Financial Engagement Meeting - not full financials

Overview

Early in the project, we need to have a meeting over the phone or on site in order to help us all understand and plan for the financial work that might need to be done around the following.

You may not want to use the full Readysell Financial System. You may wish to use only part of it e.g. Supplier Payment Run, GST Batch extract.

• Chart of Accounts - Reviewing the standard chart of accounts.
  This involves setting up the main and extra bank accounts. Readysell leaves you with the chart of accounts to review/modify/add accounts etc  Creating/ Modifying a general ledger account.
  Please have available all Bank Account details
• Tenders - once the mandatory general ledger bank accounts are set up in the chart of accounts, the tenders table is reviewed and linked to the appropriate bank accounts. Extra tenders may also need to be created if you have more than one bank account. Creating a type of Bank Account and linking a Tender Getting started with tenders
• Bank Reconciliations - A discussion is had to determine if you wish to use Bank Reconciliations at later date.
• Supplier Payment Runs and ABA - If you wish to use the supplier payment run and the ABA file export, a system reference needs to be set up if you wish to use the ABA file extract when doing a supplier payment run. There will also be a very brief training session on what is needed to get a supplier payment run going without ABA file.
  Please have available your ABA settings if you wish to use this method of payment. Setting up automatic generation of ABA files for supplier payments
• GST -  Accrual or Cash Basis. - Set up of a system reference to define if you are Accrual or Cash Basis. Brief review of the GST items and Batch run if you wish to use this module in Readysell.  
  Please find out if you are Accrual or Cash Basis
• The Process of Implementation of Financials Data - Readysell does not import any financial data. Starting positions are entered into Readysell to stand for closing positions in your old system in certain financial area. 
  A discussion to define if you ever wish to switch to Readysell full general ledger system.
• Customer Payment processes - Readysell will touch on customer payments briefly if no training has been conducted in this area. Customer Payments Training Guide
• End of month procedures - There will be no training on the end of month process just a brief discussion.
  When you get close to the End of Month you can read the document and/or book a time for Readysells help by submitting a ticket . See link to document Customers End Of Month Procedure Suppliers End Of Month Procedure 
• Financial Reports - Readysell will touch briefly on the Financial Reports available in order for you to transpose the relevant figures from Readysell into another financial package. Key Form Reports Overview
• Cash Counts/End Shifts - The requirements and set up will be actioned.  Normally training on cash counts and end of shifts should have been completed. Readysell will touch on Cash Counts/End Shift briefly in this session. Shifts
• Product Categories - Explanation on how product category works in respect to breaking up your postings to the general ledger focusing more on Non Stock Products. You are then left to tidy up the Product categories to suit your companies needs. Product Categories
• Payroll - Brief discussion to ascertain if you wish to go with Keypay now or at a later date.
  If you wish to use Payroll at go live you will be left with the link to the document to start your payroll set up. Payroll

The financials engagement meeting can require between one and two phone conversations. This should be completed at least two weeks before go live date.

The notes below identify some of the material that needs to be covered in the financials engagement meeting.

Aims

The aims of the financials engagement meeting are to:

• Define what success looks like by recording all the current financial processes, reports and reconciliations used by your business, your "financial requirements"
• Demonstrate that Readysell 8 can satisfy all of the "financial requirements" via collecting examples, demonstration or other means
• Agree on a financial conversion plan that will meet all of the "financial requirements" requirements. While causing a minimum of disruption to the business and to your customers
• Agree on how we will kick start the setup process to ensure the chart, tenders etc. are reasonable before we commence financials training. The financials setup work is complete before conversion
• Plan how we will start the training effort, including how much on site, remote and post implementation training will be required. Financials training can commence before the go live date, but a substantial part of financial training is normally conducted after conversion to Readysell 8 
• Eliminate all manual spreadsheets used to calculate financials. We want to build all your financial lists into Readysell to remove the need for separate processes needed to make the system work
• So that there are no surprises in future, acheive broad agreement as to the budget for financial implementation assistance. This is normally something between ten and forty hours

Deliverables

By the end of the project engagement meeting we will agree on:

• A spreadsheet contacting both your existing and Readysell's chart of accounts. To be used in determining which additional accounts may need to be added to the Readysell chart of accounts
• A financials training strategy that uses a mix of Readysell training materials, remote phone to screen training and on site training
• A timeline including a set of milestones for delivering the financials conversion. The timeline will include the main steps such as:
  • agreeing the chart of accounts, defining bank accounts etc. 
  • agree the financial features to be used immediately after go live
  • the financial features to be implemented some time after go live, such as Bank Reconciliations
• Financials as usual requirements, what has to work for the project to be a success
• An email is sent to you within a day of the meeting providing a summary of the suggested project plan and listing financial details that have been identified on the meeting

You should have:

• Seen all the Readysell features you are going to use on go live or test data and have a general feel for how they will work in your business
• A good understanding of how the financials conversion will progress
• Understand how training is going to proceed 
• Understand training and implementation assistance can vary hugely depending on the approach taken to the project. There is a need to consider your financials implementation budget
• Understand that additional implementation assistance will be required after conversion 
• Understand how different training and implementation approaches might effect your budget for financials conversion
• Understand how potential financials costs will be tracked using tickets

Attendees

• Your financials project leader, normally the bookkeeper for your business
• Some involvement by the business owner
• Brief discussion with your accountant once we have agreed on a suggested financials conversion plan

Duration

• About two phone calls of a hour or two each. This session is chargeable.

Process

• Agree on the date of the first supplier payment run after go live if you wish to use this method
• Setup your bank accounts
  
  • Obtain a list of your bank accounts.
    Setup your bank accounts in your live Readysell system.
    We must ensure the bank accounts are setup as assets for deposit accounts and liabilities for things like long term business accounts. 
  • Ensure the names on the bank accounts agree to the names on the bank statements
  • Examples of bank accounts that you may have include a customer deposits account, a cheque/payments account and account/s for any business credit cards
  • Setup your ABA user and six digit APCA file number . See also Setting up automatic generation of ABA files for supplier payments
• Setup your chart of accounts
  • Review and modify chart of accounts
  • Decide if any chart of account needs to be hidden for must transactions
  • Check to see if you need to setup any accounts for:
    • Depreciating assets
    • Accounts for owners drawings 
    • Accounts for loans
  • Decide which expenses need to be broken up for tracking purposes, for example:
    • Fuel expenses on Motor Vehicle Expenses
  • Decide on the level of involvement required from your accountant. Normally your accountant may need to:
    • Be involved in assisting with questions about reviewing the chart of accounts
    • Reviewing and approving the final suggested chart of accounts
  • Produce a chart of accounts report to include any outstanding questions. This is to be a shared document so your accountant and Readysell can all see all questions on work related to reviewing the chart of accounts 
  • When creating new chart of accounts entries, we always copy an existing account next to the new account to be created. That way all of the required checkboxes are filled in correctly on the account. There are may settings, it is hard and error prone to setup new accounts from scratch, best practice is to use the copy button.
  • Never change the account code on any of Readysell's chart of accounts and never change any descriptions of any account code for mandatory accounts eg Sales Revenue
  • See also Accounts
• Tidy up Tenders
  • Review the standard tenders
  • Review the general ledger accounts linked to each tender
  • Decide if any new tenders need to be created such as Eway, Paypal, Gift Vouchers, additional bank accounts etc.
  • Decide if any customer pays from the web are eway or paypal
  • Decide if you use printed cheques, for example for customer refunds if you don't have access to refund the money to the customers account
  • For tenders that do not need to be used by your organisation, remove the available transaction types from that tender.
    Never Delete a tender. Set the Description to read 'do no use'
  • Determine if you ever do once off payments for suppliers. If so you don't pay by an ABA file.
  • Determine if any tenders need to be limited to particular transaction types. Some tenders might for example be disabled for sale transactions and only available for supplier payments
  • See also Tenders
• Gst 
  • Determine if you are Accrual or Cash Basis for GST.
    Readysell will setup the system reference to set this option appropriately on your Readysell system
  • Decide if you wish to use the GST Module in Readysell or an external system.
    If you wish to go with the GST Module :
    • Define your current GST procedure that is monthly or quarterly
    • Discuss GST tax items and GST Batches in Readysell. This is the procedure Readysell uses to generate a GST calculation worksheet report
    • See also Set up for GST Go Live, GST Items and Tax
• Bank reconciliation
  • Discuss if you will ever move to Readysell Bank Reconcilations
• Complete data cleansing/preparation of cards for financials:
  • Define any unusual data imports. Such as importing some cards from multiple systems 
  • All chart of account changes complete
  • All supplier and customer account tenders and bank accounts are setup
  • If contacts and address details exist in multiple systems. Identify which contains the best contact, address and email information
  • New accounts that might be handled as COD during a trial period
  • Financial credit limits and trading terms
  • See also Cards
• General Ledger
  • Discuss if you will ever move to Readysell Full General Ledger Financials

Readysell will help you design a training program using a combination of the following available training strategies:

• Self training using text and videos in the training guide
• On site training by Readysell training team members
• Remote screen to screen training

Descriptive Note

• Before go live date we need to:
  • Determine the 'Cut off date' re data on the old system.
  • A Bank statement to be downloaded for each bank account on the last day of trade before go live.
    All entries off the bank statement are entered into your old database.
    A Bank reconciliation is extracted and reconciled up to the last day of trade on the old system for each bank account.
    Print off a bank reconciliation report
  • All non stock financial transactions need to be entered into your old data base eg Merchant fees, non stock suppliers expenses etc.
  • All Sales Orders/ Invoices need to be finalized off the old system on the last day of trade
  • Ensure your General Ledger is up to date with all transactions from your old system on the last day of trade
  • Setup all non-stock suppliers in Readysell. Such as suppliers for electricity etc.
  • Enter all bank payment details for suppliers etc.
  • Define how you currently manage bank recs under your existing system
  • Define your current supplier payment process
  • Define how your financial processes will change
  • Define any differences in transactions between your existing system and Readysell.
    For example banking transactions, not general journals, are used for bank transactions
  • Parallel runs for basic financial transactions such as customer payments complete before go live
• Friday before go live
  • All monthly and other sales invoices must be completed and closed on the old system. If you are a V7 Readysell store, ensure that the Once a Month Invoice process is run on the last day of trade.
  • All purchase receipts must be completed on the old system
  • Watch out for open invoices or quotes that might need to be completed after go live
  • Ensure all direct deposits are entered into your old system and the last bank reconciliation for each bank account is completed on your old system
• First day of go live:
  • No transactions are to be back dated prior to the go live date in Readysell. 
    If any supplier invoices have been received dated into the past, they need to be dated the first day of go live in Readysell.
  • All banking direct deposits for customer cards are to be entered as dated on the bank statement
  • Download a bank statement from the last day of trade
  • Enter all the customer direct deposits into Readysell from this bank statement but check with Readysell on which date to use.(no backdating)
  • All other transactions such as deductions from suppliers will need to be reviewed
• After go live date:
  • No Back dating of any transactions prior to the go live date in Readysell. 
    If any supplier invoices have been received dating into the past, they need to be date the first day of go live in Readysell.
  • If you have chosen to use the Supplier Payment Run and the ABA file, then you will be required to review and possibly tidy up the Supplier Cards re Suppliers BSB, Bank Account Number and Supplier Account Number in order to use the ABA file generation in a supplier payment run. This will be a gradual and manual process if the data was not stored on the old system
  • Agree on a date for first supplier payment if you wish to use it. If so a ticket needs to be created and this ticket will incur a charge.
  • Training and first Supplier Payment Run. A ticket to be created to stand for this and there will be a charge for Readysells help.
  • Training on First GST Batch Extract if you wish to use it. Before GST Batch can be extracted a starting position to stand for GST Received Tax Value, Total Value Inc & Total Value Ex & GST Exempt & Value Inc & Total Value Ex for Sales and GST Paid Value, Total Value Inc, Total Value Ex and GST Free Value, Total Value Inc, Total Value Ex for Purchases is to be provided to Readysell if you wish to ensure you balance back to your external financial system. Readysell will insert these figures behind the scenes. A ticket to be created to stand for this and there will be a charge for Readysells help.

Cost benefit of Readysell's financials implementation assistance 

• You will need to budget on a substantial investment in financials implementation assistance. Don't expect to be able to bring financials on line on your own, you will need quite a bit of implementation assistance from Readysell. We will do the work for you in respect of the first bank rec, suggestions about setting up the chart etc. There is a lot of work to managing and performing the financials conversion, avoid surprises by planning a substantial investment in assistance from Readysell
• Readysell will be contacting you after the financials implementation plan is agreed
• A ticket is created for each financial module assistance required and each ticket incurs a charge.