IT Best Practices for Financial Managers / Edition 1

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With the tremendous amount of change in the systems world over the last several years, it is incredibly challenging to stay abreast of the latest system trends and best practices for finance. A comprehensive guide CFOs and controllers will rely on to radically improve organizational productivity, increase revenue, and decrease spending, IT Best Practices for Financial Managers defines clear action plans for the specific phases of IT implementation, including scoping, planning, designing, building, testing, and deploying, and looks at the roles and responsibilities of the CFO to enhance security, controls, and privacy.

Thorough and thoughtful, IT Best Practices for Financial Managers highlights one of the most important aspects of the CFO's job—ensuring that financially related systems are implemented on time and on budget, with secure and reliable systems.

Its practical coverage offers timely discussion of:

  • IFRS and its relevance to the CFO
  • The IT technology planning process
  • ERP software selection
  • The software implementation process
  • Critical success factors for IT implementations
  • Steering clear of "people pitfalls"
  • Shared services and financial systems
  • Globalization trends in offshore IT
  • The impact of Sarbanes-Oxley on financial systems implementations
  • The phenomenon of software as a service
  • eCommerce
  • Mergers, acquisitions, divestitures, and IT

The only constant about information technology is it is constantly changing. IT Best Practices for Financial Managers focuses on providing financial executives with an understanding of some of the most important system-related areas that can impact the finance function. Filled with best practices for selecting, implementing, and maintaining systems, this jargon-free, insightful guide helps financial executives in every field to add value to their organizations via the IT function.

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Product Details

  • ISBN-13: 9780470508282
  • Publisher: Wiley
  • Publication date: 2/8/2010
  • Edition number: 1
  • Pages: 352
  • Product dimensions: 6.30 (w) x 9.10 (h) x 1.30 (d)

Meet the Author

JANICE ROEHL-ANDERSON is the Principal in Charge of Deloitte's Enterprise Applications practice in the Northern Pacific Region. As such, she is responsible for facilitating the delivery of all ERP-related services. Jan has managed the implementation of numerous enterprise resource planning, customer relationship man-agement, and human resource management software packages, including ones from Oracle, PeopleSoft, SAP, and Siebel. She has over twenty years of global systems-related experience in a variety of sectors including consumer business, media and entertainment, communications, high-tech manufacturing, state and local government, and financial institutions. She has coauthored over ten books for John Wiley & Sons and has successfully completed the CPA Exam.

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Table of Contents



About the Contributors.


CHAPTER 1 The Information Technology Planning Process.

Finance and Information Systems.

Information Technology Planning Process.

The Role of Finance in the Systems Planning Process.


CHAPTER 2 ERP Software Selection.

Project Preparation, Scope Definition and Approach.

Vendor Candidate Identification and Short Listing.

Request for Information/Request for Proposal Analysis, Vendor Demonstrations, and References.

Preliminary Vendor Recommendation and Negotiations.

Final Vendor Decision and Procurement.


CHAPTER 3 The Software Implementation Process.

Key Implementation Concepts.

The Implementation Phases in Detail.

Common Risks and Mitigation Strategies.

Areas that Require Special Attention from the CFO.


CHAPTER 4 Critical Success Factors for IT Implementations.

Provide Effective Sponsorship.

Select a Dedicated and Experienced Project Team.

Establish Project Infrastructure.

Utilize a Well-Established Approach.

Address People Issues.


Manage Scope.

Establish a Supportive Culture.

Conduct Periodic Quality Assurance Reviews.

Provide a Stable Technical Environment.


CHAPTER 5 Steering Clear of a “Crisis in Confidence” and Other People Pitfalls.

Phase 1: Before the Project.

Phase 2: During the Project.

Phase 3: After the Project.


CHAPTER 6 Objectives and Scope of Implementing Automated Financial Systems.


Core (First-Tier) Applications.

Second-Tier Applications.

Tier Two Applications.

Third-Tier Applications and Beyond.



CHAPTER 7 Shared Services and Financial Systems.

Creating Value through Financial Systems-Enabled Shared Services.

Financial Systems as a Foundation for Shared Services Benefits Realization.

SSC and Financial Systems Implementation Considerations.

Financial Executive’s Role in Shared Services Implementations.


CHAPTER 8 Globalization Trends in Offshore Information Technology.

How Is Global IT Different from Offshore IT?

How Globalization of Business Has Influenced Global IT.

How Pervasive IT Influenced Global IT.

How Global IT Continues to Drive Changes in Globalized Business.


CHAPTER 9 Security, Controls, and Privacy.

Impact of Sarbanes-Oxley on Financial System Implementations.

Financial Executive’s Role in the Security, Controls, and Privacy Area.

Security, Control, and Privacy Safeguard Design.

Controls Automation.

Ways to Test Controls.


CHAPTER 10 What Is IFRS and Why Is It Relevant to the CFO Now?

History and Specifics of IFRS.

Some Key Differences between IFRS and U.S. GAAP.

Potential Benefits of Reporting under IFRS.

Potential “Costs” or Cons of Reporting under IFRS.

The Decision to Move to IFRS.

IFRS Conversion Project Approach.



CHAPTER 11 The Phenomenon of Software as a Service.

Background: What Is SaaS?

The Value Proposition of SaaS.

Making the Right Decision: Is SaaS Right for Me?

Implications to IT Organizations.


CHAPTER 12 Investing in Product Information Management.


PIM Adaptation Catalysts.

PIM Implementation Considerations.

PIM Return on Investment.



CHAPTER 13 E-Commerce.

E-Commerce Defined.

E-Commerce Today.

Increasing Shareholder Value.

Justifying the Investment.

Implementing Financial Controls for E-Commerce.


CHAPTER 14 ERP: An Evolving Process.

Getting Started.

You Have Identified the Problem, Now You Need to Define the Solution.



CHAPTER 15 Key IT-Related Questions Every Financial Executive Should Consider during a Merger, Acquisition, or Divestiture.

Before a Transaction Is Identified.

After a Transaction Is Identified.



CHAPTER 16 The Importance of IT Due Diligence during a Merger or Acquisition.

Why Bother With IT Due Diligence?

Role of the Chief Information Officer.

Looking Under the Hood: Your IT Due Diligence Checklist.

How to Get the Data?

Beyond Cost Reduction: Identifying IT Synergies.

Accelerating Merger Integration Planning through Due Diligence.

Due Diligence after the Close.


CHAPTER 17 Ways to Enhance IT-Related Synergy Capture during a Merger, Acquisition, or Divestiture.

Sources of IT Synergies.

Benchmarks to Establish IT Synergy Targets.

Begin Early and Build Momentum.


CHAPTER 18 Ways to Reduce IT-Related Costs during a Merger, Acquisition, or Divestiture.


Cost Reduction during Merger or Acquisition.

Cost Reduction during Divesture.


CHAPTER 19 Effective Approaches for Managing IT during a Merger, Acquisition, or Divestiture.

New Terminology.

Faster Pace.

New Challenges for IT.


CHAPTER 20 Ways to Use Mergers, Acquisitions, or Divestitures to Build Sustainable Information Technology Value.

Divestitures to Build Sustainable Information Technology Value.


CHAPTER 21 Time-Tested Approaches to Maintaining Data Integrity during a Merger, Acquisition, or Divestiture.

Potential Impacts of Poor-Quality Data.

Time-Tested Approaches to Help Maintain the Integrity of the Data.



About the Author.


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