Is the system the right size and scalable?

Accounting software is not one-size-fits-all, so CFOs should make sure the systems they are looking at are designed for the size of their business, whether it’s small, medium, or large. If the company is looking to expand in the near future, the software needs to be scalable.

Is the software something the business can use?

The last thing a CFO wants is to shell out money for a system employees refuse to utilize. Before purchasing software, the CFO should work with those who will be using the system daily to find out how closely the new software matches current workflow. If the proposed system is overly complicated, it may take employees a long time to get acclimated, delaying the return on investment (ROI). If vendors offer training on their system, CFOs will want to know how much it costs, whether it can be done on site, and how many employees can train at one time.

What’s the cost for implementation and maintenance?

Cost is one of the biggest concerns for CFOs when deciding upon new software, both for implementation and the ongoing cost of maintenance. Accounting software is a big purchase, so it’s important to look at the pricing model, whether it’s per-user, a monthly fee, or paid for upfront.

Can I choose how it’s hosted — SaaS, on-premises, the cloud, based on what I want to pay?

Can I add more users and scale without increasing cost?

If it is cloud-based, who owns my data?

Who’s selling the software, and what’s their reputation like for service?

Who will help me get the system up and running? Will this cost extra?

Where can I go with my questions?

Can someone in a similar company recommend the software they use? What do they love/hate about it?

Who recommends or uses the products you’re interested in?