Case Studies

Major Stock Exchange: General Ledger Replacement

Client contact: Financial Controller
Parkwell staff: 3 senior consultants

Objectives and project background

The client had been using an old system for many years (OLAS, by QRM).  QRM had been providing poor support for some time and looked financially insecure, leading the client to seek an alternative system and vendor.  Also there was too much internal dependency on particular members of staff for support.  QRM has since gone out of business.

Parkwell was engaged to assist in the gathering of requirements, review the market for appropriate vendors, and help the client to move onto a modern platform suitable for the foreseeable future.  Other objectives were to reduce support costs and improve the service received.

Anticipated Benefits

  • Improved chart of accounts to fit current and future business needs.
  • Up to date accounting system technology.
  • Assured maintenance and support for system with clear upgrade path.
  • Reduced dependence on key individuals (supporting the legacy system).
 

Scope & Boundaries

  • Selection of replacement general ledger for the finance department.
  • Implement the selected system.
  • Work closely with key members of the Finance department during the implementation.
  • The system would interface with accounting feeder systems (e.g. corporate wide expenses, billing system feeds).
  • The project had to address new reporting requirements – both for finance and other business departments.
Parkwell provided the project managers, and the client provided key staff from the accounting department.

Deliverables

System Selection

  • A detailed user requirements specification.
  • An invitation to tender / request for information.
  • A list of potential software suppliers. 
  • Selection and scoring based on SELECT methodology.
  • A short recommendation report.
    Our comments on the supplier contracts.
 

System Implementation

  • Document existing business processes.
  • Document existing accounting reports.
  • Develop new Chart of Accounts.
    Document ‘To Be’ business processes.
  • Specify new business reports.
  • System configuration assisted by software supplier.
  • User acceptance testing.
  • Conversion of existing accounting records and and implementation of new system.
 

Project Conclusion

The project was deemed a success as it met the success criteria.  User acceptance testing was signed off and the project went live on time.


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