Implementation preparation - Best practices

By Matthew Liacos, Senior Application Specialist on Wednesday, December 8th, 2010

You’ve gone through months – possibly years – of manual data entry, and now you’re down to the final stages of streamlining your financial data into your portfolio management system. You know well that there is time and money at stake in such an undertaking, and you want to do everything possible to ensure a smooth transition from your legacy system to your new system. Here are a few tips to ensure a smooth implementation of the Custodial Integrator.

First, know that even the most successful implementation can disrupt your company’s business and temporarily affect productivity. Be prepared! Detailed project plans that include milestones and delivery dates can shorten implementation timeframes.

When preparing, to ensure accurate data exists in the system’s database, do an analysis. If inaccurate data exists, the data provided by Custodial Integrator may throw your accounts off balance and create a domino effect throughout the organization.

Start by determining a trade date on which you will stop manual entry and replace it with ByAllAccounts’ automated system – ideally the last day of the month or the last day of the quarter. Ensure that positions, transactions and other relevant data are entered and the accounts reconcile as of that date. If no historical data exists on a particular account, start by entering the initial positions as of the predetermined date. You can use ByAllAccounts to retrieve historical transactions on these accounts, but it is important to have initial positions in place beforehand.

Once you have reconciled accounts and are ready to import data, every system user must be fully educated on how the new system will operate and how to take full advantage of its capabilities. Failure to educate and train all relevant personnel will guarantee implementation problems.

Preparing properly for your transition and avoiding common pitfalls will pay dividends. A little time and effort now will save you much more in the long run.

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