You and your team are looking for a new ERP software solution. What are effective ways to finding a solution that meets your business requirements? These steps will help your decision-making process and inform on which option is right for you.
Identify the Challenges
First, identify the business challenges the team faces. After all, these issues are the reason why you’re seeking a new ERP software. You want your business to run better and get more results from your efforts. Here are common issues that finance teams deal with often:
- Lengthy close process
- Managing multiple Excel spreadsheets
- Manual consolidation
- Duplication of effort
- Manual processes
- Lack of visibility and out-of-date data
- Inability to scale
- Mishandling of multiple currencies
After you’ve identified them, you can then use that information to evaluate and select a solution that will resolve them. The evaluation and selection processes comprise of the following steps:
- Determine your requirements: What capabilities are you looking for in an ERP software?
- Compare ERP applications to your requirements: How do the options measure up to your expectations?
- Select the ERP software: Which one best meets your requirements?
Determine Your Requirements
This step is most important, as it will guide your decision-making. To find the right ERP software solution, you must know what capabilities are most suited for your business. The more you understand what your requirements and priorities are, the easier it will be to find a solution that aligns with them.
- With your team, compile a list of issues your team is facing as well as a wish list that outlines want you want for the future.
- Plan out the ideal business processes.
- Create a document that specifies your requirements and share it with vendors.
Compare ERP Applications to Your Requirements
Now that you know what you want in your ERP software solution, the evaluation phase begins as you research potential options that can help you achieve those goals. After doing research, you’ve selected applications from several that you’d like to further examine. You’re then prepared to do the following:
- Contact the vendors or their partners.
- Conduct an initial call to review your requirements document.
- With your team, sit in on a full product demo. Arrange to have an implementation partner present, so they can answer any questions and provide real-world examples of the product delivering results.
- If necessary, sit in on a follow-up demo.
Select the ERP Software
With knowledge of available options and their attributes, you’re now close to finding the ERP software solution that fits your requirements. To narrow down your options, it’s essential to determine whether they have the requisite capabilities and how they compare to others.
- For each option, make a list of qualities you like and dislike. Then, decide how those qualities measure up to your requirements.
- Answer these questions: Will your requirements be met? If so, how? Does the solution need any add-ons or custom programming? By answering these questions, you’ll anticipate whether you’ll be happy with the product.
Finding a new ERP software solution is all about strategic deliberation. When you take these four steps, you’ll make the choice that’s right for your business.
Why Sage Intacct is a Great Choice to Evaluate
Sage Intacct is a Leading ERP Software Solution
Sage Intacct has accelerated innovation in the financial technology industry. It has pioneered numerous advancements, such as the first consolidation management system, the first integration with Salesforce, and the first financial management system. Finance executives using Sage Intacct now have full command of their work with the system’s easy point-and-click configuration, ability to tailor screens, custom reports, and more efficient workflows that drive business forward.
Sage Intacct Receives Glowing Reviews
The AICPA selected Sage Intacct as its preferred provider of financial management solutions. The AICPA’s high standards speak to Sage Intacct’s modern accounting architecture and strong, multi-ledger GAAP-compliant financials.
Importantly, Sage Intacct users love their experiences with the product. Sage Intacct was recognized on the G2 Crowd’s list of the 2019 Top 50 Software Products for Mid-sized Companies. The G2 Crowd’s Best Software Awards is a definitive ranking of the best software companies and products worldwide. Sage Intacct was the only cloud financial management solution to make the list.
Sage Intacct Helps You Do More and Do It Better
- Built for growth: Cloud-based automated accounting software for unlimited growth and scale with headroom for a growing business.
- Visibility: Reports and dashboards that help CFOs save time as they access information across their business entities in only minutes, helping them drive business growth and make faster and confident decisions.
- Multi-currency: Easily manage multiple currencies.
- Real-time reporting and analysis: Financial and operational data that helps companies understand business performance and see what’s happening – as it happens.
- More efficient processes: Automates time-intensive tasks, so finance teams can focus on what matters.
- Multi-entity insights: Continuous multi-entity consolidations and dynamic dashboards.
As you look for a new ERP software solution, factoring in the above information can help you with your decision. Do you have questions about how to find a new ERP software solution for your business? Our team of consultants are happy to answer your questions.