It can be really hard keeping up with your business’s finances. Adding to the mix of complication would be change, which is inevitable in any commercial organisation. Whether that change occurs because of a global economic downturn or simply a move to expand the operations of the business within the city, it’s advisable to upgrade the methodology of conducting and managing your finances. This means choosing an adequate financial management system that will allow change and growth in your company, in a simple and cost-effective manner. When evaluating financial management systems from many vendors or suppliers, you’ll want to look at it from all points and not just focus on the competitive pricing. Indeed, your budget would determine which business processing system you choose but other factors such as support, security, and solutions can greatly affect the results of your investment. Check out these three following tips.
Think about the total cost of ownership.
In order to determine whether you’ve made the right investment or not, you’ll have to consider the system’s total cost of ownership – not just its actual price. Will its installation cost you more when your business’s ERP implementation methodology uses a phased rollout or a parallel adoption? Will you have to spend more to train employees to use the new system? What other costs are related to the integration of the new system?
Look for significant features.
Modern financial management systems offer up complete solutions. So you’ll want to scrutinise the functionality of the system you’re considering. Make sure it’s built with all the essential features your business will need. These may include data integrity and security, transparent and up-to-date record-keeping, tracking liabilities, coordination of income statements and balance sheets, and whatever else your business may require.
Ask about the kind of maintenance and support you’ll get.
Lastly, any kind of new business processing system may require IT support and maintenance. Perhaps your system requires updating for new functionality like supply chain management or procurement management. Will you have to pay for such an update or does it come with your maintenance and support agreement? If so, how are you able to get in touch with the supplier’s support team? Moreover, will you be able to get unlimited access? The level of maintenance and support you get will have an effect on the ease and success of your newly purchased financial system. So it pays to give it considerable thought before making that investment decision. Know more about this here.