Within the nonprofit sector, each greenback issues. So, when your group is contemplating the acquisition of latest accounting-related software program expertise, it’s essential to hold out a radical evaluation of your necessities earlier than you signal that settlement.
Key software program purchases usually require a major funding, so that you wish to do what you possibly can to keep away from as a lot post-decision dissonance as doable. Along with the monetary funding, there are a lot of individuals, processes, and methods that you should account for with this determination.
Earlier than you determine so as to add one other layer of duct tape to your present system, listed below are just a few tricks to be sure you ask the best questions and determine your present and future wants so that you get the accounting software program that may assist your group develop.
Prioritize Planning
If you wish to mitigate any post-purchase remorse, spend a variety of time planning. This section will be probably the most advanced and time-consuming half—and probably the most efficient methods to get a robust ROI.
Assess your group’s needs and desires earlier than you even begin speaking to potential distributors. Don’t do that in a vacuum. Contain your employees by creating a steering committee comprised of various members of the staff who work together together with your system, together with your accounting, expertise, and program groups. This offers individuals possession and permits them to take initiative within the course of. By getting the best individuals in your steering committee, you possibly can prioritize the end-user’s needs and desires and hold their expertise top-of-mind when making these selections.
One necessary aim of your steering committee is to doc your group’s requirement record for expertise options. This could embody the employees assets and capability for this venture—from vendor choice by means of implementation. Determine the precise performance wants of your group, comparable to a segmented chart of accounts for correct fund accounting and whether or not the software program was constructed for organizations like yours.
As soon as finalized by the committee, have the requirement record accredited by your management. This doc will assist you to be higher ready when evaluating the potential distributors, simply eliminating those who don’t meet the necessities.
You may also spend money on an exterior subject material knowledgeable to assist ensure all voices are included as you suppose by means of your group’s wants and the wants of the venture. These people may also assist you to develop venture administration milestones and timeline administration processes. They will take a few of the course of work, like prioritization and follow-ups, off your plate so you are able to do your full-time job. Having an unbiased third-party concerned can be sure you are asking the best questions, comparable to, “How do I arrange my tasks? Is my fund construction right? What modules can I make the most of?”
Set Expectations for Implementation
Implementation is one other giant a part of the system choice course of, however the work you probably did on outlining your necessities ought to make this section a lot simpler. You’re much less more likely to be swayed by a vendor’s shiny new function if it’s not in your record.
As you slender the record of doable software program choices, know what to anticipate by way of vendor functionality and timeline for implementation. That is your probability to ensure that the seller has the instruments and assist they should arrange your system appropriately and effectively, based mostly in your necessities doc.
Search for distributors which have ongoing system testing and assist earlier than, throughout, and after implementation. This may embody a dwell assist possibility, a person neighborhood, and weekly standing name cadence with a devoted implementation specialist. Ensure they work often with organizations like yours, so they’re acquainted with your particular wants.
That is additionally the purpose the place your group may have to wash up different auxiliary methods related to the one being carried out. You don’t wish to deliver previous issues into your new resolution, so do a evaluation of your chart of accounts, basic ledger methods, payroll, and accounts payable to ensure what strikes into your new system is right.
Set up Put up-Implementation Monitoring
Even after implementation, periodically assess your ongoing wants. Monitor your new system’s efficiency and ensure it nonetheless adheres to your necessities doc. This may let you understand shortly if any modifications are wanted, and it may well additionally present the seller with perception into their product’s efficiency. Maintain common workplace hour periods together with your implementation staff to debate points that come up when utilizing the software program after the go-live date.
Additionally do not forget that this course of requires flexibility and managing expectations. Even with ample planning preparatory work, there’s nonetheless a risk that there might be a steep studying curve to regulate processes and folks to the brand new system. It’s essential to take as a lot time as wanted to put aside assets and time to organize your employees and processes.
An exterior subject-matter knowledgeable may also help with the change administration facet. These people can facilitate a smoother transition to the group’s “new regular” manner of working, growing the probabilities for achievement.
Heart Your Mission
Each software program choice and implementation is totally different, however all of them require cautious planning and energy. Hold your group’s long-term mission in thoughts as you create your necessities documentation, evaluation distributors, and alter your processes. With that as your guiding middle, you enhance the probability of choosing and implementing applied sciences that may assist you to meet your wants long-term, whereas minimizing the potential danger of purchaser’s regret.
If you wish to study extra about how mitigate post-purchase remorse, try the webinar, Avoiding Purchaser’s Regret with Fund Accounting Software program: Sensible Methods for Confidence Throughout Choice and Implementation.
Christina Alfaro Lopez of Forvis Mazars additionally helped write this publish.
