From time to time, you may need to replace the financial reporting software used in your business. No matter how well a system performs, you will need to upgrade to one that meets your needs today better than it did in the past.
Once you decide it is time for a replacement, develop a software selection plan. Define what you need to do based on your unique needs. The key in making the right selection is to not leave anything out. Otherwise, the accounting process in your business will become compromised. Keep track by monitoring the process along with implementing the suggestions below.
Don’t Rush the Process
Unless your old system has stopped functioning completely, there is no need to rush the process. First, you need to make sure your staff is involved since they will be the primary users for keeping your records straight.
This can begin by informally engaging people through conversation. The objective is to get a full picture of the current accounting software, including its strengths and weaknesses.
Research Software Alternatives
If these conversations builds a general consensus that improvements to the current system are necessary, you are ready to begin the formal selection approach. Once your senior management team decides to research alternatives, this signals your employees that the company plans to fully evaluate the financial system that the company uses.
Name a Person to be Responsible for Selecting the Software
To keep everything organized, you will want to appoint one person to be the project manager for the entire process. Having one person responsible keeps things streamlined and ensures no duplicate work is done. Make sure this person has the full support of the senior management team.
Even when employees agree that a new system is needed, not all will agree on the best way for implementing the change. Therefore, your point person should be able to use the authority of your executive team in making decisions without approval upfront.
Acquire Information to Help with the Final Decision
Making the right decision requires doing enough homework on what is available on the market and how that matches your needs. This is essential before any decision regarding a new accounting system is made. Your assigned project manager will need to collect information that is thorough and actionable.
Essential to the process:
- Process for launching and managing the selection process successfully
- How business processes will improve
- Functionality of products that seem interesting
- How much products will cost
Selecting a software system that will help with your accounting functions is not something that can be completed quickly. It is something, however, that is necessary of your current system is failing your business’s needs.
Everyone directly involved with the selection process must have an understanding of what needs to occur to achieve success.