Gartner Research

Avoid Project Risk for Financial Consolidation and Reporting Application Implementations

Published: 19 October 2015

ID: G00291911

Analyst(s): Christopher Iervolino, John Van Decker

Summary

When implementing a first or replacement financial consolidation and reporting application, five common risks could result in project overruns of up to 50%. Finance CPM application strategists and project managers should follow these best practices to avoid them.

Table Of Contents
  • Key Challenges

Introduction

Analysis

  • 1. Ensure Common Understanding of the Chart of Accounts Early in the Project
  • 2. Develop a Data Reconciliation Approach If Expanding Local Currency Reporting
  • 3. Test for Locked Historical Data When Scoping Data Reconciliation
  • 4. Ensure Experienced Finance Personnel Are Allocated to the Project
  • 5. Reserve a Portion of the Project Budget to Address Compliance Violations

Gartner Recommended Reading

©2021 Gartner, Inc. and/or its affiliates. All rights reserved. Gartner is a registered trademark of Gartner, Inc. and its affiliates. This publication may not be reproduced or distributed in any form without Gartner’s prior written permission. It consists of the opinions of Gartner’s research organization, which should not be construed as statements of fact. While the information contained in this publication has been obtained from sources believed to be reliable, Gartner disclaims all warranties as to the accuracy, completeness or adequacy of such information. Although Gartner research may address legal and financial issues, Gartner does not provide legal or investment advice and its research should not be construed or used as such. Your access and use of this publication are governed by Gartner’s Usage Policy. Gartner prides itself on its reputation for independence and objectivity. Its research is produced independently by its research organization without input or influence from any third party. For further information, see Guiding Principles on Independence and Objectivity.

Already have a Gartner Account?

Log In

Become a client

Learn how to access this content as a Gartner client.