How to choose the right financial software vendor for your organisation
Financial software has the potential to offer multiple benefits that contribute to your bottom line: improved employee productivity, automated and streamlined financial processes and lower costs on operation. In order to accomplish these goals, it is vital that you choose the right software vendor. The challenge is to find your way through the numerous products and vendors to find the solution that best fits your organisation’s needs.
Based on interviews with clients and our experience in the sales process, we have put together a checklist to serve as a guide for selecting the right financial software vendor. The checklist consists of three steps:
Step 1: Analyse what challenges you are facing and how to solve them.
Prepare for the checklist by defining the challenge you want to solve with the new financial software. What software features do you need to solve these challenges? Only by comparing your needs with the software vendor's offer, can you determine whether a particular software solution will solve your challenges. Of course, you also need to have a budget for the project, or at least an idea of what is possible within your organisation. Last, you need to define how success is measured when evaluating the project. Defining success will also help you to realise which product or vendor will help you achieve that best.
Step 2: Make a checklist with questions that are relevant for your decision and grade the vendors.
There are many aspects that need to be taken into account when evaluating the different software vendors you are speaking with. Depending on what you deem important to your choose, you put together a checklist consisting of multiple topics. This checklist will need to address at least these topics: the features and functionality of the software, the possibility of an integration with other financial software you are using, training of users needed, support provided by the vendor, and your overall impression of the vendor, and -of course- whether the costs fit within your budget.
Step 3: Choose the financial software vendor that is right for your organisation.
Based on the grades you have given to every answer, you can calculate the average grade of the software vendors you have analysed. To get an average grade that really reflects what you are looking for, you can add weight to the questions and answers. You can then assign a higher weight to questions you find more important than other questions. The software vendor with the highest grade will be the best choice for your organisation!
To help you, we offer a complete list of questions you should be answering when choosing for a financial software vendor. Every of the above mentioned topics (and a few more) are detailed with multiple questions and a default weight (that you can adjust to your liking of course!). This will certainly help you to choose the right financial software vendor.