Changing finance software isn’t done on a whim, so when you decide to switch over, it’s important that you have the full picture of what you’re buying.
The ramifications of getting it wrong can impact your business for years to come, so conducting thorough research is an absolute must.
But it’s not always that straightforward to find out what you need. You may not know every question you should be asking, and you and the sales person you’re speaking to may have different views on what is “good enough” for your business.
So in this post, we wanted to look at 6 secrets to getting to the heart of what a new piece of software will do for you – without any of the sales fluff.
In this article;
If you’re experiencing issues in your business there’s a high likelihood they’re being caused by a lack of processes, rather than a lack of software. If your software isn’t being used appropriately, it doesn’t matter how good the software is.
A lot of the time in the process of implementing software, the company looks afresh at its processes, changes them and solves the problem. The new software is simply a coincidence rather than a cause.
The Cure: - do a thorough process review first. Understand why you are doing what you do, which tasks are done just because, and then change for the better.
Once you have reviewed your processes, you’ll have a much clearer view of which (if any!) new software you need to purchase.
There’s plenty of good research that shows that most software projects take longer to complete and are more costly than first anticipated.
The problem is that it’s difficult to know upfront if this will be the case in your organisation.
Good change management is possible, but it requires internal resource and empowered stakeholders who are prepared to make quick decisions.
The Cure: - When implementing new software, create a project plan and make sure that one person or a small group owns the project – and empower them to make decisions and create real, lasting change. Even the best project plan won’t help you if stakeholders are having to wait for internal signoffs that they should have had at the start of the project.
Caxton understands the value of implementing efficiently and correctly the first time, and offer support to all our clients to ensure our solutions are implemented correctly from the beginning.
When you first enquire about costs, your sales person may not be able to answer you straight away. This may seem frustrating and evasive, but not being able to share costings upfront may in fact be a good sign.
Many software systems will have different subscription options available depending on the size of your business and your needs. So in fact, a good sales person will not want to share costings until they have understood your needs, and is certain that they know which option is the best one for you.
After all, it depends on users, functionality, modules, training, and more.
But before you sign on the dotted line they should give you a definite price.
You my still want to ask more questions, however. What training is available, what if you need more consultation, what happens if you run into trouble?
An experienced sales person will be able to tell you what is likely for your business, but it’s important that you’re upfront with them about the level of time commitment and internal resource you can allocate. That will give them the best chance of giving you the true cost of implementing their system.
The Cure: - Make sure to ask questions about implementation and any add-ons during the discovery phase. Getting all the information during the discovery phase is important, and a good sales person will be happy to answer all your questions, and anticipate your needs. If you feel that the person you’re speaking to is reluctant to tell you about certain aspects, don’t be afraid to walk away.
In finance teams, reporting is of the utmost importance, but unfortunately that doesn’t mean that all finance software has excellent reporting functions. This may be partly because Excel offers such a comprehensive package – it’s hard to beat!
However, if you already know that reporting on activity will be crucial, it makes sense to look for software that has taken the time to implement acceptable standards for its reporting. Getting your reports from within the system will be more efficient, even if it’s not as high-level as Excel.
The Cure: - Make sure you check out the reporting offer thoroughly. Alternatively, go for a specialist reporting package linked by API. Because an API like CXTN will give you the ability to seamlessly connect your reporting package and automate the data flow, this creates a seamless experience with less risk of manual error.
Software companies operate on a subscription basis, but some of them also offer consultancy services.
If you can’t do the customisation and set-up from your side then they’ll be happy to offer external resources to do it for you. If you are time-poor and money-rich, this may be an option, but make sure to get an understanding of how much time you can expect to dedicate to implementing and running the system.
And don’t forget to include tasks that can only be done internally, like data cleansing and list building.
The Cure: - When implementing, make sure to appoint a project lead. Empower them to tell you what other resource is needed to ensure you get the most out of the software – and most importantly, follow their recommendation.
Make sure everyone else within the company also knows what is going on, and that when your project lead asks them for something, that’s a business requirement.
Alternatively, think about taking on an interim project manager to deliver the project to timescales and within budget.
In your discovery meeting, you will probably have a list of ‘must-haves’ that your new system needs to meet.
Your salesperson may be quite positive about customising the system for you, but it’s worth looking into it a little further. In the best case scenario, you may have asked for something that is already in development, and will be ready for release by the time you are ready to sign on.
If that is not the case, think twice about purchasing the software on the basis of that customisation. Software development is difficult and it takes a lot of time. Not only does the feature need to be developed, it also needs to be tested thoroughly – and while that’s being done, countless other pieces of development are also being worked on.
This is why SaaS companies limit what is available.
While it may be frustrating to be told that a system can’t do certain things, being told no is often a good thing in this case. It is a sign that the company you’re dealing with takes their product seriously, and that a lot of thought has gone into it.
The one exception is using an API. An API is not a separate system as such, but a way of connecting different systems, and by its very nature it’s malleable – which means there’s endless possibilities for what it can let you do.
The Cure: - If a business offers customisation, keep asking questions to understand how that fits into the roadmap. If the feature is not already in development, or not achievable via API, it likely isn’t a good option.
The most important takeaway from this article is that while a sales person is an expert on their software, you are the expert on your needs. When buying a piece of software, ensure that you are thinking about your requirements, and research which company truly is the best fit.
Do your research, speak to current users and make sure you get an independent view. If you can, contact another user and find out how they implemented the system and what they would do differently.
And if you are interested in how the Caxton platform can support your finance team in making payments faster and more efficiently, give us a call today for a no-obligation consultation.
If you're looking for more information on finance and accounting then check out our Accounting Industry Articles or our Accounting Hub.
Caxton Payments is an alternative to traditional banks, established over 20 years, we help businesses make faster payments more reliably. We offer streamlined processes, automation through API and a collaborative solution to complex payment issues all from a single platform. Our payment capability extends from business expense management, to payroll payments, supplier payments, and currency risk management. We also offer personal prepaid travel cards and international money transfer.