How to Justify New Software
“Know your numbers”: it’s a key principle of business. Could your software be producing the wrong numbers, which are used by the top executives to make critical decisions? Having the correct financial engine positions the company for the best opportunity for growth.
Businesses of all sizes use financial software to help track key financials and metrics. One of the toughest questions a growing mid-size company might face is when to change or upgrade that financial software. Rapidly growing businesses need to regularly examine the performance of both their software and the accounting departments to make sure every element is operating as efficiently and strategically as possible.
Over the years, CFO Strategic Partners has been called in to help with the decision about improving financial systems at hundreds of companies. Often times, these companies do not realize how much time and money is being wasted.
Here are some key indicators it might be time for a company to review an upgrade.
- Staff is taking way too long to put together financials
- The accounting department is using Excel spreadsheets rather than the software system to calculate key data
- The current software is unable to track critical business metrics
Sometimes making the best decision about financial software has nothing to do with return on investment. Instead, it has everything to do with the future of the business. The right software can produce the right numbers and help the company get the right results. This kind of data is priceless for a growing company.
If you’re pondering a change in software or need an examination of how effectively your current financial software is working, turn to the experts at CFO Strategic Partners. We’ve seen hundreds of software systems. We can provide the experience to help power your business.