How to Pick Financial Software – Things to consider in deciding ‘What's Best for Your Business’

By Chris Alexander

 “What’s best for my business” – Things to consider when picking a financial software solution

Financial software plays a vital role in the operations of any organization, but especially for the small and medium sized enterprises. For those organizations, even small oversights can have devastating effects, as every dollar counts. As such, it becomes a vital necessity to keep record of all financial activities occurring within your organizations.

Not only would a well-maintained financial software prevent those errors, but it would further secure your business’s financial position in the eyes of its stakeholders and clients.  The financial software ultimately assists you in managing, controlling and monitoring your business in an effective and efficient manner, giving you the insight to make better decisions that will affect your business. The questions that arise now are: How do you select the software that is right for your small business, and what features and functionality do you need?

What does your business ‘basically’ need?

There are numerous small business financial software packages in the market that have multiple features included to help you. They run from basic accounting packages to full blown ERP solutions that cover everything from the core financials right through sales processes, human resources and payroll.   Having an in depth understanding of the financial process flows and requirements when it comes to reporting are basic necessities. Beyond these, your imagination is the limit – some of today’s packages can include 50 + modules to make the day to day operation of your business as simple or complex as you need it them to be.

One must be careful when deciding which package is sized correctly for their business, choosing too complex a solution or too simple can have lasting ramifications including slow acceptance amongst users or further capital expenditures and time lost having to upgrade from a “too simple” package to an appropriately sized one.  In short, there are pitfalls and it makes sense to engage a professional to assist you in determining which package is right for your business.

Is there a standard solution provided by each financial software vendor?

The answer to this one is… yes…and no.  There are as many vendors in the market as there are specific solutions that satisfy a particular or specialized need.  There are a few packages, including Microsoft’s Dynamics line that provide users with a comprehensive package of models that are aimed at the majority of business needs and are upgradeable to cover the special needs that your business may have.   The advantage to choosing an ERP consultant/solution specialist is that they are more likely to be better able to guide you through the myriad of choices and wrap their specialized services around the chosen solution, giving you the best package for your business.