How to prepare an RFI and avoid costly mistakes when selecting financial software

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Many companies are making costly mistakes when selecting financial software, which could be easily avoided by preparing good Request for Information (RFI) documentation. Access has produced a director’s guide on how to produce an RFI which goes through the processes, what should be included, how to pick a project team – and how to avoid the problems that organisations commonly make when selecting a software system. In addition, Access has also produced a handy ready-made RFI template, so businesses do not have to start from scratch.

Access, the mid-market consulting, software and solutions provider, has today said that many companies are making costly mistakes when selecting financial software, which could be easily avoided by preparing good Request for Information (RFI) documentation. Selecting a finance system is a big decision, requiring a significant investment in time and capital – yet many businesses get it wrong.

Chris Bayne, MD for Access, said, “If you were buying a car, you’d start with a budget which would steer you towards a particular set of manufacturers. You’d then look at the type of car and specific features before comparing the options – setting the requirements for a new software system should be no different.”

The key reasons companies often get software selection wrong include involving the wrong people in the definition process, difficulty nailing down the scope of the project, trying to do too much with too little, and being too ambitious with timings. “The best way to get software selection right is to produce an RFI, which outlines exactly what you need, your expectations, budget and requirements,” continued Chris. “A new software system is a long term commitment, given the average term is 7-10 years; costly mistakes can be avoided by running an effective selection process.”

Businesses are often put off by the RFI process as it is seen as complex and time-consuming. However, this does not have to be the case. Access has produced a director’s guide on how to produce an RFI which goes through the processes, what should be included, how to pick a project team – and how to avoid the problems that organisations commonly make when selecting a software system. In addition to the guide, Access has also produced a handy ready-made RFI template, so businesses do not have to start from scratch. Details are provided at the end of the guide.

“Using this director’s guide you’ll be able to produce an RFI which will help your business to make the right software selection and hopefully save you time and money in the process,” concluded Chris.

For more information on Access, its consultancy and software solutions contact Matt Newman on 0845 345 3300 or visit http://www.theaccessgroup.com. Alternatively, keep up-to-date by following Access on twitter, http://www.twitter.com/theaccessgroup.

About Access

  •     Access is a consulting, software and solutions provider, serving the mid-market
  •     The consulting services are backed by more than 75 accredited consultants, providing business software expertise. They operate nationally out of 10 offices in the UK and Ireland
  •     The software portfolio provides solutions to meet the needs of the whole organisation, helping to reduce complexity and increase efficiencies at every level. In addition to accounting and finance, Access also offers manufacturing software, professional services automation, and accounting for carbon emissions reporting. Other software solutions include distribution and warehousing, HR and payroll, document management, service and contract management and CRM and sales automation

Accreditations and memberships:

  •     Microsoft Gold Certified Partner
  •     Institute of Chartered Accountants in England and Wales (ICAEW)
  •     Business Application Software Developers Association (BASDA)
  •     HM Revenue & Customs: Payroll Standards Scheme

Awards:

  •     SIFT Media Software Satisfaction Awards 2010 for ‘Enterprise Accounting & Finance’
  •     SIFT Media Software Satisfaction Awards 2010 for ‘SME Human Resources & Human Capital Management’
  •     FrontRange Partner Awards 2010 for ‘CRM Partner of the Year’
  •     Green IT Awards 2010 for 'Environmental Accounting Software of the Year'
  •     SIFT Media Software Satisfaction Awards 2009 for ‘Green Software Provider of the Year’
  •     Manufacturer of the Year Awards 2009 for 'IT in Manufacturing', won by customer Renthal for its use of the Access Supply Chain solution
  •     Construction Computing Awards 2009, 'Construction Accounting Software of the Year' and shortlisted for 'Environmental Product of the Year'
  •     Accountancy Age Award 2008 and 2009 for the best 'Mid-tier Software Package'

Media information:
Helen Carpenter
Head of Group PR
Access UK Ltd
T: +44 (0) 1206 322575 / 07833 936311
F: +44 (0) 1206 322956
E: helen(dot)carpenter(at)theaccessgroup(dot)com    
W: http://www.theaccessgroup.com

Tim Cole
PR Executive
Access UK Ltd
T: +44 (0) 1206 322575
F: +44 (0) 1206 322956
E: tim(dot)cole(at)theaccessgroup(dot)com
W: http://www.theaccessgroup.com

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