Financial Information Systems: 5 transition projects

Essential to the good financial and accounting management of the company, the SIF (Financial Information System) can be the subject of many transformation projects. When setting it up or redesigning it, for example, it will be particularly wise to seek the help of an interim manager specialized in IS management, with expertise in finance and capable of ensuring the performance and optimization of the SIF.

 

What is a financial information system? Definition

A Financial Information System (FIS) is the set of resources, software and devices put in place by a company to collect, store, process and disseminate financial information within the organization to the various parties concerned.

The components of a RIS can be of different kinds: software, databases, procedures, methodologies, digital tools, etc. Like any other information system, the RIS plays a major role in the proper functioning of the company.

The financial information system can facilitate the daily tasks of the finance department such as recording financial transactions in book accounts, producing financial reports and dashboards, budget management, monitoring the company’s financial state, etc.

 

What is the purpose of a financial information system?

If it is properly organized, structured and efficient, the SIF can become a powerful tool for the company’s financial performance. Such a system makes it possible to:

• Store, organize and structure data in a secure and confidential way;
• Harmonize and automate processes;
• Accelerate the processing and analysis of financial information;
• Reduce the risk of human error;
• Automate data management and analysis;
• Optimize the management of financial flows;
• To de-silo economic and financial information within the company;
• Increase the operational efficiency of finance teams;
• To guide strategic decision-making;
• Maximize the profitability of the company;
• …

Financial information systems: when to call on an interim manager?

Given the challenges associated with the implementation of a high-performance, optimized RIS adapted to the specific needs of the company, it will be very wise to call on a specialized interim manager in some cases in the management of financial information systems. This external consultant can intervene within a very short period of time and has the sectoral know-how and interpersonal skills necessary to support the company in a transition project relating to its financial information system, such as:

1) Set up a financed IS

The interim manager can first of all intervene to support the company and its financial department in the implementation of a SIF. After identifying the needs, processes and operations that frame the company’s financial management, he or she will define the tools, devices and processes to be implemented to create the financial information system. He will be able to support the finance teams at every stage, from the choice of tools to their operational takeover.

2) Managing the overhaul of a financed IS

If the current RIS is not adapted to the needs of the company, the interim manager can intervene and carry out an audit of the information system. This diagnosis will make it possible to identify the strengths as well as flaws in the financial information system and to target areas for improvement. The interim manager will be able to quickly identify the actions to be put in place to optimize the IS and put it at the service of the operational excellence of the teams.

3) Converge financial information systems

Mergers and acquisitions, disposals, takeovers, internationalization projects… Several large-scale operations may require the convergence of multiple RIS of different entities within a single information system. This extremely delicate operation requires the following Financial data migration and to define a new system that is harmonized and consistent with the particularities of the new entity. To secure this complex project, the interim manager is a real ally. Thanks to his experience in the management of this type of project with major stakes, he will be able to carry out this operation successfully by ensuring the protection and confidentiality of all sensitive data.

4) Managing the RIS during crisis management

In the event of a financial or IT crisis (cyberattack, data hacking, breakdowns or major malfunctions, etc.) jeopardising the company’s sustainability, it will also be very wise to call on an interim manager who is an expert in RIS. Immediately operational, the latter will be able to adapt the tools, software and methods of the SIF to crisis management and deploy the appropriate actions to reduce the impact of this crisis on the company’s cash flow and stabilize the situation in record time.

5) Supporting the digital transition of the finance function

The interim manager will also be able to support the company during change management such as a digital transformation. It will help stakeholders adapt the financial information system to the new digitalization objectives and implement appropriate software to automate and improve the quality of the financial system. Digitize the company’s financial management. He will also be able to support the players in getting to grips with the new digital tools, processes and methods put in place.

 

Call on an interim manager with WAYDEN for your RIS

Among its vast network of interim managers selected on the basis of demanding criteria, WAYDEN is able to mobilise for your company, throughout France and Europe, an interim manager who is an expert in financial information systems (interim IT or interim CFO)). As soon as he arrived, he adopted a methodology oriented towards obtaining quick and tangible results. After a detailed diagnosis, it will put in place concrete actions aimed at achieving the objective as soon as possible in order to ensure the effectiveness of the SIF in a sustainable manner.