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What are the most effective IT system integration strategies for post-merger financial reporting?

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Mergers and acquisitions (M&A) often involve complex IT system integration challenges, especially for the financial reporting function. How can you ensure that your post-merger financial reporting is accurate, timely, and compliant with the relevant standards and regulations? In this article, you will learn about some of the most effective IT system integration strategies for post-merger financial reporting, based on best practices and expert insights.

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1 Assess the current state

Before you decide on the best IT system integration strategy for your post-merger financial reporting, you need to assess the current state of both the acquirer and the target's IT systems. This includes identifying the key financial reporting processes, data sources, data quality, data governance, systems architecture, systems compatibility, systems security, and systems performance. You also need to understand the business objectives, the regulatory requirements, and the stakeholder expectations for the post-merger financial reporting.

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David T.

Financial Planning & Analysis, Financial Reporting, Finance Business Partner, Treasury Management.
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For informational purposes only: assessing data governance and system security should be considered within a broader context for decision making. Integrating disparate systems demands a comprehensive evaluation of data integrity, ensuring accuracy and consistency across platforms. Robust data governance frameworks must harmonize policies, processes, and controls to maintain data quality and compliance. System security becomes paramount, necessitating a unified approach to mitigate cyber risks and protect sensitive financial information. The challenge lies in aligning security measures while ensuring seamless data flow for efficient reporting. Balancing these aspects is pivotal in fortifying the merged entity's financial reporting integrity.

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2 Choose the integration approach

Based on the assessment of the current state, you can choose the most suitable integration approach for your post-merger financial reporting. There are three main integration approaches: consolidation, coexistence, and transformation. Consolidation involves migrating the target's financial data and processes to the acquirer's IT system, creating a single source of truth. Coexistence involves maintaining both the acquirer's and the target's IT systems, but creating a common interface or a data warehouse for financial reporting purposes. Transformation involves creating a new IT system that combines the best features of both the acquirer's and the target's IT systems, enabling a new level of efficiency and innovation.

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?? Bruno Oliveira, MBA FMVA?

CFO ???? at Swissport | Strategy | FP&A | Leading Finance Transformation | Lean Finance | Operational Excellance | International Speaker | C-Level
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Com a escolha de uma abordagem de integra??o adequada, é possível garantir que mesmo com sistemas diferentes, legados, e metodologias de informa??o diferentes, essas peculiaridades sejam entendidas, modeladas e uniformizadas para uma nova linguagem de comunica??o corporativa única. Essa harmoniza??o é um passo obrigatório para o sucesso de uma integra??o de dados financeiros em opera??es de M&A.

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Brian Gross, CPA, MBA

Chief Financial Officer at Controltek
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From my experience, a coexistence strategy without commitment to maintaining two independent IT teams working on each ERP is doomed to fail. ERP's typically have a lot of customization, so there is risk if the acquired company's IT department is exited too early before the knowledge can be transferred. Furthermore, if the strategy is to manage two ERPs for a period of time and consolidate at a later period, that will further complicate and ultimately disrupt the overall integration of an acquisition. It's not always a choice in an acquisition, but I would prefer establishing a consolidation plan at time of acquisition between two ERPs with a plan to merge while any transition service agreement still exists with the acquired company.

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3 Plan the integration project

Once you have chosen the integration approach, you need to plan the integration project in detail. This includes defining the scope, the timeline, the budget, the resources, the roles and responsibilities, the communication plan, the risk management plan, and the quality assurance plan. You also need to align the integration project with the overall M&A strategy and the business goals. You should involve the key stakeholders from both the acquirer and the target, as well as the external experts and vendors, in the planning process.

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4 Execute the integration project

The execution phase of the integration project is where you implement the chosen integration approach and test the results. You need to follow the project plan and monitor the progress and performance of the integration project. You also need to manage the change and the impact of the integration project on the people, processes, and systems involved. You should communicate regularly with the stakeholders and provide them with updates and feedback. You should also resolve any issues or challenges that arise during the execution phase.

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5 Review the integration project

The final phase of the integration project is where you review the outcomes and evaluate the success of the integration project. You need to compare the actual results with the expected results and measure the performance and benefits of the integrated IT system for the post-merger financial reporting. You also need to identify the lessons learned and the best practices from the integration project. You should document and share the findings and recommendations from the review phase with the stakeholders and celebrate the achievements and milestones of the integration project.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What are the most effective IT system integration strategies for post-merger financial reporting?

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1 Assess the current state

2 Choose the integration approach

3 Plan the integration project

4 Execute the integration project

5 Review the integration project

6 Here’s what else to consider

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