Which First - Emfino Reporting System or Change of Accounting Systems?

"If we are going to change accounting systems, should we implement Emfino before the change?"

We get this question quite often, and we like it 😉.

Emfino or Change of Accounting Systems?

Of course, the answer always starts with "It depends" 😊. From our experience, we would suggest prioritizing the reporting system first. Why?

Because implementation of the reporting system allows you to:

🌀 Achieve a "finally in control" feeling over the financial data in your Group or Portfolio in a very short time. You can get a complete and reliable picture of the financial data across all Group companies, even at the transaction level, using the current setup of accounting systems.

🌀 Establish reporting based on actual accounting data rather than relying on figures submitted in Excel files. Laugh or cry, but most Emfino clients discover that Excel reports often don’t reflect reality once they start importing transaction data directly from accounting systems and comparing them with previously submitted reports.

🌀 Start consolidation and budgeting processes immediately, without waiting to implement the new accounting systems in Group companies.

🌀 Understand the quality of each company’s data and identify issues that must be addressed when transitioning to new accounting systems.

So - It depends on priorities 😊.

PS: Emfino likes all accounting and ERP systems; the systems mentioned in the slides are used only for illustrative purposes.

Illustration of Both Options: Option 1 - Emfino Reporting System and Option 2 - Change of Accounting Systems

a) The two options a Group of companies faces

b) If started with Emfino - Step 1

c) If started with Emfino - Step 2

d) If started with Emfino - Step 3

e) If started with the change of accounting systems

For more information about data imports from accounting systems into Emfino Reporting, Budgeting, and Consolidation system, see Emfino Integrations page!

Next Steps

We encourage you to 📍 Request a Demo on our website by submitting the Contact form. We'll gladly arrange a video call to show you an online demo of Emfino Reporting, Consolidation, and Budgeting system and discuss how it can meet your company's specific needs.

Or

📍Request a subscription fee offer on Emfino Pricing page! We'll prepare and send you a draft offer for a system subscription and set up a video to demo the system and get to know your company.