English 
Vietnamese A reliable financial management system will empower your business with accurate and timely information in one place. It will help you make informed decisions, develop effective financial plans, and stay compliant with regulations.
The software you choose will have an impact on all your business activities, from financial reporting and accounting management to budgeting and cash management.
As a lot of your most important decisions will depend on the data that will be fed to you from your software of choice, choosing a financial management software should never be something you do hastily. If you go about this quickly, without paying sufficient attention to details, you risk wasting a lot of money, time, and human resources.
A robust financial management system can equip your business with the tools it needs for optimised financial operations and long-term success, but how can you know which option to choose or which vendor to work with?
Here, we provide you with ten questions you should consider before embarking on a full-scale implementation project.
Read more: 8 Strategies to Sidestep Financial Software Implementation Pitfalls
Contents
1. Does the solution meet the current needs of my business? Does it have all the features I need?
2. Should I choose a cloud-based or an on-premise solution?
3. Should I go with a best-of-breed or integrated solution?
4. Is it scalable to support future growth projections?
5. Can the owner share or restrict access to information as needed?
6. Is the software easy to use?
8. What KPIs should I use to measure success?
10. Which vendor should I work with?
Read More: 3 key features of any financial management software
10 Key Questions for CEOs to Ensure Financial Management Implementation Success
1. Does the solution meet the current needs of my business? Does it have all the features I need?
Have discussions with end users and top management to identify current and future needs and objectives as well as what is and is not working about your current processes.
Identify what features, modules, integrations, and customisations you would require from your new financial management system as you may wish to personalise it through integration with other tools and platforms. Make sure that the features offered by the software align with your business’ unique needs.
If your software fails to capture or analyse the data you need, driving future success becomes an uphill battle, resulting in wasted time and resources.
Read more: Infor SunSystems Cloud: Your Questions Answered
2. Should I choose a cloud-based or an on-premise solution?
When it comes to selecting a financial management system, you have two main options: on-premise and cloud-based solutions.
On-premise systems offer a balance of control and customisation but come with higher upfront costs and limited mobile support. If you prefer a more accessible and flexible option, cloud-based solutions are worth considering, although they may have limitations in terms of customisation and security concerns.
While security has been a topic of discussion with cloud systems, their growing adoption rates and the industry’s shift towards a cloud-first approach attest to their credibility1. As you make your decision, carefully assess your needs and preferences to find the right fit for your business.
Read more: 5 Compelling Reasons Why You Need Cloud Accounting Software Today
3. Should I go with a best-of-breed or integrated solution?
While there are hybrid variations on the market, for most businesses, the choice is typically between integrated suites and best-of-breed (BoB) options.
To identify the most suitable solution for your business, assess your specific business requirements and determine if you need specialised functionality in a specific area or a comprehensive suite of features that covers multiple aspects of financial management.
BoB solutions provide more customisation and advanced features tailored to specific niches, but they can be costlier and require additional time and resources for decision-making, support, maintenance, and upgrades.
Integrated solutions offer a highly integrated system that covers multiple functionalities, eliminating the need for extensive analysis and testing of individual components and reducing the cost of maintenance and management.
Moreover, opting for an enterprise-wide integrated suite rather than deploying multiple stand-alone systems can greatly benefit interdepartmental and end-to-end processes.
Consider your business’ specific needs, budget, available resources, and desired level of customisation when making your decision. Both options can add value to your business, so choose the one that aligns best with your needs and resources.
Read more: What is Data Management Software?
4. Is it scalable to support future growth projections?
Where do you envision your business in the next three, five, or ten years? Can the financial management system you choose effectively support your future aspirations and goals?
As your business grows and evolves, its operations and processes will inevitably undergo changes. Make sure to select a software solution that can seamlessly scale with your business and accommodate your expanding needs.
Look for a flexible and robust financial management system that can adapt to your changing requirements, integrate new functionalities, and provide the necessary support as you embark on your journey towards success.
By ensuring the system’s scalability and ability to meet future demands, you can future-proof your business and set yourself up for sustained growth and achievement.
Read more: What is Stopping Your Organisation from Adopting Continuous Close?
5. Can the owner share or restrict access to information as needed?
The ability to effectively manage access to information is crucial to ensure that both internal and external users have the right level of access to up-to-date data.
When selecting a software solution, it is essential to choose one that offers robust access control capabilities, as maintaining control over your data is equally important as ensuring accessibility.
Selecting an option that offers a balance between control and accessibility enables you to tailor access permissions based on different user roles and responsibilities. For instance, your financial data should be accessible to all of your staff responsible for analysis, while certain sensitive data may need to be restricted to a select few.
A thorough consideration of questions regarding data sharing and confidentiality will ensure that your business operations run smoothly while safeguarding the integrity and privacy of your data.
6. Is the software easy to use?
A system that is easy to navigate and understand reduces the burden on users and enhances overall efficiency. It is therefore advisable to choose a financial management system with a user-friendly interface.
As much as it will help to reduce the burden on users, a user-friendly, intuitive platform alone is not enough. Provide training opportunities to users to ensure a smooth transition and widespread adoption of the new software.
It is essential that businesses empower their employees to feel comfortable and confident in working with the new system. Supplementing a user-friendly interface with adequate training creates a positive user experience and maximizes the system’s potential to streamline financial processes and drive productivity.
Read more: A Beginner's Guide to SunSystems Cloud Training for End-Users
7. What are the total cost of ownership and benefits associated with implementing a new management system?
It should come as no surprise that, when evaluating a financial management system, it is crucial to consider the cost in relation to the value it brings to your business.
Assess the Total Cost of Ownership (TCO), which typically encompasses various factors such as license fees, consulting costs, implementation expenses, annual maintenance fees, ongoing training costs, and IT-related expenditures.
Benefits, on the other hand, typically include reduced inventory, improved task efficiency, decreased workforce requirements, minimised errors, enhanced customer satisfaction, improved quality, and increased financial visibility.
It’s important to remember that the goal is to make a smart investment to solve a particular issue, rather than simply investing in technology for the sake of it. Resist the temptation of investing in unnecessary functionalities; instead, focus on aligning the functionalities of the software with your specific needs and pain points.
Make sure to prioritise functionalities that directly address your business requirements and align costs with benefits to maximise the value and effectiveness of your financial management system.
Read more: How AstraZeneca Cuts Costs by Automating Their Expense Management
8. What KPIs should I use to measure success?
Define your expectations based on your business needs to get the most out of your new financial management system.
The most crucial step at this stage is to identify key performance indicators (KPIs) that align with your specific objectives, whether it’s enhancing customer satisfaction, reducing errors in operations, improving financial visibility, or achieving other desired outcomes.
By clearly defining KPIs, you can establish measurable goals and benchmarks to evaluate the effectiveness of the software in meeting your needs. This proactive approach allows you to align your investment with your business objectives and ensure that the financial management software delivers the desired results.
Read more: How to Build a KPI Template
9. Is the software secure?
The recently published 2023 Open Source Security and Risk Analysis (OSSRA) report2, conducted by the Synopsys Cybersecurity Research Center, has highlighted the prevalence of open source in codebases and the associated security risks.
According to the report, an overwhelming 96% of scanned codebases contained open source, with a significant 84% containing at least one vulnerability and nearly half (48%) containing high-risk vulnerabilities.
As the security of your valuable and sensitive data is of paramount concern, it is imperative to prioritise security when selecting a software option. Look for a solution that offers robust security measures, including features like two-factor authentication, stringent data backups, and advanced encryption protocols. These measures strengthen the defence of your information against potential threats.
Leverage software composition analysis (SCA) to identify and address any hidden vulnerabilities within your system. SCA enables you to thoroughly examine the composition of your software, identifying any potential security weaknesses and taking appropriate measures to mitigate them.
Read more: Data Protection: A Security Key for Every Business
10. Which vendor should I work with?
Selecting the right vendor is a crucial aspect of choosing financial management software.
It is a good start to evaluate the vendor’s track record and gather feedback from their existing and previous clients, especially those in similar industries to yours. Request references from the vendor, but also proactively reach out to these clients to gain further insights into their experiences.
When you contact references, focus on key aspects such as the duration of their partnership with the vendor and their overall satisfaction. Discuss their likes and dislikes, paying attention to how responsive and supportive the vendor has been throughout their engagement.
By gaining valuable insights into the experiences of past and current clients, you can develop a clearer understanding of what to expect during the implementation process and beyond, ensuring that you choose a vendor who will provide the necessary support when you need it.
It is always a good idea to assess the vendor’s business stability as well. Gather information about the health of their business to understand how they are doing financially because a stable and thriving vendor is more likely to provide reliable support and continue to enhance their software over time.
Read More: Expert Advice on Choosing the Best Implementation Partner
Conclusion
Implementing financial management software offers numerous benefits, but you need to consider these ten key questions to make the right choice.
Firstly, assess if the software aligns with your specific requirements and supports future scalability.
Secondly, determine whether a cloud-based or on-premise deployment suits your needs.
Next, decide between best-of-breed or integrated solutions to meet your reporting and data access control requirements. Evaluate usability, conduct a cost analysis, and prioritise security measures.
Lastly, select a reputable vendor that can support your business throughout implementation and beyond.
By addressing these questions before you start your implementation project, you can make an informed decision and leverage financial management software to streamline your business processes and drive overall growth.
If you would like more information, book a meeting now to talk to one of our consultants.
References
1. Gartner (2021), ‘Press Release: Gartner Says Cloud Will Be the Centerpiece of New Digital Experiences’, Gartner, 10 November. Available at: https://www.gartner.com/en/newsroom/press-releases/2021-11-10-gartner-says-cloud-will-be-the-centerpiece-of-new-digital-experiences#:~:text=By%202025%2C%20Gartner%20estimates%20that,to%20be%20aligned%20by%20products. (Accessed: 16 June 2023).
2. Synopsis (2023) Open Source Security and Risk Analysis Report. Available at: https://www.synopsys.com/software-integrity/resources/analyst-reports/open-source-security-risk-analysis.html?cmp=pr-sig (Accessed: 15 June 2023).
