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6 tips for picking your financial consolidation software

There is a point for most expanding businesses where it makes sense to invest in financial consolidation software to handle functions such as consolidating accounts and budgeting and forecasting. With a wealth of options available on the market, finding the right one can be a challenge. These tips will help you to choose the right financial consolidation software for you.

  1. You don’t have to buy from the big names

IBM, Google and Oracle tend to be a ‘go to’ for businesses looking for technology and software. However, you don’t have to go straight for the big names when it comes to finding the right option for your business. In fact, there may be benefits to working with a developer local to your country where there is more perspective on the domestic market and more options to develop bespoke functionality.

  1. Invest in the team as well as the software

When it comes to implementation there is a big difference between working with a team that only has software development skills and people who also have an understanding of an accounting environment. Industry insight can save time, especially when it comes to explaining the logic behind certain requirements your business has.

  1. Get up and running as quickly as possible

Shorter implementation periods usually mean that software is more likely to be successful and has a higher chance of being effectively adopted. Many software providers use longer implementation periods to add on a whole range of additional charges to boost their final bill. You can save on cost and time by opting for financial consolidation software that has a short implementation timescale. Not only will you cut out those additional costs but also the more quickly users accept and start using the system the better utilised the software is likely to be overall.

  1. Look for a fixed cost for implementation

If you ask for a fixed cost up front then you have a predictable and manageable expense and the implementation stage is also much more likely to come in on time. A fixed cost ensures that you don’t have to face a bill that has suddenly ballooned in size because it is based on ‘time and materials.’ Defining the scope of the project and ensuring that there are no additional or hidden costs involved will make it much easier to start seeing ROI from your new software as soon as possible.

  1. Review the licence fee that you’re paying for the software

Depending on the details, a licence fee can add dramatically to the overall cost for financial consolidation software. Make sure that the fee is fixed and that it will include the basics, such as ongoing maintenance work, as well as eliminating bugs and carrying out essential fixes.

Financial consolidation software can make a big difference to your business – finding the right one is essential in terms of ensuring that you get the most from this very necessary investment.

By |2020-02-24T13:44:46+00:00January 31st, 2020|News|