Mergers and Acquisitions
Our Methodology to Success
Firms are now realizing that there is much to think about during an acquisition and the subsequent merging of software solutions. Choosing the right partner to help manage the delivery, implementation, execution and financial management of ERP data and systems is a crucial decision. As your partner, Full Sail Partners can either lead the project or just be a resource. We will align our services with your infrastructure requirements only assisting where you need us and sharing our knowledge to help create a lasting foundation.
Key goals of the data migration in mergers and acquisitions are:
- Implement timely introduction of acquired firm’s data as needed for time & expense entry, billing and collections, accounts payable, project, and G/L reporting
- Assist with detecting data issues and inconsistencies
- Improve data quality in the process of consolidation
- Create a single, centralized data repository from multiple datasets enabling companies to improve operational efficiencies
- Simplify reporting of all fixed assets within the combined firm’s locations for annual reporting and regulatory compliance
- Consolidate marketing and business development efforts across the firm to ensure best use of resources
Furthermore, our holistic approach ensures a detailed and smooth transition in a timely manner. Here are some areas to contemplate as you move forward in the acquisition process:
Having all the firm data is vital in showing a complete picture of the projects and backlog. Often the due diligence effort does not allow enough time or access to uncover projects that may be underwater or accounting practices that do not show the complete picture of revenue claimed vs. the true percent complete. Due diligence should be comprehensive to ensure a successful acquisition. Let our experience help identify potential problems with data and project financial health before you officially close the deal.
Critical areas that we can assist with are project and financial audits, balance sheet validation and reconciliation with the sub ledgers, and project profitability including unbilled services reconciliation and open accounts receivable.
Having a clear and structured process to integrate the data from both firms is a must. There are several areas that can trip you up along the way and delay a go live date. Lining up the right parties for the integration can mean the difference between being completely ready or only partially ready for go live. Internal discussions need to take place to determine how the new information will integrate with your existing organizational structure. It is essential to involve key team members in all of the meetings where decisions are being made. Building the right team of resources and coordinating them is a specialty of Full Sail Partners.
Harmonization is the process to reduce redundant or conflicting practices between the existing firms' current processes which have evolved independently. The goal is find commonalities and identify critical requirements that need to be retained that result in a streamlined operation. Examples include:
- Time and Expense
- Project Management
- Revenue Recognition
Every system does not need to be operational for day one, but those that affect the employees need to be ready to go. Employees should be able to enter their time, submit their expenses, know who their supervisor is and know who to approach for HR questions. Let us help you identify culture issues and answer questions that may impact the acquired staff to ensure a seamless transition.
Project and Management Training
It is important to develop a plan of action with deadlines and dependencies. With your plan in place, you can begin to reconcile data and hold training sessions. As a result, you can show managers how their projects look in the new system and assign champions to assist with adopting it for a predetermined time. Let us help you make sure you have properly trained champions for your new system.