5 Not-To-Overlook Factors When Choosing Saas Accounting Software Providers

Posted by Rick Yvanovich

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In today's fast-paced business landscape, digital transformation is not just a fleeting trend but a necessary shift that separates winners from laggards. For Small and Medium Enterprises (SMEs), deciding to adopt Software-as-a-Service (SaaS) accounting software can be a critical one that impacts financial operations and contributes significantly to business growth.

But how can you make an informed choice when there are numerous options available?


How to Choose the Right SaaS Accounting Software Provider for SMEs

Why the right SaaS provider matters

Before diving into the specifics, it is essential to understand that not all SaaS solutions and their providers are created equal. A poor choice can result in wasted resources, compliance issues, and an inadequate support system—pain points no business wants to encounter. Thus, selecting reliable SaaS accounting software is not just an IT decision but a strategic business move.

Choosing the right SaaS accounting software requires careful consideration and evaluation. It is crucial to look beyond the surface and dive deeper into each potential provider's capabilities, reputation, and track record. By doing so, businesses can avoid the pitfalls associated with subpar solutions and ensure a seamless transition towards digital transformation.

A reliable SaaS accounting software provider will offer more than just a software solution. They will act as a trusted partner, guiding businesses through the complexities of financial management and offering ongoing support and assistance. With their expertise and industry knowledge, they can help streamline processes, optimise workflows, and drive business growth.

Moreover, a strategic business move like adopting SaaS accounting software requires buy-in from various stakeholders within the organisation. It is not just an IT decision but one that impacts financial operations and contributes significantly to overall business growth. Therefore, it is essential to not forget to involve key decision-makers and departments in the selection process to ensure that the chosen solution aligns with the organisation's goals and objectives.

Learn more: 6 Key Criteria to Consider When Choosing a SaaS Financial Management Solution 

5 key factors in selecting a suitable SaaS accounting software provider for SMEs

1. Cost considerations

When selecting a suitable SaaS accounting software provider for SMEs, cost considerations are often at the forefront of decision-making. It is common for businesses to prioritise price as the primary deciding factor. However, it is crucial to look beyond the initial cost and consider the long-term value and benefits that a software solution can provide.

When evaluating potential providers, aim for those who offer transparent pricing structures without any hidden fees. This ensures that you clearly understand the costs involved and can make an informed decision. Take the time to calculate the total cost of ownership, factoring in not only the initial purchase cost but also the potential costs for scalability and future updates.

Scalability is a key consideration for SMEs as they aspire to grow and expand their operations. You want to choose a provider that can support your business as it evolves and ensure that the software can accommodate your changing needs. Additionally, consider the costs associated with scaling up the software as your business grows, as this can impact your budget and financial planning.

Future updates and enhancements to the software are also important to consider. Technology is constantly evolving, and you want to choose a provider that regularly updates their software to keep up with industry trends and advancements. By selecting a provider that offers regular updates, you can ensure that your software remains up-to-date with the latest features and functionalities.

Read more: Why CFOs should be looking to the Cloud

2. Tech savviness: Not just a buzzword 

In today's dynamic business ecosystem, being tech-savvy is no longer just a buzzword but a crucial factor for survival and growth. When it comes to selecting the right SaaS accounting software, it is essential to thoroughly examine the provider's technology stack, update frequency, and integration capabilities. A technically adept provider will offer a robust system that not only meets your current needs but also evolves with the ever-changing technological landscape.

The technology stack of a SaaS accounting software provider refers to the combination of programming languages, frameworks, and tools they use to develop and maintain their software. By evaluating the provider's technology stack, you can gain insights into the level of expertise and innovation they can offer. Look for providers that use modern and scalable technologies, which indicate their commitment to delivering a reliable and future-proof solution.

Update frequency is another crucial aspect to consider. Technology constantly evolves, and the software provider needs to keep pace with the latest advancements. Regular updates ensure your software remains up-to-date with the latest features, security patches, and compliance requirements. This not only enhances the functionality of the software but also ensures that your financial data is protected.

Integration capabilities are also essential when evaluating SaaS accounting software providers. You want to choose a provider that offers seamless integration with other essential business systems, such as CRM, HR, and inventory management. This allows for efficient data flow and eliminates the need for manual data entry and reconciliation, saving time and reducing the risk of errors.

Read more: 7 Things to Know About the Newly Launched Infor SunSystems Cloud

3. Customer feedback and reviews 

Customer feedback offers an overview of the provider's capabilities, giving you a real-world perspective on how their software performs in different business scenarios. It allows you to gauge the provider's expertise and ability to meet your unique accounting needs.

Reading reviews from other businesses in your industry or similar size can also help you better understand how the software has helped them streamline processes, improve efficiency, and drive growth.

Negative feedback or issues are also crucial as they will give you a realistic expectation of the potential challenges of the software to assess whether these limitations align with your specific business requirements and if the provider offers solutions or workarounds for these issues.

4. Project management method: The art of implementation 

During your evaluation process, there is not enough information to assess what the product can do on its own. You must also consider how the provider will facilitate the implementation of the software into your existing systems and workflows.

An efficient project management strategy ensures that the software is not just successfully installed but also seamlessly integrated into your operations, thus minimising disruptions and maximising the utility of the software.

Read more: 8 Strategies to Sidestep Financial Software Implementation Pitfalls (Pt.1)

A reliable software provider will have a dedicated team of software experts who understand the complexities of implementation and can guide you through the process. They will collaborate with your organisation to create a detailed plan outlining the necessary steps and timelines for a smooth transition.

They will work closely with your IT department and key stakeholders to ensure the software is configured to meet your specific needs and integrates seamlessly with your existing systems.

Furthermore, an experienced provider will conduct thorough testing and quality assurance to identify any potential issues or compatibility challenges before the software goes live. This proactive approach allows for the timely resolution of any problems, minimising the impact on your day-to-day operations.

Throughout the implementation process, effective communication with regular updates, progress reports, and open lines of communication between your organisation and the software provider will ensure everyone is on the same page and that any concerns or challenges are addressed.

By investing in a software provider with a strong project management approach, you can be confident that the implementation of your SaaS accounting solution will be a success. Their expertise and support will help you navigate the complexities of the process, minimise disruption, and maximise the value and benefits of the software for your organisation.

5. Support and customer service 

Good software is only as useful as the support that comes with it. Opting for a provider that offers comprehensive customer support is essential to ensuring that any hiccups or issues that may arise post-implementation are quickly and efficiently resolved. A reliable and responsive support team can make a significant difference in the overall experience of using the software.

Look for providers with a dedicated support team to assist you with any questions or concerns. Ideally, the support should be available through multiple channels, such as phone, email, and live chat, to ensure you can reach out whenever you need assistance.

Comprehensive customer support goes beyond just resolving technical issues. It should also include guidance and training on how to use the software effectively. Providers that offer resources such as user manuals, video tutorials, and online forums can be valuable in helping businesses make the most of their software investment.

Additionally, consider the provider's response time and resolution time for support tickets. Prompt response and quick resolution can minimise downtime and ensure your business operations are not significantly impacted.

Learn more: Infor SunSystems Cloud - Your Questions Answered 

Gain a competitive edge with TRG International and Infor SunSystems

With over three decades of experience, TRG International has established itself as a leading provider of financial management software for businesses across various industries worldwide.

What sets us apart is our project management approach, which is tailored to each client's vertical and industry-specific needs. Unlike the generic "one size fits all" approach, we believe in customisation and modification, even within the same industry. These adaptations ensure that every client receives the maximum value and benefits from their project.

Our financial management solution of choice is Infor SunSystems Cloud, which ticks all these boxes for a comprehensive yet agile solution that empowers SMEs to compete in today's highly unpredictable market environment.

Infor SunSystems Cloud offers:

  • Transparent pricing with a fixed pay-as-you-go subscription model
  • Rich functionality catering from basic accounting needs to complex financial management tasks
  • User-friendly interface, thus minimising the learning curve for your staff
  • High scalability to accommodate growth or downsizing as per your business needs.
  • Enterprise-grade security
  • Responsive customer service from TRG's dedicated support teams

In addition to these advantages, Infor SunSystems has a monthly update schedule, keeping you current with the latest in both features and security, freeing you to focus on what you do best—growing your business.

All in all, the accounting software you opt for can either be a potent asset or a debilitating liability. Your choice of SaaS accounting software is not merely a purchase but an investment in a solution that will partner with you in fostering long-term success. As you continue your digital transformation journey, move forward with the confidence that comes from making an informed decision.

By choosing the right SaaS accounting software, you are not just buying a product; you are investing in a solution that will partner with you in achieving long-term success. Take that next step in your digital transformation journey with confidence.

Ready to elevate your financial management? Request a demo of Infor SunSystems Cloud today! 

Request an Infor SunSystems Cloud Demo

Topics: Financial Accounting Management Software, Cloud Computing

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Rick Yvanovich

 Rick Yvanovich
 /Founder & CEO/

With TRG International Blog, it is our mission to be your preferred partner providing solutions that work and we will make sure to guide your business to greatness every day.

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