Selecting a Financial Software Solution

For Starters: Don’t buy the demo!

Don't buy anything until you are able to make an informed decision. This decision should be based on:

• an assessment of present and future needs
• a realistic estimate of return on the investment
• long-term viability of the software vendor and their solution
• promise of long term relevance, broad user appeal, and no-nonsense integration with other technology solutions

Avoid the common pitfalls that would lead to disappointment. Let this five-step process guide you in making an informed decision.

One: Assemble a multi-skilled planning group

The complexity of this project requires input from several vested stakeholders, at multiple levels of authority and responsibility.

Senior administrative leaders will require reporting tools to assess the overall financial health of your organization. They'll be called on to present reports that detail all aspects of expenditures and revenue transactions. They must be satisfied with the budgeting and transactional reporting capabilities available in a candidate system.

Operating managers are responsible for the transaction workflows that are  followed everyday to keep your organization in good health. They'll need to be able to monitor activity to head off crises and keep their staff on target. No doubt they will be interested in the dashboard capabilities available in a potential accounting solution.

Information technology experts must be involved right from the beginning of any decision process. They will have to ensure that your selection can be integrated with the rest of your existing architecture, and will provide much-needed insight into your current capabilities. 

And, consider that the people who will be using your accounting system everyday have very specific needs, and valuable opinions. It can't hurt to bring in someone to represent your processing teams (at least from the AP and payroll departments).

Two: Plan and assess needs; identify new opportunities

It’s risky to complete this phase without some outside assistance. Planning group members are often unaware of the potential in today's accounting software. For example, if your team is only familiar with paper-oriented workflows, it can be difficult for them to imagine a system in which information is passed along from workstation to workstation, office to office, and building to building, without a single printout. Can this same team easily see the value in an online, collaborative budget process, that eliminates the need for printed spreadsheets? Here's where your potential software provider can assist - by painting a picture of a business office that has moved on to better ways of getting things done.

So pick the brains of software vendors. Ask a lot of questions, and let them expand your vision of what an accounting solution can do for you. But, be suspicious of claims that may be too good to be true. There are just some things a software program can't fix or improve upon. Be very wary of the sales representative who won't admit that.

The next step is to schedule each candidate to give you a software demonstration, to show you how these needs can be met - each vendor whould be able to show you how their solutions will streamline your operations, reduce errors, prevent overspending, produce accurate and timely paychecks, and help you maintain federal and state reporting compliance. Now's the time to ask the tough questions - don't go easy on them!

There are other ways to show you the possibilities. Any vendor should be delighted to introduce you to a client that has recently adopted their solutions. You'll be able to see firsthand the way they operate. Along the journey, these clients will want to point out how business processes have improved from those of the good old days. Or, you might also consider retaining a consultant who specializes in school and government systems. For example, a few public accounting firms have developed consulting expertise in government systems consulting. Sometimes, a completely impartial, objective eye is just what you need to point out where the problems are, and to help you get back on track.

Three: Evaluate and select a vendor 

This is very serious business. Select a software provider who is vested in your success - they may become your vendor-partner for life. In this planning phase,  investigate vendor background, reputation and success in the industry. There are several attributes that help to formulate an opinion. Taken collectively, they will help you make a wise vendor choice, subject of course, to the quality and functionality of his software solution.

• A vendor should be an active participant in state and regional industry events, such as trade shows and seminars. Look for their participation on professional committees and research projects. Essentially, you’re trying to confirm if that company is an engaged citizen of the industry.
• Determine how many years the vendor has been in business. This sheds light on expertise and staying power to compete with other vendors. A visit to their office will provide additional insights. Look for a pleasant greeting when you arrive, ask to take a tour of the office and meet staff members. Are they eager to discuss the company and their role in it with you? 
• Ask for client references, and contact them to determine satisfaction levels. Ask them about the depth and quality of training that is offered for a new installation, and then post-installation for ongoing support. Ask about key crunch times, like year-end closes and tax forms season. Does the vendor make timely changes to state reports and federal reports, so that clients can maintain reporting compliance? Is their support team readily available? Are there online reosources you can use to learn how to use the software, or to solve problems on your own?
• Ask how it feels to be a client of the vendor - does the client feel like a number, or a part of a thriving community?

Longevity, a proven record of performance, client satisfaction and client retention speak volumes.

Four: Evaluate software features and functionality

It’s finally demo time! By now, your planning team should be well prepared to ask the right questions and to evaluate responses. It’s also an opportunity to identify more ways to streamline your business operations. You will begin to realize that you are not dealing with expenditure, but rather an investment in operations that will spawn a new era of productivity for your business office.

Payback = return on investment!  

That's something worth celebrating - and it's certainly worth a little effort up-fromt to achieve.

Five: Select the right core technology platform

Although the core technology platform will be driven by your software selection, look for a supporting level of core technology to deliver even more economic benefits. Your IT staff has enough challenges every day - we contend that an accounting software solution doesn't have to add significantly more stress to their roles as caretakers of your mission critical data. And, if a vendor offers their own IT team as resources to help your team, that's a partnership that will reap huge rewards. Look for a vendor that offers IT retainer services, and goes beyond the basic maintenance support to offer Disaster Recovery services. Your organization needs health insurance to turn to in a crisis, every bit as much as you do.

What else to look for? Centralized databases, web-enabled user access, friendly and intuitive screens, sensitive on-line help, workflow technology that allows everybody to seamlessly work together, friendly ad-hoc reporting, role-based security features, one click integration with Microsoft Office applications, and open architecture to allow seamless integration with other 3rd party software applications. How's that for a start?

Conclusion

While we want you to make your own decisions, we are confident that UniFund scores well in all areas mentioned above.  With our BudgetSense software suite, we deliver feature-rich solutions built on contemporary platform technology  powered by Microsoft SQL Server, with seamless integration to Microsoft Office applications, and coded in VB6 and .net. You can rest assured that you are selecting a solution built with today, tomorrow, and the long-term future in its sights.  Couple that with world-class professional services, and you’ve found a vendor relationship you can thrive with for many years to come.

If you are interested in hearing more about what UniFund has to offer, simply click here and fill out the brief Contact Me form.  A UniFund representative will respond promptly.