For Finance Professionals Who Are Looking to Add Strategic Value to Their Organization
This is the third post in our series: Implementing Change – The 6 Keys to Transforming Your Finance and Accounting Function.
We’re excited that you’ve decided to take the first step on your journey towards transforming your finance and accounting organization – either through implementing new software, engaging consultants to streamline processes and systems, or outsourcing certain functions. AcctTwo is here to help you evaluate your options and make the best decisions that will propel your business forward.
Last time we shared Key #2 with you. Today, let’s look at the 3rd key in this important process:
Key #3 – Understand your KEY requirements in detail
For example, if you're looking at new software, and you're in, say, the Software-as-a-Service industry so subscription billing and revenue recognition are critical to the business, you'd better understand EXACTLY how that needs to work for your business, in a great deal of detail. That's how you make money and account for your revenue.
Notice I didn't say understand ALL your requirements in detail. We see many companies who conduct a very detailed functional requirements analysis, sometimes with the help of external consultants, where you'd get the impression the person who pulled together the list got paid by the number of requirements they could come up with. Many times those companies gather 200 or 300 or more functional requirements, only to later discover they missed the really important requirements that were critical to the business.
Don't get lost in the weeds and miss the big picture of what's important!
Don't get lost in the weeds and miss the big picture of what's important! Every accounting system can do accounts payable, accounts receivable, and general ledger. They all do it pretty much the same, and they all have their strengths and weaknesses. But what are the KEY requirements that are specific to your business, that will result in the greatest business benefit, and will help you truly differentiate between one software vendor or service provider over the others?
What are the 6 keys to success in such an important decision?
Download our free eBook, Implementing Change: The 6 Keys to Transforming Your Finance and Accounting Organization, and learn what these 6 critical success factors are.
Or stay tuned to this blog series and we'll share each key one at a time...
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Marcus is the founder and CEO of AcctTwo, a services and technology company delivering the Future of Finance and Accounting to nearly 1,000 organizations throughout the country. Marcus and his team have firsthand experience implementing the processes, controls, and technology needed to optimize financial resources, no...
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