How to Find the Best Financial Software for Your Company
If your company has decided to implement an accounting software solution, there are many great products available that deliver proven value. However, each offers different features or improved functionality for specific business areas, and prices vary widely. Identifying the solution that offers the best financial software for your company is an important decision.
Finding the Best Financial Software Step 1: Conduct an Internal Assessment
When evaluating the best financial software solutions, a number of comparisons should be made, but not before you have assessed your company’s requirements. Each user contact point with the software should be identified and defined to determine its necessary functionality. The best financial software will meet the standards and requirements defined by this process. In addition to the requirements specification, assess the costs to attain those benefits from available programs in order to set a project budget.
Accounting programs vary in features and costs; however, finding the best financial software at an acceptable price does not have to be challenge. Small businesses require fewer features and more basic programs will work just fine. There are many inexpensive accounting programs – even streamlined versions of the more robust and expensive solutions used by the largest companies are available. Small businesses are able to efficiently manage all finances with basic payroll and accounting tools since their client and vendor base is relatively small.
More expensive small business financial software includes financial tools and functionality among many features and is more suitable for larger corporations. Those solution suites integrate financial management with modules for manufacturing, warehousing, inventory control, human resources, and much more. Large companies require efficient accounting software to allow customer service representatives to quickly access sales orders, billing systems, shipping records, and service records.
Finding the Best Financial Software Step 2: Identify Qualifying Solutions
From the requirements you’ve listed in the assessment step, create a list of several products that meet the guidelines for your best financial software solution. If your requirements are so general that many products qualify, identify the market leaders in price and functionality to provide a representative selection of vendors. Review each company’s product to confirm its capabilities and check for additional features that aren’t on your requirements list but which could add value or ease of use. You can also filter the prospective solutions by price – determine a budget and eliminate any programs that are too expensive.
Finding the Best Financial Software Step 3: Research the Vendors
Investigate the vendors and their solutions. Has the product been on the market long and does it have credible references? If so, talk to those customers to learn about their experiences. Ask about the company’s technical support and product road map. If you have compliance requirements, confirm that the product is certified to meet those requirements.
The best financial software providers are confident enough in their products to assist your evaluation. Inquire about free trials; most of the best financial software companies offer them. Review product data sheets and user manuals. Learn as much about the different solutions as you can and confirm their ease of use and intuitive user interface.
By becoming informed about the products available in the market and comparing their features to your company’s specific requirements, you can narrow down a list of potential solutions to a handful that deliver the best financial software functionality. After evaluating each of these finalists with a hands-on trial assessment, one or two solutions should stand out. Those can be compared by price and maintenance costs to select the best financial software for your company.