When it comes to choosing the right software, you can never ask too many questions. Especially with financial management software, the more clarity you seek, the better informed your decisions become.
Here are some critical questions to ask when you’re in the market for new financial management software.
1. What features do you need?
Understand what is working and what isn’t with the current system. Keep in mind the company’s overall financial strategy to understand what is required of the finance management software.
The financial management tool should be able to handle basic functions like
- purchase orders,
- invoice processing,
- budget approvals,
- expense management,
- tax compliance,
- capital expenditure,
- asset management, and more.
It should also be capable of resolving existing pain points in finance processes.
2. How much can you spend?
Enquire what part of the budget has been earmarked for finance management software. Keep in mind that you’ll have to include the costs of setting up software, training employees, support, and maintenance and upgrades.
It’s also a good idea to think about what kind of pricing models work best for your organization. Ideally, flexible models that don’t include superfluous charges are best.
3. Does the software scale?
The finance automation software in consideration should be capable of growing alongside your business. If it doesn’t scale, process inefficiencies will begin to hold you back and the software will become an unjustifiable cost.
4. Do you need cloud-based or on-premise software?
Make a thorough comparison between cloud-financial management and on-premise systems. Cloud-based applications offer lower setup costs, anytime anywhere access, and minimal downtime if at all. If hosting the data locally is critical to you and spending a premium is not an issue, then on-premise systems would be a better option.
5. What does the end user need?
Keep in mind the process requirements of the people who are going to be using the software on a daily basis. Also, consider their level of comfort with technology and factor that into your decision-making process.
6. Will the data be secure?
Financial process management involves dealing with a lot of sensitive data that needs safeguarding. The software you choose should be able to give you granular control over data through conditional access.
7. What kind of reporting and analytics do you need?
Collaborate with a business analyst to know what kind of data will help them make informed decisions. Understand what type of reporting and analytics features are right for your specific financial needs. One ideally needs a combination of financial and operational data to fuel business insights.
8. How much customization is possible? Will it integrate with existing applications?
Financial management software that can’t be customized to meet unique needs of the organization is a poor choice. The software should be capable of handling your specific needs like multi-currency functions, e-commerce, consolidation capabilities, and so on.
Another important aspect to consider is the software’s ability to integrate with applications already in use. Taking on new software that doesn’t integrate easily with other applications is wasteful in terms of time, effort, and costs.
9. What are the terms of support offered?
Applications centered around the end user’s needs usually come with effective support options. Enquire which issues are covered within the contract, and which ones are extraneous. Also, check how the latter will be resolved. Check if third-party support teams are well trained and reviewed for their ability to resolve customer issues.
A compelling finance management software
Kissflow Finance & Ops Cloud lets you create workflows and automated solutions for key financial processes like purchase orders, capital expenditures, purchase requisitions, invoice processing, asset management, and budget approvals and more.
Using this simple, straightforward software solution for financial process automation, you can move from clunky email threads and slow processing times to buttery smooth finance processes. Get your free demo today.