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 an intensive evaluation of your necessities earlier than you signal that settlement.
Key software program purchases sometimes require a major funding, so that you need to do what you may to keep away from as a lot post-decision dissonance as doable. Along with the monetary funding, there are various folks, processes, and techniques that it is advisable account for with this choice.
Earlier than you resolve so as to add one other layer of duct tape to your present system, listed below are a couple of tricks to be sure to ask the suitable questions and establish 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 numerous time planning. This section might be probably the most advanced and time-consuming half—and one of the crucial efficient methods to get a robust ROI.
Assess your group’s desires and wishes 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 workforce who work together together with your system, together with your accounting, expertise, and program groups. This offers folks possession and permits them to take initiative within the course of. By getting the suitable folks in your steering committee, you may prioritize the end-user’s desires and wishes and hold their expertise top-of-mind when making these selections.
One vital aim of your steering committee is to doc your group’s requirement listing for expertise options. This could embrace the employees assets and capability for this challenge—from vendor choice via 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 listing accepted by your management. This doc will enable you to be higher ready when evaluating the potential distributors, simply eliminating those who don’t meet the necessities.
You may additionally spend money on an exterior material skilled to assist make sure that all voices are included as you suppose via your group’s wants and the wants of the challenge. These people may enable you to develop challenge administration milestones and timeline administration processes. They will take among 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 to are asking the suitable questions, comparable to, “How do I arrange my tasks? Is my fund construction appropriate? What modules can I make the most of?”
Set Expectations for Implementation
Implementation is one other massive 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 prone to be swayed by a vendor’s shiny new characteristic if it’s not in your listing.
As you slender the listing of doable software program choices, know what to anticipate when it comes to vendor functionality and timeline for implementation. That is your likelihood to ensure that the seller has the instruments and assist they should arrange your system accurately 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 embrace a reside assist choice, a consumer group, and weekly standing name cadence with a devoted implementation specialist. Be certain that they work repeatedly with organizations like yours, so they’re accustomed to your particular wants.
That is additionally the purpose the place your group might have to scrub up different auxiliary techniques related to the one being applied. You don’t need to convey previous issues into your new resolution, so do a evaluation of your chart of accounts, basic ledger techniques, payroll, and accounts payable to verify what strikes into your new system is appropriate.
Set up Publish-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. It will let rapidly if any modifications are wanted, and it could additionally present the seller with perception into their product’s efficiency. Maintain common workplace hour periods together with your implementation workforce to debate points that come up when utilizing the software program after the go-live date.
Additionally keep in mind that this course of requires flexibility and managing expectations. Even with ample planning preparatory work, there may be nonetheless a chance that there will probably be a steep studying curve to regulate processes and other people to the brand new system. It’s essential to take as a lot time as wanted to put aside assets and time to arrange your employees and processes.
An exterior subject-matter skilled may help with the change administration facet. These people can facilitate a smoother transition to the group’s “new regular” method of working, growing the probabilities for fulfillment.
Heart Your Mission
Each software program choice and implementation is completely different, however all of them require cautious planning and energy. Maintain 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 enable 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, take a look at 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 submit.
