5 steps to avoid common risks of switching financial management software

So, you’ve decided you need to switch your accounting software... What now? Well, you need to go into the process prepared for what could go wrong, so that you can do whatever is required to manage those risks.   

You may also like to read our blog on how to successfully switch accounting systems. In the meantime, here are 5 steps to follow to help you on your way. 

Step 1: Understand the risks 

It may sound obvious in an article about avoiding the risks of switching software, but knowing what the risks are is the most important first step. 

As with any software migration, switching is a complicated process - but the right provider can mitigate risks for you and should have a rigid migration plan in place that suits the needs of you and your business. This plan should include business continuity processes, data protection and training for your team. 

Make sure you speak to your own and other finance professionals and businesses who have migrated systems before. And don’t be afraid to ask your new provider if you can speak to other customers of theirs who have recently taken a similar journey. There’s nothing like a shared experience to show you the way forward. 

Step 2: Identify your challenges 

Every finance team will have a set of unique challenges they are trying to solve through financial management software. Whether it’s the burden of manual reporting or too much resource focused on tasks like invoicing or expense management - business leaders need to understand the problems finance teams face and need to solve in order to make the right decisions when choosing or switching to a specific financial management solution. 

You can start by asking a few key questions: 

• Do you need to improve cashflow and increase margins? 
• Are you wasting time and resources on repetitive or inefficient tasks? 
• Do you need to encourage better collaboration and coordination between teams? 
• Are you struggling to manage compliance 
• Do you need better access to the right data?  
• Is customer satisfaction and retention an issue for your business? 

Step 3: Do your research 

Once you’ve identified your challenges it’s time to do your research. Even before you think about speaking to a financial management software provider, you’ll want to gather as much information as you can about their software packages and solutions. Download brochures, read their latest reports and blogs, check out their key team members on LinkedIn, watch videos and read customer testimonials. Getting to know the product you’re interested in even before you’ve had any conversation with the provider will mean you don’t waste time having conversations or doing demos for software that is not fit for purpose. 

One of the most important tasks of a finance lead is to set goals for the organisation which are backed up by rigorous data. Identifying the best financial management software for you will mean you can make use of your data and enable the kind of analysis that finance managers need to make the best decisions for your business.    

Step 4: Find the right provider 

Once you know what you want and the timeframe you’re hoping to achieve, create a shortlist of software solutions that might be a good fit for your business. There are a lot of accounting packages out there. Many are very similar in their functionality and the tools they offer. With SaaS, it’s often the provider who makes all the difference.  

Visit their websites, download a brochure and request a demo to understand how their products and solutions deliver to your business requirements, both now and into the future. 

While we would love to work with you, we understand we might not be the best solution for every business, or every stage of business. So, here’s a list of questions to use during your meeting to make sure you find the best vendor and solution for you. 

• What database platform is the software built on? 
• What are their product innovation plans?  
• What customer service support do they provide? 
• How easy is it to access information held in the system? 
• Will the software grow with my business, and what is the upgrade path and product roadmap? 
• Do you have a plan for ease of implementation? (At Access we call them ‘Flight Paths’) 
• What is the time frame for implementing the system? 
• How can a BI (business interface) be used to integrate information from different systems and between departments? 

After participating in a few demonstrations, you should be able to determine which software options best meet your needs. Access finance management solutions include step-by-step ‘Flight Paths’ to ensure a smooth integration of your new solution, so contact us today to find out more. 

Step 5: Build the case 

Once you’ve identified what you want your new accounting software to resolve, found a provider and done your research, it’s about building your case. Like with any outdated software, it’s the user who understands its pitfalls and the frustrations better than anyone so your case should be built around insights from the finance team and those who will be using it on a day-to-day basis. 

Is your business ready to switch to more powerful and reliable financial management software? Learn more about how to successfully switch financial management and accounting system, read our guide to implementation to help you choose the right solution for your needs, or book a demo with Access today.