In the context of today's rapidly evolving global economy, businesses face intricate financial accounting challenges that demand comprehensive understanding and strategic decision-making. Consider a scenario where a medium-sized manufacturing company, ABC Enterprises, is transitioning to a new accounting software system to enhance its financial reporting efficiency and accuracy. As a financial consultant hired by ABC Enterprises, your task is to critically evaluate the potential benefits and risks associated with this software transition.

Subpart: Evaluate the potential benefits of transitioning to the new accounting software system for ABC Enterprises. Analyze how the new system might improve the company's financial reporting processes, streamline data management, enhance internal controls, and facilitate timely decision-making. Consider aspects such as automation of routine tasks, real-time financial insights, customization capabilities, and integration with other business applications. Provide specific examples and discuss how these benefits align with the company's overall financial goals and objectives. Additionally, outline any potential challenges that ABC Enterprises might face during the implementation phase and suggest mitigation strategies to address these challenges effectively.