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How to find the perfect financial management software solution for your business

Effective and efficient financial management is essential for the success and growth of any business.

With so much to consider, including planning, strategy, organisation, controlling and monitoring the business’ finances, as a business grows doing everything manually becomes impossible.

To keep your business affairs in check, it’s vital to have the right tools.

To make sure you select the financial management software solution that works best for your business – rather than trying to make your business work with a solution – we’ve put together a simple 7-step checklist.

We’ve even created a simplified, printable version that you can download at the bottom of this post to make it even easier!

7 steps to finding the perfect financial management software solution for your business1. Establish your budget

What’s your budget for the implementation project? You’ll need to think about the implementation process itself, and post-launch support and training!


2. Make a list of must-have features for your next solution

Think about:

  • what features does your current solution have that your business can’t function without?
  • what features do you not currently have access to, but would save you and your team time and/or money if you did have them?


3. Think about what your business needs

If you work within a wider finance team, or there are employees in other departments who also use your current system, speak to them all and establish what they each need from your next financial management software solution.

Make a list of these functionality requirements to help in your decision-making process.


4. Prioritise!

Ideally, you’ll be able to find a solution that allows you to cross every point off your functionality and feature lists. But to help you work out which financial management software solution is best for your business, take a look at each list and prioritise them!

Consider the benefits of having access to these functionalities or features in terms of time and cost – for individuals and the overall company.

For example, if John has told you that month-end reports are taking him three weeks to compile, automated reporting should be at the top of your list. John can then reallocate most of that time to tasks that will help bring additional revenue into the business.


5. Cloud vs On-Premises

By now, you should have a shortlist of potential financial management software solutions that you’re considering for your business.

To reduce this list even more, categorise the solutions into cloud and on-premises solutions.

Do some research into the pros and cons of both hosting methods and use what you learn to whittle down your list. You’ll either be able to delete one category entirely, or you’ll be able to look at each solution and their features in greater detail to establish their benefits.


6. Come back to basics

Come back to the basics of what your business needs. The most important things to consider here are how many users you’ll be needing, and the flexibility for adding and removing users, if there is any.

Which brings us onto our final step…


7. Think about the future!

What is your business going to need from your solution in 6-18 months. And what about 5-10 years? Think about your business’ short-term and long-term strategies.

This is a big investment, so your chosen financial management software solution should be future-proof and ready and capable of growing with your business.


Want a printable version of this checklist?

To help make your search for the perfect financial management software solution even easier, we've created a PDF version of this checklist which you can download and print. There are even sections for you to make notes!

Download the Checklist

So, there you have it! We hope our checklist will help you find your perfect match and save you from wasting precious time and money on the wrong solution.

If you’d like to discuss the available Sage Solutions on offer at Acuity with one of our implementation specialists, get in touch for a free one-to-one, no-obligation consultation.