Anytime a system needs to be changed, it often leads to headaches for businesses. A new accounting rule is having a significant impact on many large corporations, leading IT teams to scramble to make the required adjustments before the deadline.
While the change was announced some years ago, and businesses lobbied for a one-year extension of the deadline, many companies still feel grossly unprepared. Here’s some insight into how this major change to an accounting rule is impacting tech teams across the country.
Writing New Code
For many large businesses, a large portion of their finance operations is automated. The updated accounting rule is changing how certain sales must be recorded, requiring tech professionals to change significant parts of the current automated system code to handle these transactions properly.
For example, Verizon Wireless relies on automation to log customer contract information on the company’s financial statements. The new rule shifts how sales of products and services are recorded on the books, and the new process doesn’t align with the current automated process. Since the revenue from contracts must now be registered differently, the company’s accounting software must be reprogrammed to handle the necessary change.
Upgrades and Installs
Depending on the age of the systems and software currently in use, some organizations are being required to complete substantial upgrades and manage the installation of new solutions. The systems must be able to meet the standards set forth by the U.S. Financial Accounting Standards Board (FASB), and certain legacy solutions do not have the capacity to adjust.
This means IT teams have to manage a somewhat large-scale project in a limited amount of time. Not only do hardware and software issues need to be addressed, but data transfers may also be necessary to get the information into the new system in time.
Add to that the requirements for testing and the need to keep legacy systems operations while the changes are being handled, and it’s no surprise many IT teams are burning the midnight oil.
User Documentation and Training
When new tech solutions are instituted, it isn’t uncommon for IT teams to be responsible for creating user documentation and creating certain training guidelines. With the management of the upgrades and installs already taxing these professionals, ensuring the proper guidance is available for users who must work with the new systems is just another requirement that isn’t easily handled in a short time.
While skilled tech pros likely have the skills necessary to complete the project, many businesses may find there simply aren’t enough hours in the day to manage the workload based on the current staffing levels. Bringing in additional IT professionals, even for the short term, may be a requirement for organizations concerned about missing the deadline.
If you are looking for temporary or permanent tech workers to bolster your current staff, the professionals at The Squires Group can help you find top candidates quickly and efficiently. Contact us to discuss your needs today.
