January 28, 2020

How To Determine Which Financial Software Is Right For Your Company

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Bookkeeping is a large part of a business’s accounting needs, however when your business starts to grow, simple bookkeeping will get harder and your needs will change and grow. So how do you determine which new solution is right for your organization? Here are a few ways to help determine which software solution is right for your business.

Understand your Needs

If you’re reading this it’s fair to say your company has outgrown spreadsheets and needs something more from your accounting solution. What exactly is it that your company needs from a new solution? To answer this question, take a deep look at what issues you’re having with your current solution. Are invoices accurate? Are payables and receivables frequently late? Are frequent errors causing miscalculations that affect your business as a whole? You need to find a solution that can address all of these problems, and even some you didn’t even know you had.

Anticipate Future Needs

When considering which software solution to invest in, you also need to keep in mind that your future needs may not match your current needs. Map out what your business growth will look like over the next 5-10 years and make sure the software solution you choose is scalable and can grow with your business. You also want a flexible system – with the amount of change happening in the current business and technology landscapes, you may find your business has changed significantly. You want to invest in a solution that can adapt, grow, and scale with you.

Build your Wish List

Now that you’ve figured out all of your needs, present and future, you can build a list of must have features for your new solution. This process will make shopping for your solution exponentially easier. Here are a few great features you may want to look for in a software solution for your business:

  • User friendly interface
  • Easy integration to other systems as your business grows and technology changes
  • Built-in reporting, dashboards, and analytics
  • Strong accounting controls and workflow
  • Cloud based – managed and upgraded without you having to be involved
  • Import/Export to and from Excel

Ask for Recommendations

Chances are you’re connected with businesses that are similar to your own and some of them may have already made the leap and invested in an accounting solution for their business. Reach out and ask for recommendations. Find out what they love about their solution and even things that they may not like so that you can make an informed decision. Another great way to get recommendations and reviews is to reach out to online groups and forums. You can instantly get information from people all over that can help you narrow down your options.

Figure out your Budget

While price shouldn’t always be what makes or breaks a large purchase decision like this one, budget is an important factor in any business decision. You need to factor in what you can comfortably spend. Pay attention, however, to the potential ROI. Just being able to expand your business without hiring new accounting staff will often provide you with an ROI measured in months. Now take a realistic look at how much time your team is spending working in spreadsheets to create reports each month, and you’ve just reduced that ROI timeframe… Take both budget and ROI into consideration. The cheapest solution in terms of cash outlay might not be the best platform to grow your business on.

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