How will you measure its success? Does it comply with Australian Government Rules? Does the supplier have a formal implementation plan? What are the true costs? How will your data be secured?
These are just some of the questions you need to consider when choosing the right financial management system for your organisation. Making the decision to update your business systems is a large time investment, but the efficiency and productivity gains that result are essential to keep your business growing.
Therefore choosing the correct system first time is vital. We’ve put together 5 basic steps that will help you select the right one for your business.
Step 1: Strategy
It’s really important to be clear about what your goals and objectives are when it comes to selecting a financial management system. Ideally, you want something that provides clear visibility of your business’s finances, and gives you the capacity to not only solve problems, but to make decisions about the future. So it’s important to identify your pain points, so that when you’re asking questions of potential candidates, you have a clear idea of what the issues are and how they need to be resolved.
Step 2: System Capability
Here’s where it’s important to involve your IT team, whether they’re employees or you outsource your IT needs. They’ll have a good idea of the current and trending technologies, and they’ll be key stakeholders when it comes to implementing a new system.
Most importantly, they’ll know just what capacity your business has, and whether it can handle a financial ERP.
IT managers, CFOs, and others on the steering committee need to be guided by the unique needs of your business.
Step 3: Supplier Capability
Educate yourself about the various options available. There are numerous online resources that provide feedback and reviews of the different suppliers when it comes to ERP solutions. What you’re looking for is a supplier who can accommodate a variety of delivery scenarios, such as different deployment options. The ideal supplier will have the capacity to support vendor different deployment technologies as well as a strategy that is keeping up with those developments.
Step 4: True Cost
Ideally, it’s best to have a dedicated team of 5-6 people who’ll oversee the evaluation and selection process. Part of their job is to decide upon a budget range that can be spent on the solution and communicate it with the members actually performing the evaluation/selection of the software. It’s important to include the costs for the new software, any new hardware involved, training/implementation, product upgrades, maintenance, and support.
Step 5: Security
You’re dealing with your financial records and data, so a system that can ensure the security of that data is essential. One of the benefits of an ERP system is that it’s cloud-based, which means your data is not only more secure, but it’s updated in real-time and is accessible from any internet-connected device.
Remember too, ERP financial management software should include features that support creation of ad hoc reporting as well as month-end closing, quarter closings and year-end reporting.
You’re not just buying software. You are beginning a relationship. Find out why we’re unique by giving the friendly team a call on 1300 583 097, or contacting us here.