At this time of year many organizations are undergoing finance system evaluations and considering what’s on the market. These days, not only do you have to consider whether to replace your system and what with, you need to decide on a deployment model to support you in the future. Cloud computing is as much a serious consideration for your operational systems as it is for customer facing applications like CRM. As cloud accounting grows in popularity, there is an increasing number of applications being introduced. We advise that when starting to look around at what these ‘new’ online systems can deliver, you consider not just where your business is now, but where it might be five or ten years from now. Putting the work in upfront can seem onerous, but will pay dividends later on.
Top tips for managing an online finance system evaluation project:
- Draw up a list of the functionality you require
- Access online demos, videos and free trials for your shortlist
- Understand the applications you may require in the future to build a solid infrastructure for your business
- Consider the technical implications of adding to your application portfolio
- Ask for references and read customer reviews
- Research the company behind the application
- Consider your company’s plans over the next 5 years – can the system grow and change with you?
- Understand the terms of the agreement – what service levels are in place and what is and isn’t included in your subscription?