Executive Management asked Elliott Davis to help answer: “How can we combine separate financial database instances after a recent acquisition?”
Context
IT Consulting Firm had recently acquired a company and needed to combine separate accounting and finance files with cohesive lists, preferences and processes. The desired accounting system should provide improved efficiencies across people, process, and technology.
Our Approach
Phase 1: Process Analysis Assessment
- Analyzed daily tasks and identified pain points
- On-site interviews to document current use and functions, including chart of accounts, month end reporting, workflows, detailed service line and/or location reporting and 3rd party application use
- Identified best practices for process improvement
- Proposed technology stack
- Restructured workflow
- Implemented standard naming convention across chart of accounts, vendors, customers, inventory
Phase 2: Implementation
- Set up new enterprise file using updated/restructured lists
- Reconciled information between current and legacy files
- Assisted in implementation and migration of third-party apps
- Relocated legacy files in centralized location
Client Results
- Merged separate systems into one cohesive system
- Gained optimal performance of accounting processes
- Implemented new best practices identified
- Expedited user adoption with reduction in known painful task areas
- Avoided maintenance of legacy technology infrastructure
- Improved reporting and analysis
We Can Help
For more information on this and other topics, contact a member of our team.
The information provided in this communication is of a general nature and should not be considered professional advice. You should not act upon the information provided without obtaining specific professional advice. The information above is subject to change.
“Elliott Davis" is the brand name under which Elliott Davis, LLC (doing business in North Carolina and D.C. as Elliott Davis, PLLC) and Elliott Davis Advisory, LLC and its subsidiary entities provide professional services. Elliott Davis, LLC and Elliott Davis Advisory, LLC and its subsidiary entities practice as an alternative practice structure in accordance with the AICPA Code of Professional Conduct and applicable law, regulations and professional standards. Elliott Davis, LLC is a licensed independent CPA firm that provides attest services to its customers. Elliott Davis Advisory, LLC and its subsidiary entities provide tax and business consulting services to their customers. Elliott Davis Advisory, LLC and its subsidiary entities are not licensed CPA firms. The entities falling under the Elliott Davis brand are each individual firms that are separate legal and independently owned entities and are not responsible or liable for the services and/or products provided by any other entity providing services and/or products under the Elliott Davis brand. Our use of the terms “our firm” and “we” and “us” and terms of similar import, denote the alternative practice structure conducted by Elliott Davis, LLC and Elliott Davis Advisory, LLC.
