Changing a financial consolidation solution is rarely just a technical project.

When a company decides to replace Excel, modernize an existing tool or move to a new EPM environment, the migration involves much more than installing a new platform. It impacts financial data, consolidation rules, closing processes, reporting, interfaces and users.

A poorly prepared migration can lead to data discrepancies, difficulties during financial close and a loss of confidence in financial reporting. A well-structured migration, on the other hand, can improve process reliability, strengthen Finance performance and help the organization take full advantage of a modern EPM solution.

So, how can companies successfully migrate to a new financial consolidation solution ?

The 7 Key Steps for a Successful Migration

1. Define the Project Objectives

Before selecting a solution or starting data migration, the company should clearly define what it wants to improve.

Objectives may include:

• reducing the financial close cycle;
• automating processes;
• improving data reliability;
• reducing the number of Excel files;
• improving financial reporting;
• strengthening data and adjustment traceability;
• simplifying controls;
• standardizing practices across subsidiaries.

This step helps avoid a common mistake: reproducing the limitations of the old environment in the new solution.

A successful migration is not simply about moving existing processes. It should determine what needs to be kept, simplified, automated or eliminated.

2. Map the Existing Consolidation Processes

Before migrating, companies need a clear understanding of how the current consolidation process actually works.

The process mapping should cover:

• data collection;
• controls;
• adjustments;
• intercompany eliminations;
• currency translation;
• consolidation calculations;
• consolidation entries;
• validation workflows;
• reporting;
• interfaces with source systems.

It should also identify manual tasks and processes that depend on individual files or specific users.

This analysis helps distinguish genuinely necessary processes from historical practices that could be simplified.

3. Clean and Validate Data Before Migration

Data quality is one of the key success factors in any migration project.

Moving inaccurate data into a new system does not solve the underlying problem. Instead, it can make errors more difficult to identify.

Before migration, companies should review:

• the chart of accounts;
• company and entity structures;
• analytical dimensions;
• historical data;
• intercompany data;
• currencies;
• mappings;
• relationships between source systems.

This is also the right time to determine which data actually needs to be migrated.

Not all historical data necessarily needs to be transferred to the new solution.

It can be useful to distinguish between:

• data required for current operations;
• data required for comparative reporting;
• data that only needs to be retained for regulatory or archival purposes.

4. Redesign Consolidation Rules and Processes

Migration is an opportunity to review existing consolidation rules.

Some historical rules may have been created to address technical limitations that no longer exist in the new solution.

Companies should therefore ask:

• Which rules must be retained?
• Which rules can be automated?
• Which controls can be embedded directly into the solution?
• Which steps can be eliminated?
• Which processes should remain manual?
• How can practices be standardized across entities?

The goal is to create a consolidation process that is simpler, more robust and easier to maintain.

5. Prepare and Test Interfaces with Source Systems

A consolidation solution does not operate in isolation.

It typically receives data from multiple systems, including:

• ERP systems;
• accounting applications;
• management systems;
• treasury systems;
• databases;
• complementary Excel files.

Interfaces should therefore be considered from the beginning of the migration project.

Teams should verify:

• data exchange frequency;
• data formats;
• mappings;
• controls;
• error management;
• flow traceability.

Testing should then cover different scenarios to ensure that data transferred to the new solution is complete, consistent and correctly transformed.

6. Run a Comprehensive Testing Phase

Testing is critical before going live.

It is not enough to verify that the application works technically. The company must also confirm that the financial results produced by the new solution are correct.

A testing campaign can include:

Technical testing

Validation of interfaces, data flows, performance and automated processes.

Functional testing

Validation of consolidation rules, controls, workflows and reports.

Reconciliation testing

Comparison between results generated by the old and new environments.

User acceptance testing

Validation by the Finance teams who will use the solution on a daily basis.

The key question is :

Are the results produced by the new solution reliable and explainable ?

7. Prepare Users and the Go-Live

Even a technically excellent solution can encounter difficulties if users are not properly supported.

Migration often changes day-to-day working practices:

• new screens;
• new workflows;
• new rules;
• new controls;
• new approval processes.

Change management should therefore start early.

Companies should plan for:

• role-based training;
• clear documentation;
• operational procedures;
• user testing sessions;
• enhanced support during the first financial closes.

The go-live itself must also be carefully prepared.

A successful go-live requires clear definitions of:

• responsibilities;
• timelines;
• contingency procedures;
• post-migration controls;
• support arrangements.

How Can Companies Secure Historical Data Migration ?

Historical data migration is often one of the most sensitive parts of the project.

Before transferring data, companies should determine:

Which data ?
Which periods and levels of detail are actually required ?

In what format ?
Does the data structure need to be transformed ?

Which master data ?
How should changes to companies, accounts, analytical dimensions and mappings be handled ?

Which controls ?
How will the company verify that migrated data matches the source data ?

Reconciliation between the old and new environments is essential.

Finance teams should be able to validate key indicators such as revenue, profit, balance sheet data, intercompany balances, movements and consolidated balances.

Should You Reproduce the Old System Exactly ?

This is one of the most important questions in a migration project.

The answer is generally no.

Migration is an opportunity to improve processes rather than simply reproduce the existing environment.

For example, a process previously managed in Excel may be directly integrated into the new solution.

Likewise, a reporting package that has been used for years may no longer meet current business requirements.

A pragmatic approach is therefore needed :

The objective is not to reproduce the old system exactly, but to build a more efficient and sustainable Finance environment.

How Should Migration Success Be Measured ?

A migration should not be considered successful simply because the new solution is live.

Companies should define KPIs before starting the project.

These may include:

• financial close duration;
• time spent collecting data;
• number of manual processes;
• number of Excel files used;
• number of errors identified;
• financial reporting production time;
• number of manual adjustments;
• solution adoption rate;
• user satisfaction.

These indicators make it possible to measure the actual benefits of the migration and identify areas for improvement after go-live.

Financial Consolidation Migration: Mistakes to Avoid

Several mistakes are common in consolidation migration projects.

Underestimating data preparation

Migration starts long before data is imported into the new solution.

Reproducing every existing process

The objective should be to improve the process, not simply change the technology.

Overlooking interfaces

A consolidation solution depends heavily on the quality of data flows from source systems.

Focusing only on technical testing

Financial results must also be reconciled and validated.

Involving users too late

Finance teams should be involved early enough to validate processes and results.

Neglecting post-migration support

The first financial closes after go-live generally require additional support.

EPM as a Driver for Financial Consolidation Modernization

Migrating to an EPM solution can go beyond simply replacing a consolidation tool.

It can help bring several Finance processes together within a more integrated environment:

• consolidation;
• financial close;
• reporting;
• planning;
• budgeting;
• forecasting;
• performance management.

This approach can reduce breaks between processes and improve the flow of financial information.

However, the solution should be selected according to the company’s business requirements, IT architecture, processes and future development plans.

👉 To explore this topic further, read our article How to Choose a Financial Consolidation and Reporting Solution ?

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BHI Consulting Approach

At BHI Consulting, we support companies in their Finance transformation and application modernization projects.

Our approach combines business understanding, application expertise and user support to secure each stage of a project: scoping, design, migration, integration, testing, deployment and post-production support.

Depending on business requirements, EPM solutions can help modernize consolidation, reporting, planning and performance management processes.

The objective is therefore not simply to migrate to new technology, but to build a Finance environment that is more reliable, more automated and better prepared for future business requirements.

Conclusion

Successfully migrating to a new financial consolidation solution requires a structured approach.

The project’s success depends on several factors: clearly defined objectives, mapped processes, reliable data, streamlined rules, well-managed interfaces, comprehensive testing, and tailored user support.

Above all, a migration should be viewed as an opportunity for transformation. It allows you to reevaluate certain practices, reduce manual processes, and build a more agile finance function.

A successful migration is therefore not simply a change in tools: it is an opportunity to modernize financial consolidation for the long term.

Are you considering upgrading your financial consolidation solution ? Contact our experts to discuss your project and identify the best options for your organization.