Running A Business: Purchasing Financial Software For Your Company

On February 12, 2013, wrote:

When it comes to efficiently running your business, what you spend on each and every item does matter at the end of the day.

From the supplies your office needs to run its normal operations, moving to the software that guides your business each and every day, there are deals out there if you know where to look.

One of the most important aspects of properly running your company is having the right financial software package in place. If the current program is slow, not always accurate, and leads to issues regarding on-time customer service needs, you could be losing out on the money you invested in it, not to mention potential sales.

Whether you or your point person (head of the finance department for example) is charged with evaluating and/or upgrading your current financial software package, make sure you invest the time and energy into finding the right one. If you choose the wrong one, time, training, and money can cost you more than you may realize.

Among the things to keep in mind:

  • Review present system – For those business owners who have been around for awhile now, are you getting all you want out of your present financial software? As many companies try and save money wherever possible, is purchasing new financial software a given, or can you still work efficiently and financially with your present setup? Review the software to see how a change would impact your company financially, from a training standpoint, and from a customer service angle. In some cases, you may not be maximizing all the potential from your current software, so don’t automatically assume throwing more money at the problem is the solution;
  • Shop around – In the event you decide it is time for a new financial software package, do you know how to shop for one? Turning to your current provider (if applicable) is of course a good start, but suppose you want a fresh start when it comes to financial software? In that case, reviewing financial software provider websites and their social media pages only makes sense. Look at their website for starters, seeing if they offer information pertaining to any deals etc. on financial software packages. Their social media offerings can prove a great way to get a look into their customer service world. Do they get back to customer inquiries in an efficient manner on Facebook, Twitter, Google+ and other such pages? Are they good at solving customer problems that come to their attention on social media? Also, do they provide informative tutorials on financial software on both their website and social media pages? Finally, do they offer free demo trials so that you can get a feel for whether or not the software will be a good fit for your needs? These are all indicators on whether or not they are worth your time;
  • Integration – Finally, how easily would a new financial software package integrate itself into your business? Remember, training one or more of your employees on new software takes time, costs money, and means a major investment on your part. If the timing or feel of a new package doesn’t seem right for your business, then reconsider. If the timing and feel of what new financial software can offer your company does sound good, don’t wait until your current software causes you additional problems;
  • Future plans – Whether or not you decide to go with new financial software can oftentimes be dictated by where you see your company going in the coming years. Is your business stagnant at the moment? Do you see the business growing in terms of not only products and services, but also employees moving forward? Will buying new financial software now lead to a better return on investment (ROI) down the road in your eyes? Being able to ask and answer such questions is important prior to making any software tied decisions.

About the Author

With 23 years of experience as a writer, Dave Thomas covers a wide array of business topics, including finding the right financial software.


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