Develop and Manage Financial System Samples †MyAssignmenthelp.com

Question: Discuss about the Develop and Manage Financial System. Answer: Introduction Financial system is considered as a major aspect for the business organizations as it helps the companies in meeting the financial needs along with ensuring the sustainable growth of business (Cochrane, 2014). Moreover, it helps I different financial aspects like funding, maintaining liquidity and others along with the process of risk management. For this reason, it is required for the business organizations to implement an effective accounting system so that the effectiveness of the financial operations can be retained. It needs to be mentioned that it is required for the companies to consider certain aspects while implementing net accounting system (Burton Brown, 2014). The main aim of this report is to describe the various processes and aspects of accounting system implementation by considering all relevant requirements. For this reason, one Australian financial organization named EFS Strategic is considered. EFS Strategic is a medium size Australian financial service provider that provides services in various fields like accounting, wealth management and financial advices. Major expansion of the company can be seen over the years. It needs to be mentioned that EFS Strategic provides different kinds of accounting and financial solutions by understanding the challenges of their client organizations. Thus, as a major financial and accounting service provider, it is required for EFS Strategic to manage their operations in an effective manner with the assistance of a good financial system (efsstrategic.com.au, 2018). The recommended financial system for EFS Strategic is IBM Cognos. Cognos is an analytical cloud based financial system provides supports in various financial aspects like gather of financial information, development of financial reports, process of consolidation, financial reporting with minimum IT assistance. It needs to be mentioned that the application of Cognos is appropriate for small and medium size business organizations that have to deal with major financial aspects (ibm.com, 2018). Involvement of Right People The participation of all functional group of people is required for the implementation of Cognos in EFS Strategic as it is required for the selection, implementation and use of this financial software. The following discussion shows the five group of people needs to be involved in the Cognos selection process: Users of System: The accounting system should be user- friendly and simple as these are the daily users of the system; thus, participation from these people is required for the system selection. Their opinions should be collected from various meetings. At the same time, they are required to be provided with effective training programs so that they can use the system correctly (Hall, 2012). System Managers: System managers are required to supervise the financial system and thus, they are entitled for receiving system training. Moreover, it is the responsibility of the system managers to monitor the needs of the system users. In this process, the system managers are needed to understand the hidden need of the system users. System Customers: System customers are required to be involved in the system implementation process as they heavily depend on the outcome of the system like financial information, reports, summary and other financial documents. They are required to be provided with basic training about the system for understanding the basics so that they can provide required feedbacks (Simkin, Norman Rose, 2014). System Sign-Offs: The final approval of the system lies on the hands of these people, as they are the decision-makers. For this reason, all the reports related to the outcome of meetings and trainings are needed to be send to them so that they can analyze the feasibility of the financial system. They will provide approval when they are satisfied with outcomes (Hall, 2012). IS Staff: These people are the IT representatives and they are required to know everything about the financial system so that they can provide assistance in various aspect like troubleshooting, implementation and effective running. Thus, meetings are required to be arranged with them for explaining various dimensions of the new financial system (Simkin, Norman Rose, 2014). Challenges It needs to be mentioned that EFS Strategic is facing some major challenges with the existing financial system and thus, the company is considering the implementation of Cognos so that these issue scan be resolved. These issues are described under: Currently, EFS Strategic is facing major difficulties in the customization of the existing financial system according to their business expansion as they have to deal with more amount of financial information. However, the implementation of Cognos will eliminate this issue, as there is large scope for customization in this system. In this regard, some of the major features of Cognos are effective financial reporting, time management, expenses management and others (Christauskas Miseviciene, 2012). Under the current financial system of EFS Strategic, it is a time consuming and large job for the technical team to make necessary up-gradation. Thus, the company faces huge problems in this aspect. However, the implementation of Cognos will reduce the challenge for the company as the new services and products can be effectively rolled out in this system. Under the existing financial system in EFS Strategic, it is required for the company to buy licenses for using the system in multiple computers for each computer and this process is expensive for the company. However, in case of Cognos, all the computers of the companies can be4 connected with this system without any additional licensing cost. Cost is considered as a major challenge for the company with their existing financial system as they have to bear huge cost as fees for the use of the system. However, the implementation of Cognos will provide the organization with various accounting tools and system with the same cost (Ren, Wang Wang, 2012). Most importantly, the technical team of EFS Strategic has to face flaws, errors and bugs in the existing financial system and this can be considered as a major challenge for the company. However, Cognos has the capability of the recognition of real time visibility in the financial system. Thus, from the above discussion, it can be seen that the implementation of Cognos will eliminate the major challenges of EFS Strategic related with the exiting financial system (Christauskas Miseviciene, 2012). Selection of Consultant It needs to be mentioned that there is a need for professionals for the implementation of new financial system in the companies. There are many instances where the organizations have appointed outside consultants for the implementation and maintenance of the financial system. In this aspect, it needs to be mentioned that resellers of the financial systems are considered as te appropriate person as the consultation of the financial system. For the implementation of Cognos in EFS Strategic, the company named JCommerce will be perfect. It needs to be mentioned that JCommerce is a certified value-added reseller of Cognos (jcommerce.eu, 2018). JCommercs provides different kinds of IT resourcing services for allowing the customers in cooperation with changing IT needs. The company has 12 years of experience in this particular area. Thus, it can be seen that the company has immense knowledge in the field offinance with Cognos (jcommerce.eu, 2018). The consultation team of JCommerce includes top former accounting professionals, former financial officers of renowned companies and others. Moreover, the company is well known for their consultation services in every industry. In the year 2009, JCommerce joined the software ValueNet program of IBM and became the Value-Added Reseller (VAR) of IBM in the field of Cognos solutions. JCOmmerce has received numerous awards for providing Cognos consultation; they are IBM Certified Admini strator for Cognos 8 BI, IMB Certified Designer for Cognos 8 BI Reports, IBM Certified Developer for Cognos 8 BI Metadata Models and others (jcommerce.eu, 2018). Evaluation of Application Performance The company: IBM is well known for their different analytical services in the field of technical consultation and IBM Cognos is considered as a major product of them. Cognos is a cloud based financial system that brings effectiveness in the financial system of the companies (ibm.com, 2018). Scalability: Cognos ensures the growth of business. The implementation of this system ensures the supply of relevant financial information for decision-making process. In addition, it is easy accessible for new users. At the same time, the system is cost effective for the companies (Trigo, Belfo Estbanez, 2014). Implementation Speed: Long implementation time of the accounting system increases the cost of the companies, thus, a software should not take more than 60 days for implementation. In case of Cognos, it can be seen that it takes 8 to 10 weeks for implementing (Besson Rowe, 2012). Simplicity in Use: The implemented financial system needs to be easy to use. The operations of Cognos is simple as a person having minimum knowledge in accounting software can operate this financial system. Underlying Aspects: It needs to be mentioned that there are certain hidden negative aspects of Cognos. Often, accountants face issues while dealing with inventory as there is not much scope for integration with the new inventories with the old one (Besson Rowe, 2012). Capabilities of E-Business: Some major components of Cognos help the small and medium size businesses in the financial accounting process; they are advanced financial management software, enterprise resource planning software and others. In addition, it is easy for the customers to join the platform in any time. Globalization: As most of the companies want to become global, the cloud based system of Cognos uses internet to operate. In addition, Cognos has customer base all over the world and this aspect provide the opportunity of globalization to the companies (Madapusi D'Souza, 2012). Reporting Capabilities: The flexible operation of Cognos is highly useful for the generation of relevant financial reports so that these reports can be used for the purpose of financial decision-making process. Ease in Input: Transactions can be done in an easy and fact manner in Cognos. At the same time, it is helpful in the smooth data entry process. The system of Cognos also provides the companies with various templates of financial reporting (Besson Rowe, 2012). Validation of Data: The implementation of Cognos in the companies eliminates the possibility of making errors and inaccuracy. Moreover, this system blocks the unauthorized features and actions in the software. At the same time, it limits the access in the financial system. Handling of Errors: Various salient features of Cognos help in the effective handling of different errors like errors in the validation of XML, errors related to business errors, different process failures, request for control ID and others (Madapusi D'Souza, 2012). Security Issues: Most importantly, the implementation of Cognos helps in maintaining the confidentiality of the financial data of the companies due to the strictness for minting the security aspect. It needs to be mentioned that various data centre of Cognos al over the world use to monitor the data and information of the companies on 24/7 basis. Selection of Software Vendor Large Installation Base: Cognos has a strong client base all over the world that is extremely satisfied with the services of the financial system. Most importantly, various value added resellers engages in the implementation of Cognos for providing the companies with perfect financial solution. On the other hand, Cognos also has latge number of listing porters all over the world (ibm.com, 2018). Frequent Updates: It needs to be mentioned that IBM is one of the major vendors of Cognos that provides the companies with the assistance regarding various information related with the financial system. Another major task of IBM is to ensure the easy upgrade of the whole system. It is required for the companies to update the system of Cognos on a regular basis as the software want update few times in a year. One of the major features of Cognos it always stays up to date with the latest technological changes so that the clients can also be stayed updated (ibm.com, 2018). Technical Support Team: It can be seen that Cognos has a good technical team and this team is always ready to provide live support to the clients of Cognos in dealing with various issues. The friendly technical support team of Cognos includes accounting experts and technical experts. Apart from this, Cognos provides their clients with an online guide for the users so that they can be helpful in the operating process of Cognos. Moreover, the clients can contact with the support team with the help of their website for various issues (Curry et al., 2013). Implementation Process of the System In the implementation process of the new financial system, the organizations are required to maintain a balance among all the steps required for implementation. Postpone Modification: Business organizations have the tendency to install the system of Cognos; and to make their up-gradation in the old version. However, this practice will not be followed in case of EFS strategic as the target is to install the new version of Cognos. For this reason, the system should be installed as per the provided guidelines. Good Training: In spite of the simplicity of the processes of Cognos, organizational people can face difficulties in the absence of proper training. In order to avoid these issues, it is required for the company to provide good training to the employees related to the use of Cognos (Stair Reynolds, 2013). Keep People Informed: Earlier discussion shows that there is a frequent need for update in Cognos. For this reason, it is required to make the organizational people updates about each change (Stallings et al., 2012). Slow Going: There should not be any hurry in the installation process of Cognos. The company need to be well aware about the required days for the completing the installation process of Cognos. Review and Evaluation Plan: There is a need for review of the implemented financial system. In case of Cognos, the system will be reviewed in every three months. After that, it is required to inform the support team for the evaluation of any changes in the process (Roberts et al., 2012). From the generated financial report of EFS Strategic, it can be seen that there is not any need for adjustment in the report. It shows the effectiveness and efficiency of Cognos in the organization. The effective implementation of Cognos has ensured that there is not any discrepancy in the performance of the company. Thus, the main strategy will be to put focus o increasing efficiency of the implemented system. Conclusion From the above discussion, it can be seen that the financial success of the companies largely depends on the effective implementation of financial systems. As per the above discussion, Cognos is selected for the implementation in EFS Strategic. At the time of the implementation of new financial system, it is required for the companies to inform different relevant parties like users of the system, system manager, system sign-offs and IS staffs. As per the above discussion, EFS Strategic is facing some major difficulties with the existing financial system; they are customization issues, upgrade issues, cost issues bugs issues and others. EFS Strategic is considering hiring JCommerse as this company is a consultation firm for the implementation of Cognos. It s required for the company to consider some major aspects while implementing Cognos; they are scalability, implementation speed, hidden weaknesses and others. It needs to be mentioned that the company has selected IBM as the vendor of Cognos. References About - EFS Strategic - Help you reach your financial lifestyle goals. (2018).EFS Strategic. Retrieved 13 February 2018, from https://www.efsstrategic.com.au/about/ Besson, P., Rowe, F. (2012). Strategizing information systems-enabled organizational transformation: A transdisciplinary review and new directions.The Journal of Strategic Information Systems,21(2), 103-124. Burton, M., Brown, B. (2014).The financial system and the economy: Principles of money and banking. Routledge. Christauskas, C., Miseviciene, R. (2012). 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