Below are the important stages and questions you should consider when evaluating and selecting a new financial accounting solution:

Accounting System Software Evaluation & Selection Stages

Stage A – Initial considerations

• Why should our business consider new accounting system software?
• What are the risks to the organisation of taking no action?
• Are there opportunities to co-ordinate this change with other projects (i.e. a server upgrade)?
• Who are the key sponsors that should be consulted during the process?

Stage B- Understand the business case

• What are our business requirements relating to accounting system software?
• What are our resource and time constraints?
• What future business changes should we consider?
• What are the key technical restrictions or necessities?

Stage C – Preparing a vendor shortlist

• What accounting systems are successful in my sector?
• Can I get a demo of the software in situ?
• Where can I research my potential vendors?
• What questions should I ask a vendor during the process?
• What types of questions and assurances should I expect from a vendor?

Stage D – Steps prior to selection

• Follow a recognised selection process.
• Build selection team with a vested interest- but stick to key personnel.
• Focus on your specialist processes and requirements. The standard features and functions should be a “given” for most accounting system software.

For a more comprehensive evaluation of your accounting system software needs, download this Finance System Functional Requirements document provided by FinanSys Ltd.

Best-of-breed applications, predominantly mid-tier packages, allow organisations to benefit from a highly functional accounting system, without the burden and expense of a full-blown Enterprise Resource Planning (ERP) platform. For a more information on a world class Financial Management System from a leading implementation partner, please get in touch with FinanSys