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Choosing the right software for your finance team
Integrating software for your finance team may be a daunting task. In this article, we establish a 5-step framework to help with your decision.
In an ever-changing business environment, we understand that adopting technological practices for your finance team requires great due diligence and may come at a hefty cost.
Stats have proven that about 66% of finance teams find their daily tasks highly laborious and manual in nature, which take up much of their time and focus.
So choosing the right software to help them relieve their workload and undoubtedly improve your team’s productivity, which in turn brings long-term benefits to the company.
Now, although this may sound easy, you will be surprised how many decision-makers in the company actually experience selection paralysis when it’s time to choose the software.
There’s always that fear of being unsatisfied with the final decision, or worse– your finance team are unable to use the software to their advantage properly.
Whether you’re someone who is already familiar with most of the payables software solutions in the market, or someone who is just trying to navigate through the options, we established a 5-step framework that you can use to choose the right software for your finance team.
#1: A solid mission and product expansion plan
Your first step should be to learn about the company's mission and product expansion plans.
You want to make sure that they're in line with what you're looking for, as well as their ability to continue providing for your company in the future.
#2: A reliable, adaptable, and scalable platform
You want a platform that can grow with your business as you grow—one that doesn't require constant updating or upgrading as your needs change over time.
#3: A clear pricing plan that fits your budget
Your company may have already set aside a predetermined set of funds to purchase the software. Thus, you’ll need to know exactly how much everything will cost before committing to a contract or purchasing anything from the company—and this should include everything from its features to ongoing support fees (if any).
#4: A platform that easily integrates with existing tools and workflows
If your finance team members currently use accounting tools like Xero or Quickbooks, it's important for them to be able to seamlessly integrate with the chosen software without having any issues.
If not, the idea of making the team more productive may backfire since they require more time to actually learn how to integrate it from scratch– bringing their focus away from actually completing their tasks.
#5: An easily accessible and helpful customer support team
It is understandable that during the first phases of adopting the software, there may be problems encountered within the team. The last thing you want is to be stuck on a phone call with someone at the provider's office who doesn't know what they're doing.
You also want to ensure they have a good reputation for being responsive, knowledgeable, and friendly.
Look at reviews of their customer service online to get an idea of how they operate in person.
This 5-step framework is actually an integral part of our eBook - The Ultimate Guide to Automating and Digitalising Your Finance Department. Check it out if you would like to find out more about the process of integrating your chosen software for your finance team.
The all-in-one payables software for your finance team
Spenmo is an integrated payables dashboard with automated bill payment features, custom approval flows, efficient receipt management, corporate cards, employee reimbursements, seamless accounting reconciliation, and more.
Our vision is to help you gain visibility, comfort, and control on how, when, and why money is leaving your organisation.
With a Spenmo Essential plan, rest assured that you will be getting email support, call support, and top-notch support from our account managers in times of need.
Book a demo and choose Spenmo for your finance team today!