• Blog
  • 3 Min Read
  • June 1, 2023

5 Things to Consider When Implementing Investment Accounting Software

It can be overwhelming to figure out where to start when implementing investment accounting software. With a strong plan of action, however, the process can be quite easy.  

Before implanting investment accounting software, consult with an expert to ensure a seamless integration. 

Here are five key factors to consider when implementing new investment accounting software. 

1.  Time to Implement

The time of implementation can vary depending on portfolio complexity and organizational accounting processes. It is worth asking whether there will be a dedicated implementation team available to ensure the implementation process goes smoothly. 

Having a dedicated implementation team can help expediate implementation by processing and reconciling ongoing transactions while simultaneously loading accounting values. This strategy saves a significant amount of time during the transition and allows for an efficient implementation of the new solution.  

2.  Costs

It is important to find a software company that adheres to transparent pricing practices. Before you get started, be sure to uncover any hidden fees due to limits on user logins, support, and training sessions.  

Another cost to consider is whether you will need to budget any time to make manual downloads, or if you will need to upgrade your accounts to maintain access to the most up-to-date software. Ask whether you will be able to automatically benefit from any ongoing developments of the system, and what sort of plans the software company has for research and development. 

3.  Enabling Rapid Growth 

When it comes to scalability, not all software solutions are created equal. Some software-as-a-service (SaaS) solutions have difficulty keeping up with expanding client needs, so it is important to discover whether the solution is designed to enable client growth at scale. 

As portfolios become more complex and regulatory requirements increase, it is important to know your data management processes are designed for ongoing success. Ensure constant access to comprehensive data sources around the world so you can constantly have access to the data you need, no matter how much your business grows.  

4.  Continues Training 

To ensure a smooth transition, look for an investment accounting-as-a-service company that provides educational resources to your team from the beginning of the implementation process. It may seem like a given, but not all SaaS companies offer unlimited training or support.  

Learn whether you will have the resources you need so your team can hit the ground running from day one. Additionally, find out if the software team is planning to attend conferences, research best practices, and stay up to date on regulatory changes to provide the information you need to succeed with the software. 

5.  Look to Examples of Success 

An outstanding example of fast and successful software integration occurred when Circle opted to use Clearwater as its provider for its investment accounting and reporting software. As a global financial technology firm that enables businesses of all sizes to harness the power of digital currencies and public blockchains for payments, commerce, and financial applications worldwide, Circle had a unique set of needs.  

Despite the complexity of Circle’s portfolio and organizational practices, they were able to implement Clearwater in just several weeks, giving their investment accounting practices a huge upgrade and allowing for fast and scalable growth. Circle now uses the Clearwater solution to receive accurate, timely data they need every day to manage their investment portfolio. 

Learn More 

Implementing accounting software might seem intimidating but finding the right partner can make the process quick and easy. Talk to a Clearwater expert today to learn more strategies about you can implement new best-in-class investment accounting software.