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Finance System

Tips for the procurement of a new finance system

The procurement of a new finance system can be an extremely important decision for your organisation, with implications that go way beyond the initial issue of cost comparison. 

Brian Davies, managing director of Davies Consultancy, advises that before beginning the procurement process, it’s well worth taking a step back and considering:

Your key requirements – whilst cost is often a consideration when it comes to procuring a new finance package it’s certainly not the deciding factor for most organisations.  

Options appraisal – there are plenty of finance systems on the market and it’s worth keeping an open mind when it comes to short listing those you’re keen to trial. With finance systems, basic functionality is a given, so key decision indicators will also include other factors.

Cost profiling – when it comes to comparing costs, it’s vital to approach it from the perspective of securing best value for money.   What added value do you get with one product that you don't get with another?

Consider outsourcing – calling in an external consultant to handle the sourcing of a finance system can certainly be an option to consider, as it can offer considerable savings both in terms of time and money.