Finding the Best Tech Stack for Your Organization

Increased productivity and efficiency can be found near the top of every executive and management’s priority list. Finding new ways to address overly complicated processes and repetitive tasks is imperative. This can be especially challenging for the accounting and finance functions that handle a high volume of data. The number of data entry, review, analysis and reporting processes involved necessitates automation which is often unavailable. Unfortunately, many work with technology that is out of date, lacks needed features such as an effective internal control process and is not customized for a specific industry. To meet expectations, many settle and rely on manual processes to get the work done.

To remedy the issue, many businesses invest in a customized configuration of accounting technology capable of tracking, analyzing and delivering inputs from across the enterprise. This means businesses will likely have to implement a new business process necessitating the need for new software. To help clients, prospects, and others, Windham Brannon has provided a summary of key steps involved in the selection process.

Phase I – Requirements

Since each business operates in a different environment, faces different issues and encounters diverse challenges, the type of technology needed can vary greatly. For this reason, the first step is to gain a clear understanding of organizational requirements. This includes an initial business assessment, team selection, review of business requirements and defining technical requirements.

• Business Assessment – The purpose of the assessment is to evaluate the current system and understand the challenges which need to be addressed. Concurrently, there is also a focus on establishing goals and criteria for outcome measurement.
• Selection Team – This step focuses on identifying the selection team, project leader and project sponsor. There is also a focus on outlining the decision-making process, establishing the executive selection team and setting project milestones.
• Business Requirements – Understanding requirements is essential to identifying a solution that meets the comprehensive needs of the organization. It includes conducting interviews, identifying integration points, documenting business processes and identifying key requirements.
• Technical Requirements – It is also necessary to review current system configuration, define integration points, identify required internal controls and outline technical needs.

Phase II – Selection

Once requirements are identified, the next step is to determine how a selection will be made. This includes researching available systems, identifying selection criteria, building the Request for Proposal (RFP), establishing a scoring criterion and finally participating in demos.

• Systems Research – As part of the selection process, it is essential to conduct research on various solutions. This should include reviewing the best-performing industry vendors. The goal is to have a shortlist of companies to include in the RFP process.
• Selection Criteria & Scoring – During this phase, general vendor requirements are established, scoring criteria selected, rating system agreed upon and the RFP sent to selected vendors. In addition, time is also spent on comparison of vendors and analysis of RFP results.
• System Demos – Once scored, vendor demo scripts are developed, and time is set aside to review the performance of each option. Finally, there is a comprehensive discussion about each platform and the scoring completed.

Phase III – Implementation

In the final phase, management is guided through the contract development and review process. A significant portion of time is focused on implementation which often includes assistance with data migration, system set up and validation of data integrity.

• Contract Review – Once a system is selected, allocate time to review the contract to ensure risks are minimized and key implementation factors and needs are included in the agreement.
• Implementation Guidance – Focus attention on implementation plans to identify risks and assist with important tasks. Specific attention should be paid to the design of required internal control processes and procedures based on the company’s specific risks. While each project is different this generally includes assistance with data conversion, migration, and unification of the chart of accounts.
• System Validation – The final step is to review and assist with user acceptance testing scripts, including a comprehensive review/test of established internal controls to ensure implementation aligns with business requirements. This is also when the accuracy of imported data is validated.

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Selecting a new software can be a challenging and time-consuming project that requires active participation from multiple team members across the organization. However, the upside is significant, making information more readily available and streamlining the finance function. The key to a smooth process is to work with an experienced and qualified advisor, familiar with system options, implementation challenges and project management best practices.

If you have questions about the information outlined above or need assistance with a selection process, Windham Brannon can help. For additional information contact Jodie Bartock or Rebecca Smith.