To help you become a smarter buyer – and to better advise your clients on their next accounting technology investment – Accountex’s editors compiled the following questions to help you think through your purchase decision:
TRUST BUT VERIFY
- Which of my peer organizations (similar size, similar systems, similar needs etc.) can I call to discuss their experience with your product?
- If I’m not happy with the system, what’s the process for de-conversion? What are the terms of termination?
- Without significant customization, what systems does your product integrate into? (Consider all related systems – those that would be both inputs and outputs of the accounting system you’re considering purchasing.)
- What are the software’s reporting capabilities? What systems does it “talk to” and will it provide access to all necessary information (i.e., dashboard with real time data)?
TOTAL COST OF OWNERSHIP
- What is the total cost for the system you’re considering purchasing? (Are there annual upgrades, maintenance costs, that would require additional costs? What cost savings can be anticipated through implementation of the solution – what and how do you calculate that ROI?
- How are future upgrades handled? (Are they included in the subscription cost? Does the vendor automatically upgrade the software to newer versions? What is the impact of the upgrades on the business — require downtime, scheduled during off hours? How often are new releases offered?)
- What kind of training does the vendor provide? What are the costs associated with that support?
- What types of customer support does the vendor provide? Web support? Phone support? On-site support? Is this support included in subscription?
- What (cyber) security features are included? How secure is the data housed/transmitted to or from the system? What disaster recovery capability does the vendor have?
- Is the software available on the cloud, or only on-premise? Does the vendor (if cloud-based) have its own data center?