Defining Your Accounting System Requirements

Yesterday, we posted a preview from our upcoming webinar showing how inefficiencies in accounting systems can lead to a lack of focus in business leadership. We have one final preview from the presentation today, which documents one of the important decisions nonprofits have to make when choosing new software: Your requirements.

Just as a job seeker wouldn't settle for the first opportunity that came his way, organizations should have pretty high standards about what they want from an accounting system. While every nonprofit is going to make different decisions, Bob Blake, founder of Xanergy, and Taylor MacDonald, vice president of channels at Intacct, recommend some requirements to keep in mind:

• Document the issues with your current system.
• What do you want to achieve with your new system?
• What type of information does management need to make better organizational decisions?
• What is the impact to the organization?
• Which processes do you want to automate?
• Tap into outside experts and your peers.
• Document expected improvements and return on investment and total cost of ownership.
• Use a third-party expert to help.

To learn more about the decisions you will have to make if you decide to choose a new accounting system, attend our free webinar tomorrow at 2:00 PM EDT.