Choosing new software to handle your company’s budgeting and forecasting activities is not an easy task. Between finding something to suit your unique needs and wading through the multitude of products available, it can be overwhelming, to say the least. But if you know in advance which questions to ask, the process becomes much more streamlined – and produces much better results.
The following five questions should be addressed by any CFO looking into new budgeting solutions, in order to ensure the right fit.
1. What is the rationale behind this purchase?
The most basic question needing to be answered is why you are buying the budgeting software in the first place. Are you looking for greater efficiency? A product that gives you more insight into your finances? Once you’ve determined the reason for your purchase, you can narrow the field down to products that will provide exactly what you need.2. What is the business case for this expenditure?
Now that you have the main reason for the purchase set down, take a step back and look at other strategic objectives of this purchase. What needs have senior executives expressed that could be addressed with this new budgeting and forecasting solution? What about other departments? Which ongoing performance improvements could be achieved by the new software? Gathering this additional data will also assist in your search.
3. Which products will fit into our existing IT set-up?
This may be one of the most important considerations of all. If your existing infrastructure won’t support your choice of software, then it will do you no good. And if a certain forecasting product presents a conflict with current vendors, you may have to work that out before implementing anything new. Check and double check that everything will mesh seamlessly with your company’s system.
4. What will the TOTAL cost be?
Is every functionality you need included in one solution, or will you have to buy multiple products in order to get the right fit? Will your team need training in order to use the new budgeting software, or is it intuitive? Don’t look at the simple price tag alone – consider the total cost of implementation as well as the cost over time.
5. Are there customer reviews available from companies like mine?
If other organizations in your industry have used a certain budgeting and forecasting solution and found it helpful, that says a lot about whether it will also be appropriate for your needs. Check for testimonials, reviews, and even ask for references you can approach to ask specific questions.
After asking all five of these questions, you can feel secure that your choice of budgeting and forecasting software is the right fit for your needs.
Here at TGO Consulting, we want to help you find the budgeting and forecasting software that suits your unique needs the best. We offer different options to choose from depending on various factors such as company size and needs. Contact us today, and we can review the above questions with you, as well as any others you may have.