Top 54 Expense Tracking Software

2022's Best 54 Expense Tracking Systems

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1. PracticePanther Legal Case Management

  • Best for: Small, medium and large size businesses
  • Price: starts at $39 per user/month
  • Mar 08, 2022
Compare PracticePanther Legal Case Management Vs. PracticePanther Legal Case Management

The PracticePanther Legal Case Management is a law practice management software designed to help lawyers and related users in managing various activities of the firm.


2. Filevine

  • Best for: Small, medium and large size businesses
  • Price:
  • Mar 08, 2022
Compare Filevine Vs. PracticePanther Legal Case Management

Filevine is a cloud-based Legal Management software that allows its users to keep track of the source of clients leads, set out intake scripting for new lead arrivals, and assess marketing expenditure.


3. NetSuite for Retail

  • Best for: Small, medium and large size businesses
  • Price:
  • Mar 08, 2022
Compare NetSuite for Retail Vs. PracticePanther Legal Case Management

NetSuite multi-channel retail management suite is software for retailers from various industries. As this system is web-based, data can be accessed from anywhere and revised in real time. This retail management suite includes sales processing, inventory control, e-commerce as well as accounting appl...


4. Clio

  • Best for: Small, medium and large size businesses
  • Price: starts at $39 per user/month
  • Nov 29, 2022
Compare Clio Vs. PracticePanther Legal Case Management

Clio is a law practice and legal case management solution for businesses of all sizes. Its capabilities include time and billing management, reporting, case management, and security. The software was designed and launched by Themis Solutions Inc headquartered in British Columbia, Canada.


5. Smartsheet

  • Best for: Small, medium and large size businesses
  • Price: starts at $7 per user/month
  • Mar 08, 2022
Compare Smartsheet Vs. PracticePanther Legal Case Management

Smartsheet is a cloud-based project management solution that is developed to be used by individuals and by businesses that are in the manufacturing businesses, construction, and oil and gas companies among others.


6. FreshBooks

  • Best for: SMBs
  • Price: starts at $6 per month
  • Aug 23, 2022
Compare FreshBooks Vs. PracticePanther Legal Case Management

FreshBooks is built for small business owners to get organized and get paid. You'll spend less time billing, and more time getting down to business.FreshBooks is simple and intuitive, so accounting isn't intimidating.FreshBooks updates are automatic and never noticed. No hassles or headaches.Gettin...


7. Airtable

  • Best for: SMBs
  • Price: starts at $10 per seat
  • Mar 09, 2022
Compare Airtable Vs. PracticePanther Legal Case Management

Airtable software is a cloud-hosted project management system that targets small to midsize companies, as well as various departments in large companies. The Airtable software focuses mostly on collaboration and data organization.


8. Xero

  • Best for: Small businesses and start ups
  • Price: starts at $12 per month
  • Mar 09, 2022
Compare Xero Vs. PracticePanther Legal Case Management

Xero is a cloud-based accounting and finance software for small, start-up, and growing enterprises. It has invoice management, purchasing, bank reconciliation, and bookkeeping features which help businesses boost their cash flow.


9. Pivotal Tracker

  • Best for: Small, medium and large size businesses
  • Price: starts at $10 per month
  • Mar 09, 2022
Compare Pivotal Tracker Vs. PracticePanther Legal Case Management

Pivotal Tracker is a cloud based project management solution for businesses of all sizes. Core services of the software include document management, task management, collaboration, reporting, and others. The software was designed and launched by Pivotal Labs headquartered in California, ...


10. KanbanFlow

  • Best for: Small, medium and large size businesses
  • Price: starts at $5 per user/month
  • Mar 10, 2022
Compare KanbanFlow Vs. PracticePanther Legal Case Management

KanbanFlow is a cloud-based project management solution that enables the user to collaborate in real-time with co-workers. Using Kanban boards, it offers an overview of the prevailing work situation and helps improve communication.


Pricing Guide - Expense Tracking Software:

Medical Software Price Range

Small and midsize practices can expect to pay around $500 per month for an EMR subscription. There are some free solutions, of course, that simply don’t get the job done, and others that charge $1,000+ per month. Major healthcare organizations are paying between $10,000 to $100,000 per month on this type of software.

  • EHR Software: can cost between $99 to $999+ per provider per month. For example, e-MDs Chart starts at $399 per month, eClinicalWorks is $499 per month, and Intelligent Medical Software starts at $199 per month. Praxis Electronic Medical Records pricing is $259 per month, and Practice Fusion is offered for free but it’s not recommended for every type of practice.
  • Medical Billing Software: $99 – $1,000+ per provider per month - In addition some vendors charge a percentage of the collections (between 2% to 10%). A few examples include: PrognoCIS costs $250 per month, NueMd is $150 per month, and Kareo charges 4%-9% of the collections.
  • Appointment Scheduling Software: $9 – $299 per month, depending on how many users need a license. BookSteam starts at $19.95 per month per user, SimplyBook.me offers a free version, and it offers another plan starting at $10 per month.
  • Medical Practice Management Software: $9.99 – $149 per month; vCita starts at $12 per month and Caspio at $99 per month - Caspio also offers a free version.
  • Patient Portals: $9.99 to $149.00 per month; TeamDesk costs $49 per month, and Solutionreach pricing starts at $299 per month.
  • Online Reputation Software: Pricing ranges between $199 to $4999. RemoveYourName starting at $3,000 and Integrity Defenders at $630.
  • Chiropractic Software: Pricing ranges between $49 to $999+. vCita starts at $12 per month and Intelligent Medical Software price starts at $199 per month.

11. TeamGantt

  • Best for: Small, medium and large size businesses
  • Price: starts at $19.90 per user/month
  • Mar 11, 2022
Compare TeamGantt Vs. PracticePanther Legal Case Management

TeamGantt is a web based project management solution for businesses of all sizes. It offers such services as email integration, resource management, task management, and others. The software was designed and launched by TeamGantt headquartered in Maryland, United States.


12. Multiview

  • Best for: Small, medium and large size businesses
  • Price: starts at $150 per user/year
  • Mar 11, 2022
Compare Multiview Vs. PracticePanther Legal Case Management

Multiview Financial Software is a cloud-based modular financial management system that incorporates accounts payable, accounts receivable, purchase order management, a general ledger, inventory management, business intelligence, order management, document management, and more.


13. EclipsePPM

  • Best for: Small, medium and large size businesses
  • Price: starts at $15 per month
  • Mar 12, 2022
Compare EclipsePPM Vs. PracticePanther Legal Case Management

Eclipse PPM is a cloud-based Project and Work Management that helps organizations to boost their projects and team performance. The platform allows its users to drive execution, project prioritization, and management while still enhancing resource utilization and communication.


14. Freedcamp

  • Best for: Medium and large size businesses
  • Price: starts at $1.49 per user/month
  • Mar 12, 2022
Compare Freedcamp Vs. PracticePanther Legal Case Management

Freedcamp is a cloud-based and on-premise project management and collaboration software designed to suit large-scale organizations with heavy projects such as engineering, IT companies, advertising, and other examples.


15. Patriot PAY

  • Best for: Small businesses and start ups
  • Price: starts at $10 per month
  • Mar 12, 2022
Compare Patriot PAY Vs. PracticePanther Legal Case Management

Patriot PAY is a web based payroll management solution for small and medium businesses. Its capabilities include payroll tax management, wage garnishment, attendance management, and others. The software was designed and launched by Patriot Software Inc headquartered in Ohio, United State...


16. bkper

  • Best for: SMBs
  • Price: starts at $9 per month
  • Mar 13, 2022
Compare bkper Vs. PracticePanther Legal Case Management

Bkper is a cloud-based Bookkeeping software that enables its users to unify their operations per time through bots and maintain balance sheets and statements in real-time.


17. FINSYNC

  • Best for: Small businesses and start ups
  • Price: starts at $40 per month
  • Apr 12, 2022
Compare FINSYNC Vs. PracticePanther Legal Case Management

FINSYNC is a cloud-based financial management software that helps businesses to manage cash flow and solve other financial problems. This software provides businesses with a solution to payments, invoicing, accounting, financing etc.


18. BillQuick - Integrated Project Management and Accounting

  • Best for: Small, medium and large size businesses
  • Price: starts at $7.95 per user/month
  • Mar 20, 2022
Compare BillQuick - Integrated Project Management and Accounting Vs. PracticePanther Legal Case Management

BillQuick is a cloud based and on premise integrated project management and time and billing software that is designed for users in various industries including architecture, construction, accounting and consulting and more.


19. parolu

  • Best for: Small, medium and large size businesses
  • Price: starts at $9 per 2 users/month
  • Mar 20, 2022
Compare parolu Vs. PracticePanther Legal Case Management

Parolu is a cloud-based team and project management software solution for both in house and external service providers. Parolu is a powerful centralized tool that enables the user to work various projects simultaneously seamlessly.


20. Artia

  • Best for: Small, medium and large size businesses
  • Price: starts at $30 per user/month
  • Mar 19, 2022
Compare Artia Vs. PracticePanther Legal Case Management

Artia is a cloud-based project and team management software. Artia was developed with aspects pertaining to the social networks, therefore making it a business tool that possesses a strong collaboration and communication system. With the task management feature, it makes it easy to do quite a number...


21. Taskworld

  • Best for: Medium business
  • Price: starts at $8 per user/month
  • Mar 20, 2022
Compare Taskworld Vs. PracticePanther Legal Case Management

Taskworld software is a cloud-hosted or on-premise project management software solution modeled to serve for companies of any size. The product also offers mobile apps both for Android and iOS devices. Taskworld software provides collaboration, project planning, task management, and reporting among ...


22. Zola Suite

  • Best for: Small, medium and large size businesses
  • Price: starts at $59 per user/month
  • Mar 22, 2022
Compare Zola Suite Vs. PracticePanther Legal Case Management

Zola Suite is a comprehensive, cloud-based legal practice management application that provides all the tools you need to manage the business of your practice so you can focus on the law. Zola Suite puts the Power of ONE into practice with fully-integrated features managed within one intuitive interf...


23. Resnexus Classic & AutoPilot Editions

  • Best for: Small businesses and start ups
  • Price: starts at $1,499 per user/month
  • Mar 21, 2022
Compare Resnexus Classic & AutoPilot Editions Vs. PracticePanther Legal Case Management

Resnexus Classic & AutoPilot Edition is a cloud-based Property Management software that allows managers to view reservations in an at-a-glance manner over a period.


24. Harvest

  • Best for: Small, medium and large size businesses
  • Price: starts at $12 per seat/month
  • Apr 22, 2022
Compare Harvest Vs. PracticePanther Legal Case Management

Harvest is a cloud-based time tracking software solution that assists in tracking time from any device, may it be desktop or mobile devices. Harvest collates the recorded timesheet data into visual reports that make it easy to interpret that data and see what has been accomplished and what remains t...


25. Sage One Payroll

  • Best for: Small businesses and start ups
  • Price: starts at $7 per user/month
  • Mar 22, 2022
Compare Sage One Payroll Vs. PracticePanther Legal Case Management

Sage One Payroll is an online payroll solution for small businesses that can help users to pay their employees easily and record their monthly and weekly pay runs. The software is fully RTI compliant and accredited by HMRC to help users to stay fully up to date. Sage UK, the company behind Sage ...


26. WorkflowMax

  • Best for: Small businesses and start ups
  • Price: starts at $20 per user/month
  • Mar 23, 2022
Compare WorkflowMax Vs. PracticePanther Legal Case Management

WorkflowMax is a web based time and invoice management solution for small and medium businesses. It features such services as invoicing, lead management, job tracking, collaboration, and others. The software was designed and launched by WorkflowMax headquartered in Auckland, New Zealand.


27. NetSuite ERP

  • Best for: SMBs
  • Price: starts at $999 per month
  • Mar 22, 2022
Compare NetSuite ERP Vs. PracticePanther Legal Case Management

NetSuite ERP software is a cloud-based solution that targets small and mid-sized businesses. It offers a number of features that include a revenue recognition management module that allows calculate and create accurate financial statements.


28. CosmoLex

  • Best for: Small businesses and start ups
  • Price: starts at $85 per user/month
  • Apr 26, 2022
Compare CosmoLex Vs. PracticePanther Legal Case Management

CosmoLex is a legal practice management and trust accounting solution for small and medium businesses. It offers multi-billing options, accounting, task automation, cash flow management, and other services. The software was designed and launched by CosmoLex headquartered in New Jersey, U...


29. NetSuite Financials

  • Best for: Small, medium and large size businesses
  • Price: starts at $499 per user/month
  • Apr 13, 2022
Compare NetSuite Financials Vs. PracticePanther Legal Case Management

NetSuite Financials is a cloud-based accounting and eCommerce software suite designed to comply with all business sizes. It aims to streamline your accounting department through the use of a web based application and dashboard. NetSuite Company was founded in 1998 and is handled by 1,600 employe...


30. SAP Business ByDesign

  • Best for: SMBs
  • Price: starts at $20 per user/month
  • Apr 13, 2022
Compare SAP Business ByDesign Vs. PracticePanther Legal Case Management

SAP Business ByDesign is a cloud based ERP software suite, designed for small and medium sized enterprises. It deals with all your business branches, and does so through the use of a centralized system presenting all options in one interface. The program is also located on cloud storage and processi...


31. Compiere

  • Best for: SMBs
  • Price: starts at $995 per user/year
  • Jun 01, 2022
Compare Compiere Vs. PracticePanther Legal Case Management

Compiere is an online ERP and CRM software for businesses, non-profits, and government agencies. It provides them with tools for managing their finance and sales, granting access to customize the solutions that fit their businesses.


32. Passport Business Solutions

  • Best for: Small, medium and large size businesses
  • Price: starts at $995 per license
  • Jun 02, 2022
Compare Passport Business Solutions Vs. PracticePanther Legal Case Management

Passport Business Solutions (PBS) is an accounting software that helps increase business profitability. This software provides entry-level solutions and enables companies to structure a system that is peculiar to their needs.


33. Mavenlink

  • Best for: Small, medium and large size businesses
  • Price: starts at $19 per user/month
  • Sep 09, 2022
Compare Mavenlink Vs. PracticePanther Legal Case Management

Kantata is a cloud-based project management solution designed for professional services and businesses that need collaboration and project management suite such as architecture, IT services and engineering and more.


34. Streamtime

  • Best for: SMBs
  • Price: starts at $40 per user/month
  • Jun 17, 2022
Compare Streamtime Vs. PracticePanther Legal Case Management

StreamTime is a project management app designed to help businesses manage teams, projects, and their business from a single solution, thereby improving productivity and saving cost.


35. Scoro

  • Best for: SMBs
  • Price: starts at $26 per 5 users/month
  • Jun 14, 2022
Compare Scoro Vs. PracticePanther Legal Case Management

Scoro is business management software used by agencies and consultancies around the world. Scoro was founded in 2013 with a simple idea – there is always a smarter way to get work done. It combines project management, CRM, billing, and reporting – all in one place. So your business can run as smooth...


36. Budget Maestro

  • Best for: Small, medium and large size businesses
  • Price: starts at $10,000 per year
  • Jul 04, 2022
Compare Budget Maestro Vs. PracticePanther Legal Case Management

Planning Maestro is a software for mid-market enterprises looking to better manage their businesses and improve on performance. It was developed by the Centage Corporation Company which has been offering its services since 2001.   Who Planning Maestro is best for Planning Maestro was developed to...


37. Epicor Supply Chain Management

  • Best for: Small, medium and large size businesses
  • Price:
  • Jul 04, 2022
Compare Epicor Supply Chain Management Vs. PracticePanther Legal Case Management

Epicor for Distribution is a cloud-based as well as an on-premise enterprise resource planning solution that is geared towards supply chain management. The software assists in the organization of data, reporting, and planning as well. The software has also incorporated business intelligence (BI), th...


38. OfficeTools

  • Best for: Small, medium and large size businesses
  • Price: starts at $49 per user/month
  • Apr 09, 2022
Compare OfficeTools Vs. PracticePanther Legal Case Management

OfficeTools is a cloud-based Accounting Practice Management software that helps its users centralize their data entries from calendars, email, and other programs system they have.


39. in-STEP BLUE

  • Best for: Small, medium and large size businesses
  • Price: starts at $1.99 per license
  • Sep 28, 2022
Compare in-STEP BLUE Vs. PracticePanther Legal Case Management

in-STEP BLUE is both a cloud-based as well as on-premise software management that is customizable in accordance with the organizational needs. The software facilitates team collaboration as it connects and allows team members to work together on a given project.


40. Achieve Planner

  • Best for: Small, medium and large size businesses
  • Price: starts at $79.94 per license
  • Apr 17, 2022
Compare Achieve Planner Vs. PracticePanther Legal Case Management

Achieve Planner is an on-premise personal time planner as well as project management software that is installed on the Windows operating system. The software keeps track of the tasks that the user is supposed to handle and serves as the user’s planner for the set day or week.


41. TimeSolv Legal

  • Best for: Small businesses and start ups
  • Price: starts at $39.95 per user/month
  • Apr 15, 2022
Compare TimeSolv Legal Vs. PracticePanther Legal Case Management

TimeSolv Legal is a web based legal billing solution for small and medium law firms. It offers such services as billing and invoicing, calendar management, conflict management, and others. The software was designed and launched by TimeSolv Corporation headquartered in Minnesota, United States.


42. CorasWorks PPM for SharePoint

  • Best for: Small, medium and large size businesses
  • Price: starts at $95 per user/month
  • Oct 24, 2022
Compare CorasWorks PPM for SharePoint Vs. PracticePanther Legal Case Management

CorasWorks PPM is a project management software that assists leaders or administrators of any organization in making decisions for the whole team.


43. Shoeboxed

  • Best for: Small businesses and start ups
  • Price: starts at $18 per month
  • Oct 17, 2022
Compare Shoeboxed Vs. PracticePanther Legal Case Management

The fastest way to turn a pile of receipts into digital data for effortless expense reporting, accounting, bookkeeping, and tax preparation.send Shoeboxed your receipts, business cards, bills and other documents and everything will be carefully sorted and scanned into a secure online account. All of...


44. Fyle

  • Best for: Small, medium and large size businesses
  • Price: starts at $4.99 per user/month
  • Oct 24, 2022
Compare Fyle Vs. PracticePanther Legal Case Management

Fyle is a cloud-based accounting software that allows administrators to manage accounting policies with respect to department and employee level, as well as allotting secondary approvers in the event of a policy violation by an employee.


45. Podio

  • Best for: SMBs
  • Price: starts at $7.20 per month
  • Oct 12, 2022
Compare Podio Vs. PracticePanther Legal Case Management

Podio is a web based project management solution for businesses of all sizes. It offers such services as task management, resource management, collaboration, and others. The software was designed and launched by Citrix Systems Inc headquartered in Florida, United States.


46. Kanbanchi

  • Best for: Small, medium and large size businesses
  • Price: starts at $7.95 per user/month
  • Oct 18, 2022
Compare Kanbanchi Vs. PracticePanther Legal Case Management

Kanbanchi is a web based project management solution designed for businesses of all sizes. It offers such services as email integration, task management, time and expense tracking, and others. The software was designed and launched by Magic Web Solutions Limited headquartered in the United ...


47. PlanHammer

  • Best for: Small, medium and large size businesses
  • Price: starts at $20 per month
  • Oct 17, 2022
Compare PlanHammer Vs. PracticePanther Legal Case Management

PlanHammer is a project management software designed for jotting down tasks, allocating tasks to co-workers and drafting reports. PlanHammer ensures that users can export and import MS Project files without violating data backup policies.


48. Averiware

  • Best for: SMBs
  • Price: starts at $395 per 5 users/month
  • Apr 27, 2022
Compare Averiware Vs. PracticePanther Legal Case Management

Averiware is a business intelligence and analytical solution for businesses of all sizes. It features services related to sales force automation, CRM, inventory management, and other aspects of business. The software was designed and launched by Averiware Inc headquartered in California,...


49. Hub Planner

  • Best for: Small, medium and large size businesses
  • Price: starts at $7 per resource/month
  • May 14, 2022
Compare Hub Planner Vs. PracticePanther Legal Case Management

Hub Planner is a cloud-based project management solutions designed to offer resource management, scheduling, and time tracking solutions. Some of its key features include resource requesting, timesheets, timesheets approval, billing, and budget management. The resource scheduling module offers drag...


50. Ravetree

  • Best for: SMBs
  • Price: starts at $29 per user/month
  • May 16, 2022
Compare Ravetree Vs. PracticePanther Legal Case Management

Ravetree is a cloud based work management solution designed for project driven firms. Some of its key features include project management, resource planning, time and expense tracking and CRM.


51. FreeAgent

  • Best for: Small businesses and start ups
  • Price: starts at $12 per month
  • Nov 10, 2022
Compare FreeAgent Vs. PracticePanther Legal Case Management

FreeAgent is an accounting software based on the cloud designed for micro businesses and freelancers. The software dashboard brings all finances together into one place, exports your key tax payment and invoice dates to your usual calendar.Track what your company owes you by adding out-of-pocket exp...


52. Avaza

  • Best for: Small, medium and large size businesses
  • Price: starts at $11.95 per 2 users/month
  • Apr 30, 2022
Compare Avaza Vs. PracticePanther Legal Case Management

Avaza is a web based project management solution for businesses of all sizes. It offers such capabilities as budget management, email integration, portfolio management, and others. The software was designed and launched by Avaza Software Pty Ltd headquartered in Australia.


53. Exact Globe Next

  • Best for: Small, medium and large size businesses
  • Price: starts at $225 per license
  • Apr 27, 2022
Compare Exact Globe Next Vs. PracticePanther Legal Case Management

Exact Globe Next is an enterprise resource planning solution for small and medium businesses. It offers such capabilities as business intelligence, inventory management, manufacturing, project management, and others. The software was designed and launched by Exact headquartered in Califo...


54. Bric

  • Best for: Small, medium and large size businesses
  • Price: starts at $7 per user/month
  • Apr 23, 2022
Compare Bric Vs. PracticePanther Legal Case Management

Bric is a cloud-based project resource management software designed for project managers and entrepreneurs to plan projects, track and manage time, set realistic deadlines, and monitor employee activities.



A Buyer's Guide to Business Software Solutions

How to Evaluate and Buy Business Software
 
If you’re somehow puzzled if this article is only for a specific size of business, no, it’s not. This is for you SMEs, MNEs and start-ups software buyers. Also, we’re not talking about a specific software solution here. Whether the software solution that you’re planning to buy is for Accounting, Business Intelligence, ERP, CRM, Help Desk, Maintenance Management or other types of application, one thing is for sure; with the help of this article, you will be able to know the right process in evaluating and buying a business software solution.
 
We’ve been into the software business for years and we’re seeing a lot of nitty-gritty things that often bring confusions and hesitations to many companies looking for better software solutions. Some companies can’t afford to let go their legacy systems while a few is encountering technological snags once the new system is in place. While this is the underlying truth behind software acquisition and implementation, what’s exciting about buying a business software solution is that there is a clear and obvious proof that thousands of companies and corporations today are happy with the benefits this technology is bringing into their respective businesses.  There is a significant increase in their revenue and the growth is on-going. And it’s easy to say; many from the Fortune 500 companies are making a lot of money because of their smartly-acquired business software.
 
So, let’s get straight to the point. What should you do in order to acquire that business software that could make your organization achieve its goals? The answer to this is pretty straightforward: evaluate and buy that right business software. Yes, that’s what you need to do and here’s the best manual from ITQlick.com that could certainly help you in doing that strategically.
 
Consider the Needs of Your Organization
Let’s assume that at this point, the entire management team agreed that you are ready to invest on a certain software application. The budget has been compromised and the key persons who will be involved in the acquisition process were already identified. Therefore, it’s time to approach things the project management way.
 
Define the Project
Every business software solution is categorized base on application type, features, deployment model, market size and pricing model. Remember that our objective here is to evaluate and buy a business software product that will fit into the size and present needs of your business. So what the project management team should try to deal with first is to define the real requirements of your business exactly base on the categories set by the software industry. Moreover, by doing this activity, you are already narrowing down your search for the right solution. Now, consider bringing this list of FAQs to the project management and aim to come up with clear-cut answers.
 
  1. What type of software is needed? Is it Integrated-Suite, Best-of-Breed or Industry-Specific? Ask your CEO’s main agenda and find the perfect match from these available options.
  2. What are the core and secondary features? Are you looking for basic, advanced or hi-end features? List down the specific features per category and allow the department managers and supervisors to give their insights on this list.
  3. How are you going to deploy the system? Would it be on-premise, cloud-based, hosted, or mobile-based? Weigh these options with the help of your CIO.
  4. Are you going for Tier 1, Tier 2 or Tier 3 vendors? Their offered solutions are base on the size of their target market - SMEs, MNEs or start-ups. Seek your CFO’s advice as it is important to match your financial capacity against the cost of the solution that the providers have for you.
  5. Are you willing to pay for the perpetuity software license or a subscription-based solution is way better? How many users are there and what would be their roles in using the system? Solicit feedbacks from future end users for they know better what challenges and risks might possibly come along their way when they’re using the system.
 
Finalize the BOM or List of Requirements
After providing definite answers on the above questions, we can say that the project has already been defined. Your procurement team is now ready to do their role in the acquisition process of this solution. However, in order for them to execute their job properly, they must have the complete list of requirements - features, specifications, hardware, and the software product. In other words, the Bill-of-Materials (BOM) that is final, complete and well-prepared must be handed over to the procurement director. Needless to say, it is very important that everybody is following the company purchasing and procurement protocols at all times.  
 
Request for Proposal (RFP)
The RFP process will bring everything into formality. Since you’re more likely in a line of business that doesn’t regularly buy software products, it is of critical importance that your RFP is well-structured before you send it to your prospect solution providers.
 
Draft the RFP
An RFP that contains all the relevant information as discussed during the project management meetings will enable the providers to return back to you their proposal that is complete and substantial. Therefore, your RFP should basically contain the following:
 
Brief Introduction
  • Company Name
  • Mission and Goals
  • Purpose of the RFP (or the need for software solution)
Business Background
  • Organizational Structure
  • Current Situation (IT infrastructure, system currently in-use, system issues and desired solutions, etc.)
  • Major Objectives of the Software Purchase
Request for Specific Requirements
  • Solution Functionality
  • System Specifications
  • Vendor Company Information
  • Price Model, Service Plans, Package Options
Other Important Inquiries (if necessary)
 
Send the RFP
Well-structured RFP will bring a lot of advantages especially when the proposals from various providers are received and then subjected for review and analysis. Send your RFP to at least three to five providers (or prospects which you have already shortlisted during the project definition phase). Depending on the complexity of the solution, most vendors will send their proposal in a matter of time, which could be around 4 to 6 weeks for Integrated-Suite solution.
 
Why still send RFP?
Is there really a need for RFP if your preferred solution (like cloud-based) and the service plans or packages are already displayed on the vendor’s website? Well, yes, you still need to undergo the RFP process. For most sales people, they certainly know that those figures appearing in the vendor’s website are usually the “list price” and not the “actual price”. More importantly, the vendor’s proposal (response to RFP) will serve as your main basis for the negotiation. Therefore, sending an RFP is a strict requirement.
 
Follow up questions relevant to RFP
More often than not, questions and concerns will be raised by the vendors to whom you send the RFP. You have to entertain them with utmost professionalism. Solution providers who are seeking further clarifications relevant to the RFP are consisting of professional software experts who wants to help your organization as much as they can. Entertain them but at the same time, always be cautious when providing additional information which you know is confidential or proprietary.
 
Evaluate the Proposals
Always refer to your finalized BOM when tabulating the contents of each proposal. Part of this process is to check the features that are available from this certain vendor and to cross out those that are not. While using spreadsheet aids the tabulation process, laying down the document proposals on the table and allowing your project management team to review them one by one should always be conducted. Evaluating the proposals in full force can help strengthen your decision-making process. Have another round of brain-storming session and come with the name of your preferred solution provider.
 
When selecting the final vendor, always promote the best interest of your organization. Consider answering these questions with full sincerity.
 
  1. Which vendor can provide the long-term benefits to your organization?
  2. Which vendor can provide the best and honest service from acquisition to full implementation?
  3. Which vendor is willing to devote most of its time in better serving its client?
 
Contact this solution provider and in your own strategic approach, try to get the answers to those three important questions above. In most cases, vendor who really wants to prove its craft will offer product demos on a higher level. Others will even invite you to check their already deployed and working systems. Feel free to connect with this type of vendor. Conduct simulation and testing, be it a cloud-based or on-premise solution. Examine all aspects and angles especially those that your project management team want to really know in-depth. For as long as it could help you arrive at a better decision, consider doing all the options available – for the interest of the organization.
 
Enter the Negotiation Process
Most solutions providers can be flexible in terms of pricing. Although the final say is oftentimes on the mouth of the sales person from the vendor’s side, a good negotiation process can always deliver a win-win situation to both parties involve. While negotiation sometimes cannot be settled in one sitting session, always be honest with your intentions whenever negotiating with your provider. If it’s about your budget, justify it with clarity. If it’s about their service plans, tell them what’s lacking or missing on their solution. At the end of the day, the most important event that should happen is that both of you are shaking hands because of a well done negotiation process.
 
Seal the Contract
So what are you going to do on a contract that involves a significant amount of investment? There are three project management approaches for this.
 
  1. Pass the ball to you legal team. They know what to do and more or less they will tell you if there is something wrong with the contract. Give them enough time to review before they affix their signature and then finally seal the contract.
  2. Hire a consultant base on the technical aspect that you want to clarify in the contract. If it’s the Scope of Work (SOW), a software implementation expert is the right person. If it is related to complex legal terms and conditions, a lawyer can help. If it has something to do with money, invite an accountant to conduct a thorough review and computation if necessary.
  3. Always consider consulting your project management team. Remember that the CIO, CFO and CEO are all team members. They will be the signatories and they know what’s best for the interest of the company when signing a contract agreement.
 
From evaluation to buying stage, it is important that the project manager must take full responsibility of monitoring all the works identified and distributed among team members. This is why delegating the right project manager is also an important consideration when buying a business software solution. And again, ITQlick.com wants to emphasize that whatever the size of your company is, using the project management approach will always lead you into a better outcome – that is getting what you paid for the right business software solution. 

ITQlick chart - 2022 best Expense Tracking Software

2022 best Expense Tracking Software | ITQlick.com

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Author - Shlomi Lavi

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Shlomi Lavi is an entrepreneur and founder of ITQlick.com. He holds a Bachelor of Science (B.Sc.) in Information Systems Engineering from Ben Gurion University in Israel. Shlomi brings 17 years of global IT and IS management experience as a consultant and implementation expert for small, medium and large-sized (global) companies. Shlomi’s goal is to share the best knowledge and news about information systems so you can make smarter buying decisions for your business.