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As you contemplate the right choice for finance software, what are the “must haves” you should look for?
No doubt, each company’s decision will depend on unique circumstances and needs. Nonetheless, the basic steps are largely the same. In our experience, nearly every successful implementation of finance software addresses the following needs and capabilities:
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Integrate with key processes and data, inside and outside of Finance—This should be an obvious requirement, but it’s often overlooked. And the traditional mandate of Finance continues to evolve and expand, which leads to a stronger need for more and better integration and interoperation among more areas of the business. Finance software solutions must anticipate, predict, and respond to more and new responsibilities in shorter short timeframes.
Robust reporting and analytics—The mandate to expand Finance’s effectiveness across more areas, creates a stronger need for more and better reporting and analytics. That’s especially true as advanced business metrics become a staple of business planning and management.
Significant cost improvement—Cloud-based solutions, and the application workloads planned to run on them, must be evaluated on a cost-to-functionality basis and on an improvement opportunity basis. You must consider the true total cost—including what financial and operational methods can and will be improved or enabled. The purchase of finance software must be based on business improvement (including creation of quantifiable, not hypothetical, business opportunities)—not merely cost savings.
Facilitate easy upgrades—Upgrades of cloud-based solutions take place on vendor-controlled servers at the vendor’s data center. But that doesn’t mean disruption can’t occur for the Finance department. Review and resolve these challenges with your provider.
Suitability to needs and success—The best providers offer solutions that are most suitable to the buyer’s needs and that have financial and technological investment and integration with partners sufficient to support the buyer’s needs over the long haul. In other words, the best providers are best positioned to ensure buyer success. Ask for relevant user case studies; find out about regular, planned, and well-managed upgrades and enhancements. Look into (and beyond) the vendor’s financial health and evalue the customer/partner ecosystems.
Satisfy security concerns—Cloud delivery platforms are designed, engineered, and constructed to be secure, so they’re often among the most secure solutions available. But that security is relevant only to applications and data residing in the securely architected cloud. As Finance’s footprint expands, security exposures will grow. Ensure your provider can support and adapt to combinations of traditional perimeter-oriented, prevention-first security practices with updated response-and-isolation approaches.
Want to learn more about Intacct finance software and how we satisfy all these requirements ? Contact us today!