames and passwords is very important. The same vendor time to time adopts and implements new programs but the old ones have to be available due availability of data for regulatory reporting or internal management accounting.

Complacency almost cost me big during my first year in corporate accounting. We'd just adopted a new financial software system, and while IT assured us of backups, I naively assumed everything was covered. Then came the power outage. The system crashed, and a wave of panic washed over me. Thankfully, after a frantic scramble, IT retrieved our off-site backups, and we were back up and running in no time. That close call became a valuable lesson. Now, I religiously follow the 3-2-1 backup rule: having 3 copies of data, stored on 2 different media types, with 1 copy off-site. It may seem like overkill, but trust me, in the high-stakes world of accounting, data security is no game.

Our company switched to a new accounting system last year, excited about its features and functionality. However, we underestimated the importance of vendor support. Installation was bumpy, and when technical glitches arose, reaching customer service was a frustrating maze. Days turned into weeks waiting for resolutions, causing delays and data accuracy concerns. We ended up hiring external consultants to bridge the gap, which added unexpected costs. This experience taught us a valuable lesson: strong vendor support is an investment, not an afterthought. Don't make the same mistake we did – thoroughly evaluate a vendor's support services before committing to a new system.

I once prided myself on having a streamlined digital accounting system. But then, during a critical month-end close, our server crashed. Panic surged as deadlines loomed. Thankfully, we had a contingency plan! While the IT team scrambled to fix the server, we reverted to manual processes – paper ledgers and trusty calculators. It wasn't ideal, but it kept the accounting workflow going. That experience solidified the importance of contingency planning. We reviewed and updated our plan, incorporating alternative systems and clear communication protocols. Now, even with a tech hiccup, we know exactly what steps to take to keep the financial house in order.

Implementing new technology in an organization can impact processes and people. Hence, the change should be well managed through communication and training.