Building a Compelling Case for New Accounting Software

As businesses evolve and grow, so do their software needs. Accountants are often the driving force behind financial technology upgrades, as they rely heavily on software to manage financial data and streamline their workflows. However, convincing decision makers to invest in new software can be challenging. In this blog post, we’ll explore some tips for building a compelling internal business case to buy new accounting software.

1) Identify Pain Points

The first step in building a business case for new software is to identify pain points that can be addressed by the new system. This could include issues like slow processing times, manual data entry, or difficulty accessing data. Once those pain points have been clearly defined, you can then begin identifying how your new accounting software will solve each of those problems.

By creating a “before and after” picture of the business processes – including the vast improvements expected in time savings, accuracy – accountants can make a more compelling case for the need for new software. Some helpful statistics can be found in our eBook, Accounting Automation and AI.

2) Quantify the Cost of Inaction

A very real, yet overlooked cost is the cost of inaction. In other words, what is the cost to your organization of doing nothing? This could include lost productivity, increased risk of errors, falling behind competition, or other missed opportunities.

One such hidden cost is the inability to recruit top talent. Outdated technology results in a lack of automation, which in turn creates highly manual, mundane processes for accounting – a big step backwards that forward-thinking financial talent is not willing to take. This topic is addressed in more detail in this blog post.

By putting a dollar value on these costs, accountants can make a more compelling case for the need for new software.

3) Research Options

Before making a case for a specific software solution, it is important to research and compare available options. This can involve talking with vendors, reading reviews, and downloading case studies and product brochures.

Software companies understand the need for research, and typically publish enough content on their websites to allow buyers to self-identify a potential fit. Once your needs are aligned with the few selected software options, it is time to demo the software. As an example, Flexi takes a consultative approach to the sales cycle and welcomes the opportunity to help you through your decision-making process, including a no-obligation request a demo option.

By understanding the options, accountants can make a more informed case for the best software solution for their needs.

4) Build a Business Case

Once pain points have been identified, costs have been quantified, and options have been researched, it’s time to bring all the pieces above together to build a strong business case. Included in this business case should be a clear explanation of the problem, the benefits of the proposed software solution, and a cost-benefit analysis.

With the intelligence gathering conducted in the research stage, the business case should also include a clear implementation plan and timeline, along with an explanation of how the new software will be integrated into existing workflows.

5) Gain Buy-In from Stakeholders

To successfully implement new software, it is important to gain buy-in from all stakeholders. This can include executives, IT staff, and other departments that will be affected by the new software. By clearly explaining the benefits of the new software and addressing any concerns or objections, accountants can gain buy-in and support for the proposed solution.

Although we have included gaining buy-in from stakeholders as our last point, it is advisable to begin securing initial support upfront. While this does not guarantee success, it does tell you whether the final approvers will consider a change. The rest is up to you, and the compelling case that you build.

In conclusion, building a compelling internal business case for new software requires careful research, quantification of costs, and a clear explanation of the benefits of the proposed solution. By following these steps and gaining buy-in from stakeholders, accountants can successfully implement new software and improve their workflows and productivity.

If new accounting software is on the horizon for your organization, we invite you to request a demo and discover the Flexi difference.