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

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