With the rapid rise of hybrid working in recent years, businesses are increasingly investing in digital solutions to support flexible work environments. According to a recent report, 92% of CFOs plan to increase investment in finance technology this year, aiming to enhance efficiency and adaptability in this new era of work. But how do you determine what your organisation needs from a digital finance system?
To help you decide, we've created this guide to all the features and services you should look out for when choosing a new system in 2024. This guide will help you evaluate what you most need as a business, which you don't, and how different finance and accounting systems stack up in the current business environment.
Set your scope
Before you begin the search for a new finance system, you need to determine your key factors. For example, are you looking to replace an entire outdated system or just focus on key areas such as expenses? Understanding the bigger picture and how the new system will interact with other systems is crucial for a successful switch. By setting the scope from the beginning, you'll have a defined list of requirements, allowing you to focus and avoid overrunning.
Consider your size
If you're planning for expansion and growth in the coming years, it's crucial to choose a system that can scale with your ambitions. Different accounting systems exist and cater for different sized businesses, so don’t get starter software mixed up with mid-tier solutions or with ERP systems that are designed for large corporations. Look for flexible solutions that can adapt to increasing transaction volumes, support multi-entity operations, and offer advanced features you may need as your business evolves.
Deployment Options
The next question you need to ask is what type of deployment does your business require? Options include cloud, on-premise, or a hybrid solution.
Cloud accounting software: allows access to data anywhere, anytime. Ideal for global organisations.
On-premise software: accessible only from servers within a specific location. Suitable for small companies with local partners.
Hybrid solutions are those which are on-prem but have certain functionalities based in the cloud, such as expense approvals.
Budget
Accounting software varies in price, so it’s essential to have a finalised budget. This will help you analyse which systems are accessible to you.
Benchmarking
Once you’ve determined all these criteria, you can then select a number of solutions to test against them, ranking each on how they score for each element. This will make selecting your solution provider a much easier and smoother process, with informed data to back up your decision.
How can you prioritise your business’ accounting software requirements?
Finding a finance software that meets all your accounting needs can be challenging. Prioritise the features that are essential for your financial management by considering:
Will it save operational time?
Is it more cost-effective?
Is it something you will require long-term?
Are there alternatives that will work for you?
AccountsIQ - Your Solution for 2024 and Beyond
Choosing the right finance system is an important investment that can significantly impact business efficiency and growth. At AccountsIQ, we work with forward-thinking, mid-sized businesses and help them accelerate growth through automated, data-driven finance features.
With AccountsIQ, you can:
Automate key tasks that slow down your monthly close
Replace error-prone spreadsheets with online data capture and rules-based adjustments
Access advanced reporting technology for near real-time finance reporting
Integrate seamlessly with other business systems through an open API
For more detailed guidance, download our practical guide: "how to find the right finance system for growth." This eBook provides all the tools you need to prepare your business case for a new finance system.
In need of more personalised guidance? Connect with usdirectly today.
