Top 54 Medical Accounting Software (Jan 2023)

2023's Best 55 Medical Accounting Systems

Shlomi LaviShlomi Lavi / Jan 25, 2023

We publish unbiased reviews. Our opinions are our own and are not influenced by payments from advertisers. This content is reader-supported, which means if you leave your details with us we may earn a commission. Learn why ITQlick is free .

1. SAP ERP

  • Best for: Large business
  • Price: starts at $108 per user/month
  • Jan 25, 2023
Compare SAP ERP Vs. SAP ERP

SAP ERP is a cloud ERP suite that offers resource planning and business management solution designed to offer the users the financial transparency they need to execute growth plans, expand margins, and satisfy customers. It offers end-to-end with fully integrated business functions, automated proces...


2. AdvancedMD

  • Best for: Small, medium and large size businesses
  • Price: starts at $429 per provider/month
  • Jan 24, 2023
Compare AdvancedMD Vs. SAP ERP

AdvancedMD is a web based practice management solution for medical businesses of all sizes. Other than practice management, it also features user communication, accounting, and customization capabilities. The software was developed and launched by AdvancedMD Software Inc headquartered in...


3. Wave Accounting

  • Best for: Small businesses and start ups
  • Price:
  • Apr 14, 2022
Compare Wave Accounting Vs. SAP ERP

Wave Accounting software is a fully integrated, web-based accounting solution tailored exclusively for small organizations. The software allows the users to access their documents any time from anywhere.


4. Zoho Books

  • Best for: Small businesses and start ups
  • Price: starts at $10 per organizer/month
  • Mar 08, 2022
Compare Zoho Books Vs. SAP ERP

Zoho Books is an online accounting software designed to provide businesses with better control and management of their money flow. It is a tool that helps you record, monitor and reconcile transactions and bank statements as you collaborate with your accountant, even if both of you are not in the sa...


5. FreshBooks

  • Best for: SMBs
  • Price: starts at $6 per month
  • Aug 23, 2022
Compare FreshBooks Vs. SAP ERP

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...


6. DrChrono EHR

  • Best for: Small, medium and large size businesses
  • Price: starts at $199 per provider/month
  • Jan 24, 2023
Compare DrChrono EHR Vs. SAP ERP

DrChrono EHR is a cloud-hosted medical practice management platform that is compatible with iPhone and iPad devices. The software offers EHR & medical billing solutions that lets its users manage patient intake, billing, revenue cycle management, and clinical charting.


7. Multiview

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

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.


8. Affinity Hospital Information System

  • Best for: Small, medium and large size businesses
  • Price:
  • May 22, 2022
Compare Affinity Hospital Information System Vs. SAP ERP

The development of software solutions to improve business productivity encompasses many different skills and disciplines. Key to this is awareness of the fast changing nature of the industry and the ability to keep up with the rapid changing needs. Affinity Info Solutions professionals work closely ...


9. Medismart

  • Best for: Small, medium and large size businesses
  • Price: starts at $515 per license
  • Jan 27, 2022
Compare Medismart Vs. SAP ERP

Dont let your dreams as dreams. We can bring your dreams to reality. Let us break the boundaries with our Softwares & Digital strategies to push your business forward.


10. CurisHealth

  • Best for: Small, medium and large size businesses
  • Price:
  • Feb 18, 2022
Compare CurisHealth Vs. SAP ERP

Our mission is to help global enterprises grow, adapt, scale, reinvent and digitally transform themselves through our relentless pursuit of engineering excellence and our commitment to deliver with certainty. GGK Tech is part of the ACS group.


Pricing Guide - Medical Accounting 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. NetSuite Financials

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

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...


12. MediGate

  • Best for: Small, medium and large size businesses
  • Price:
  • May 06, 2022
Compare MediGate Vs. SAP ERP

Chinar Softech – IT over the years, has invested its experience and expertise in building software solutions that serves as backbone to the customers business process.


13. HealthConnect

  • Best for: Small, medium and large size businesses
  • Price:
  • Jun 27, 2022
Compare HealthConnect Vs. SAP ERP

We are empowered with a sound and sophisticated infrastructure well equipped with latest hi-tech IT resources to fulfill the application development requirement.


14. QuickBooks

  • Best for: Start up, Small business, Medium business
  • Price: starts at $15 per month
  • Jan 25, 2023
Compare QuickBooks Vs. SAP ERP

Quickbooks is a cloud-based accounting software designed for self-employed and small businesses. The solution helps the user manage all their finances with either an online version or licensed.


15. HMIS Pro

  • Best for: Small, medium and large size businesses
  • Price: starts at $5,000 per license
  • Jul 16, 2022
Compare HMIS Pro Vs. SAP ERP

Out2sol.com provides Technology Solutions & Professional Consultancy services to many Businesses across Middle East. We strive to be IT OUTSOURCING partner for all our Clients. Our Strength in Software Applications, Security Assessment, Project Management & Trainings are unique & Professional that p...


16. Palash Practice

  • Best for: Small, medium and large size businesses
  • Price:
  • Apr 26, 2022
Compare Palash Practice Vs. SAP ERP

To overcome these individual challenges, PALASH has come out with an Innovative way of reaching out to individuals; for their curative & preventive healthcare needs; under PALASH HealthyU Wellness Program.


17. Open Hospital

  • Best for: Small, medium and large size businesses
  • Price:
  • Sep 12, 2022
Compare Open Hospital Vs. SAP ERP

It aims to bridge the digital divide and to foster a process of growth through ICT knowledge, its power and the opportunities it offers. It beliefs in the values of respect for human dignity and solidarity and works for inclusion and development.


18. Sage Fixed Assets

  • Best for: Medium and large size businesses
  • Price: starts at $15,000 per license
  • Sep 20, 2022
Compare Sage Fixed Assets Vs. SAP ERP

Sage Fixed Assets is an on-premise fixed asset management software solution that is designed to assist companies to increase accuracy, reduce costs, and eliminate redundant data. The software assists businesses track as well as manage the company’s fixed assets in every step of the asset lifecycle. ...


19. Mac Pulse

  • Best for: Small, medium and large size businesses
  • Price:
  • Oct 03, 2022
Compare Mac Pulse Vs. SAP ERP

As the most-trusted and innovation-oriented healthcare IT company in India, Macshell promises to revamp the way medical facilities are managed. With years of experience and research, we bring the best hospital management software solutions that are designed to cater to diverse needs and challenges p...


20. Shoeboxed

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

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...


21. AveCare

  • Best for: Small, medium and large size businesses
  • Price:
  • Jan 28, 2022
Compare AveCare Vs. SAP ERP

With a seamless integration of Care Management functions and streamlined workload management capability, our AveCare Care Management Software enables Health Plans, Third Party Administrators (TPAs), Independent Review Organizations (IROs), Physician Networks and other Healthcare Delivery Organizatio...


22. Prophix

  • Best for: Medium and large size businesses
  • Price:
  • Nov 10, 2022
Compare Prophix Vs. SAP ERP

Prophix is a cloud-based and on-premise financial management solution designed to help the user in budgeting, financial consolidation, planning, analysis and management reporting.


23. Deskera Integrated Business Platform

  • Best for: Small, medium and large size businesses
  • Price: starts at $200 per month
  • Nov 10, 2022
Compare Deskera Integrated Business Platform Vs. SAP ERP

Deskera ERP is an enterprise resource planning solution for businesses of all sizes. It offers such services as purchase management, sales and billing management, vendor management, and others. The software was designed and launched by Deskera headquartered in California, United States.


24. Coda Financials

  • Best for: Medium and large size businesses
  • Price: starts at $10 per month
  • Apr 25, 2022
Compare Coda Financials Vs. SAP ERP

Unit4 Financials or formerly known as Coda Financials is a cloud-based or on-premise financial and accounting management solution for medium to large companies.


25. 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. SAP ERP

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...


26. SAP Business One

  • Best for: Small, medium and large size businesses
  • Price: starts at $56 per user/month
  • Dec 20, 2022
Compare SAP Business One Vs. SAP ERP

SAP Business One software is an enterprise resource planning solution designed for small and midsized business. The solution offers a number of functionalities that include premium engagements that secure businesses long-term success with the highest level of enterprise and collaboration.


27. Epicor Financial Management

  • Best for: Small, medium and large size businesses
  • Price: starts at $175 per user/month
  • May 17, 2022
Compare Epicor Financial Management Vs. SAP ERP

Epicor Financial Management Software is a cloud based software that streamlines and automates financial processes of organisations. It has a comprehensive suite of tools that support legislative requirements of companies by maintaining timely financial monitoring. General Ledger, Cash Management, Al...


28. AP Center

  • Best for: Small, medium and large size businesses
  • Price: starts at $40 per license
  • Jun 07, 2022
Compare AP Center Vs. SAP ERP

AP Center is a billing and account handling software that can be used for medical billing purposes. It is both a cloud based as well as on premise software. The on premise version can be installed on the medical facility and uses their infrastructure. The cloud version runs on the virtual servers an...


29. outright

  • Best for: Small businesses and start ups
  • Price: starts at $7.99 per month
  • May 24, 2022
Compare outright Vs. SAP ERP

Outright is a program used for streamlining the process of funds tracking so that everything from costs to profits are well and truly accounted for. Tracking funds is always a hard task. One miscalculation can lead to big mistakes that might not be easy to rectify.   The Outright Company, which is...


30. Oracle Financials

  • Best for: Small, medium and large size businesses
  • Price: starts at $600 per user/month
  • May 30, 2022
Compare Oracle Financials Vs. SAP ERP

Oracle Financial is a cloud-based end-to-end business management solution which is designed for monitor supplier invoices and payment. The core features include financial accounting, analytics, and material planning and more.


31. NanoEMR (Patient Health Records Software)

  • Best for: Small, medium and large size businesses
  • Price: starts at $300 per user/year
  • Apr 05, 2022
Compare NanoEMR (Patient Health Records Software) Vs. SAP ERP

Winsoft Add-Vantage enables checking and alerting on potential mistakes and reviews in medical coding Medical Necessity Checks &eRX Interaction all our edits are accredited and authorized to meet international standards of WHO.


32. CAREWORKS

  • Best for: Small, medium and large size businesses
  • Price:
  • Mar 12, 2022
Compare CAREWORKS Vs. SAP ERP

SOFSCRIPT is a leading provider of Healthcare Software Solutions. Our CAREWORKS™ HMIS has been a resounding success across prestigious Hospitals and Laboratories. CAREWORKS™ is also actively considered by Hospitals in replacing imperfect systems or failed implementations.


33. Accurants

  • Best for: Small businesses and start ups
  • Price: starts at $15 per user/month
  • Jun 20, 2022
Compare Accurants Vs. SAP ERP

You don’t have to be an accountant to utilize Accurants’ online accounting platform. Our easy-to-understand tools let you manage and monitor budgets, track sales leads, and analyze customer buying behavior. As an added bonus, all the Accurants’ accounting tools work seamlessly with one another. Ente...


34. e-hospital

  • Best for: Small, medium and large size businesses
  • Price:
  • May 11, 2022
Compare e-hospital Vs. SAP ERP

thedocweb enables intelligent healthcare management to help qualified professionals provide medical care to people more efficiently and effectively.


35. OnTrack

  • Best for: Small, medium and large size businesses
  • Price:
  • Jan 25, 2022
Compare OnTrack Vs. SAP ERP

Thank you to the hospital workers and staff, many of whom are our valued clients, for their dedication and commitment to the health and safety of our citizens during these unprecedented times. As always, we are here to support our clients through these challenging times.


36. DENALI Business Accounting

  • Best for: Small, medium and large size businesses
  • Price: starts at $1,999 per license
  • Jun 16, 2022
Compare DENALI Business Accounting Vs. SAP ERP

DENALI Business Accounting is a POS and accounting management solution for businesses of all sizes. It offers such capabilities as bank account reconciliation, cash management, general ledger, and others. The software was designed and launched by Cougar Mountain Software headquartered in Idaho, Unit...


37. MineralTree

  • Best for: SMBs
  • Price: starts at $200 per month
  • Jun 26, 2022
Compare MineralTree Vs. SAP ERP

MineralTree software is a cloud-hosted Accounts Payable & Payment Automation solution that serves small & medium-sized enterprises. The platform integrates with NetSuite, Microsoft Dynamics GP, Intacct, and QuickBooks.


38. Zed Axis

  • Best for: Small, medium and large size businesses
  • Price: starts at $310 per year
  • Jun 23, 2022
Compare Zed Axis Vs. SAP ERP

Zed Axis is both a cloud-based and on-premise transaction tracking solution that helps with importation and exporting data from QuickBooks. With the software, a user can import a comprehensive range of QuickBooks transaction types such as credit memos, invoices, sales orders, sales receipts, and bil...


39. MedModel Optimization Suite

  • Best for: Small, medium and large size businesses
  • Price:
  • Mar 16, 2022
Compare MedModel Optimization Suite Vs. SAP ERP

ProModel enables healthcare organizations to test their ideas and scenarios for radical cost reduction or other performance objectives in a virtual environment BEFORE they are implemented, reducing the risks of implementing ineffective initiatives.


40. Membroz - Manage Membership

  • Best for: Small, medium and large size businesses
  • Price: starts at $10 per user/month
  • Jan 05, 2022
Compare Membroz - Manage Membership Vs. SAP ERP

With workflow automation, you have the power to automate tedious and repetitive tasks in simple steps. Membroz can send a response every time a new member is added. It will automatically set the members privileges based on membership rules. It will send a message when membership is about to expire. ...


41. Cog HMS

  • Best for: Small, medium and large size businesses
  • Price:
  • Mar 14, 2022
Compare Cog HMS Vs. SAP ERP

Cognosys is a Global ISV, System Integrator and Integrated Service Provider Company with a strong emphasis in Cloud Computing, Financial Services, Enterprise Distributed application and Creative Embedded Deployments. We are capable and inspired to exceed your expectations by the quality of service w...


42. Napier Hospital Information System

  • Best for: Small, medium and large size businesses
  • Price:
  • May 10, 2022
Compare Napier Hospital Information System Vs. SAP ERP

Napier solutions are engineered by doctors for doctors. We simplify the complexities of healthcare management, so caregivers like you can focus on what’s really important—caring for patients and extending your service reach.


43. TCPL

  • Best for: Small, medium and large size businesses
  • Price:
  • Apr 20, 2022
Compare TCPL Vs. SAP ERP

Hospital Mangment System is packed with all the modules required to operate a Hospital or clinic and can also be customized for small clinics or independent medical practitioners and doctors.


44. VirginPlus

  • Best for: Small, medium and large size businesses
  • Price:
  • Feb 18, 2022
Compare VirginPlus Vs. SAP ERP

With the vision of Software for everyone Software for everything, in the dynamic universe of IT Industry, we in TECHasitis with the youthful and self-propelled group, constantly energetic to give all cloud-related software services and mobile applications.


45. GE Healthcare

  • Best for: Small, medium and large size businesses
  • Price:
  • Mar 22, 2022
Compare GE Healthcare Vs. SAP ERP

As a leading global medical technology, pharmaceutical diagnostics, and digital solutions innovator, GE Healthcare enables clinicians to make faster, more informed decisions through intelligent devices, data analytics, applications and services, supported by its Edison intelligence platform. We are ...


46. AccountEdge

  • Best for: Small businesses and start ups
  • Price: starts at $499 per license
  • Jul 25, 2022
Compare AccountEdge Vs. SAP ERP

AccountEdge is an accounting and financial management solution for small and medium businesses. Its capabilities include billing and invoicing, contact management, reporting, and others. The software was designed and launched by Acclivity Group LLC headquartered in New Jersey, United Sta...


47. Dynamine

  • Best for: Small, medium and large size businesses
  • Price:
  • Jan 21, 2022
Compare Dynamine Vs. SAP ERP

Contact tracing is a process used to stop the spread of many different infections in the hospital and community. Contact Tracing will identify an infected person. They can then be treated and stop the spread of infection. The Emerald Infection Control solution can help Your hospital handle pandemics...


48. FollowMyHealth

  • Best for: Small, medium and large size businesses
  • Price:
  • Jul 28, 2022
Compare FollowMyHealth Vs. SAP ERP

FollowMyHealth EHR Software is a cloud-based patient engagement tool that caters to patients and also to healthcare organizations. It is an Allscripts company invention that can be integrated with any system in health care organizations.


49. Vikas

  • Best for: Small, medium and large size businesses
  • Price:
  • Feb 28, 2022
Compare Vikas Vs. SAP ERP

Digital Marketing has become the driving force behind expanding a B2B company reach. The internet has empowered consumers to explore different companies to identify the offers suited to their needs and preferences. Digital Marketing agencies help their clients establish their digital footprint and a...


50. Salient Suite 5.0 for Healthcare

  • Best for: Small, medium and large size businesses
  • Price: starts at $1,200 per month
  • Jan 09, 2022
Compare Salient Suite 5.0 for Healthcare Vs. SAP ERP

Our singular focus is to help our clients win. From the very beginning, our consultants help your organization identify opportunities for improvement in care and a reduction of costs.


51. NextProcess

  • Best for: Small, medium and large size businesses
  • Price:
  • Sep 29, 2022
Compare NextProcess Vs. SAP ERP

Next Process is an account handling and finance handling software that can be used by the medical practices. It can be used by industries in any sector. Medical facilities may also utilize it to handle their finance department.


52. Acumatica Cloud ERP

  • Best for: Small businesses and start ups
  • Price: starts at $1,000 per month
  • Sep 15, 2022
Compare Acumatica Cloud ERP Vs. SAP ERP

Acumatica Cloud ERP is cloud-based as well as an on-premise enterprise resource planning solution that is designed for use by both businesses as well as individual professionals. The solution offers business the critical functionalities that help support business growth and expansion since the solut...


53. Shivam Medisoft

  • Best for: Small, medium and large size businesses
  • Price:
  • Jan 30, 2022
Compare Shivam Medisoft Vs. SAP ERP

Shivam Medisoft consists of a team of dedicated professionals each carrying extensive experience in their own field. Their passion to implement highly successful strategies, provide affordable healthcare software, and introduce innovative technologies inspired them to create Shivam Medisoft whose so...


54. Accufund Accounting Suite

  • Best for: Small, medium and large size businesses
  • Price: starts at $2,995 per license
  • Sep 22, 2022
Compare Accufund Accounting Suite Vs. SAP ERP

Accufund accounting suite is both a cloud-based and an on-premise solution that is developed to work in medium-sized businesses and large-sized enterprises. The software help enterprises that require a specialized payroll and financial reporting such as municipal government and other agencies.



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. 

Finding the right business software for your business
Proper business software selections are the precursor to successful deployment and business growth. Finding the right solutions doesnít have to be complicated, and it doesnít have to take days or weeks of your time.

After researching over 5,000 systems, we can identify the best solution for companies of all shapes and sizes. ITQlick.com is 100% free for software buyers.



Auditor - Shlomi Lavi

Website Linkedin profile Facebook Twitter

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.