Top 54 Payroll Accounting Software (Jan 2023)

2023's Best 55 Payroll Accounting Systems

Shlomi LaviShlomi Lavi / Jan 01, 2023

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1. Workday Adaptive Planning

  • Best for: Small, medium and large size businesses
  • Price: starts at $15,000 per license
  • Dec 28, 2022
Compare Workday Adaptive Planning Vs. Workday Adaptive Planning

Workday Adaptive Planning software is a cloud-based, SaaS, Business planning solution that offers tools for forecasting, budgeting, and reporting. The software removes the need for new software or hardware for installation as it is offered through the Web as a Software-as-a-Service solution.


2. Multiview

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

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.


3. Denali Business

  • Best for: Small businesses and start ups
  • Price: starts at $1,999 per license
  • Mar 10, 2022
Compare Denali Business Vs. Workday Adaptive Planning

Everything you expect from a leading business accounting solution, plus the tools to manage cash flow, monitor profitability, analyze trends, track inventory, and Denali Business by Cougar Mountain Software is a modular accounting solution which provides customers with reliable and accurate financia...


4. bkper

  • Best for: SMBs
  • Price: starts at $9 per month
  • Mar 13, 2022
Compare bkper Vs. Workday Adaptive Planning

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.


5. FINSYNC

  • Best for: Small businesses and start ups
  • Price: starts at $40 per month
  • Apr 12, 2022
Compare FINSYNC Vs. Workday Adaptive Planning

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.


6. Toggl

  • Best for: Small, medium and large size businesses
  • Price: starts at $9 per user/month
  • Apr 22, 2022
Compare Toggl Vs. Workday Adaptive Planning

Toggl is an online social media marketing and optimization software solution for small and medium businesses. In addition to that, it also offers useful accounting and scheduling capabilities. The software was designed and launched by NexGen Technologies Inc. headquartered in Colorado, U...


7. Fusion Accounts

  • Best for: Small, medium and large size businesses
  • Price: starts at $14.95 per user/month
  • Mar 02, 2022
Compare Fusion Accounts Vs. Workday Adaptive Planning

Fusion Accounts is an online accounting and finance software developed for all business types and sizes. It has billing and invoicing, payroll accounting, fixed asset accounting, bookkeeping, fund accounting, and core accounting features.


8. AestheticsPro Online

  • Best for: Small businesses and start ups
  • Price: starts at $125 per provider/month
  • Dec 21, 2022
Compare AestheticsPro Online Vs. Workday Adaptive Planning

Aesthetics Pro Online is a cloud-based medical software hosted on a flexible platform that combines concrete web-based hardware compatibility with EMR capabilities to empower on-the-go usage. Its features such as EMR capabilities and innovative technology, enable users to see the performance of thei...


9. SAP Financials On Demand

  • Best for: Small, medium and large size businesses
  • Price:
  • Mar 04, 2022
Compare SAP Financials On Demand Vs. Workday Adaptive Planning

SAP launched Financials OnDemand in late 2012 as a stand-alone financial management solution designed exclusively for the cloud. It tracks end-to-end financial transactions from order to cash and procurement to payment, provides rich embedded data analytics focused on KPIs, and supports mobile devic...


10. BrightPay

  • Best for: SMBs
  • Price: starts at $59 per year
  • May 06, 2022
Compare BrightPay Vs. Workday Adaptive Planning

BrightPay is an on premise payroll and auto enrolment software package that is built to assist small businesses and accountants in their weekly, monthly as well as monthly payroll. It is mostly used in the United Kingdom and Ireland.


Pricing Guide - Payroll Accounting Software:

Accounting & Finance Software products Price Range

An SMB size company should expect to pay between $0 and more than $4 for a base subscription of Accounting & Finance software. Additionally, the software vendors may include charges for extra features such as bill management, invoicing, and multiple currency support. The costs are usually on a "per month/per user" basis.

The price breakdown of accounting and finance software based on business size is as follows:

  • Accounting and finance software pricing for small organizations has a price range of $9-$40 per month/per user. Tally.ERP 9, for example, goes for $9 a month, although it has a one-time subscription starting from $630. Clearview Infocus costs $24 per month for each user, and SlickPie goes for $40 – Slickpie also has a free Starter subscription as well.
  • Medium-sized organizations would typically have to pay within the price range of $10-$45 per month for Accounting and Finance software. For example, FreshBooks charges $15 per month for its medium-sized plan; Sage 50cloud pricing goes for $45 per month, and MYOB Essentials for $14 a month.
  • Large companies can expect prices between $10 and $150 from Accounting and Finance software vendors. For instance, Xero charges $60 per month for its large plan, FINSYNC pricing goes for $45 a month, while QuickBooks Online large subscriptions start at $70 a month

Accounting and Finance software vendors have different prices based on the subcategories into which they fall.

Some of the accounting best of breeds software include

  • Financial Reporting Software This subcategory has a price range of $0-$70. For context, A2X for Amazon pricing starts at $19 a month; Wave Accounting is free across plans, and Cognos costs between $15 and $70.
  • Trust Accounting Software Trust Accounting Software vendors can charge up to $1000 for the software. For example, AdvantageLaw charges a one-time fee of $490, ESILAW 360 pricing goes for $65 per month, and MAUI cost up to $1000 for one month - MAUI has a free trial version as well.
  • Sales Tax software The sales Tax software has a price range of $50-$1500. Traxit costs $50 a month; Utility Software pricing goes for $85, and GreenGIST for a one-time charge of $1500. Intuit ProSeries has a plan which goes for $270 a year, and EcomTax for $19 per month.
  • Bookkeeper Software The bookkeeper Software would cost around $15 to $100, either monthly or yearly. For instance, Neat pricing goes for $100 a year, Veryfi costs up to $15 a month, and Botkeeper pricing sits around $99 a month.
  • Auto Dealer Accounting Software The subcategory can cost up to $200 per month or year. For example, QuickBooks Desktop Pro pricing starts at $200 a year, Abcoa Deal Pack costs up to $75 a month, and MotorLot pricing goes for $45 per month. Host books charge $10 a month, ARI costs $19 per month, and Frazer pricing falls around $55 a month.
  • Debt Collection Software Users can expect to pay $59-$239 a month for Debt Collection Software subscriptions. For example, Funding Gates AR pricing goes for $99, and My DSO Manager pricing starts at $59 a month, with other plans up to $239. Also, CollectMore charges a one-time fee of $6 for its software.

11. Sage Intacct

  • Best for: Small, medium and large size businesses
  • Price: starts at $15,000 per year
  • Apr 12, 2022
Compare Sage Intacct Vs. Workday Adaptive Planning

Intacct Financial management software (now Sage intact) is an integrated, cloud-based financial and accounting management solution for small, mid-market, and big enterprise businesses.


12. NetSuite Financials

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

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...


13. SAP Business ByDesign

  • Best for: SMBs
  • Price: starts at $20 per user/month
  • Apr 13, 2022
Compare SAP Business ByDesign Vs. Workday Adaptive Planning

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...


14. 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. Workday Adaptive Planning

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.


15. Sage 100 Contractor

  • Best for: Small businesses and start ups
  • Price: starts at $115 per user/month
  • Jun 11, 2022
Compare Sage 100 Contractor Vs. Workday Adaptive Planning

Sage 100 Contractor (formerly Sage Master Builder) provides small to mid-sized contractors with the easiest access to critical, end-to-end business and project information. You will be able to make better decisions and manage operations more effectively than when using off-the-shelf accounting softw...


16. Sage 300 Construction and Real Estate

  • Best for: Small, medium and large size businesses
  • Price: starts at $14,000 per license
  • Apr 01, 2022
Compare Sage 300 Construction and Real Estate Vs. Workday Adaptive Planning

Sage 300 Construction and Real Estate is an end-to-end construction and property management solution. It offers a number of features that include a document management feature that provides greater control of users’ documents and a clean audit trail.


17. TB Works

  • Best for: Small, medium and large size businesses
  • Price: starts at $299 per year
  • Feb 12, 2022
Compare TB Works Vs. Workday Adaptive Planning

TB Works is a trending cloud-based Accounting-Finance software, it is designed to support small, medium and large size business. TB Works received a rating of 3.7 from ITQlick team. The software cost is considered average (2.6/5) when compared to other solutions in their category.


18. Budget Maestro

  • Best for: Small, medium and large size businesses
  • Price: starts at $10,000 per year
  • Jul 04, 2022
Compare Budget Maestro Vs. Workday Adaptive Planning

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...


19. NimbleSchedule

  • Best for: SMBs
  • Price: starts at $2 per license
  • Dec 13, 2022
Compare NimbleSchedule Vs. Workday Adaptive Planning

Ximble software, formerly known as NimbleSchedule, is a cloud-hosted employee scheduling platform with accurate time tracking tools. The software enables employees and managers to manage time-off requests, schedules, as well as swaps in shifts.


20. Tagetik 4-0

  • Best for: Medium and large size businesses
  • Price: starts at $50,000 per feature
  • Nov 22, 2022
Compare Tagetik 4-0 Vs. Workday Adaptive Planning

Tagetik is a trusted provider of Corporate Performance Management and Business Intelligence software for budgeting, forecasting, financial consolidation, close, reporting, disclosure and more. Tagetik is one of the fastest growing global software companies in the Performance Management software indu...


21. Coda Financials

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

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.


22. Rosemark Home Care Management Software

  • Best for: Small, medium and large size businesses
  • Price: starts at $10 per client/month
  • May 14, 2022
Compare Rosemark Home Care Management Software Vs. Workday Adaptive Planning

Rosemark Home Care Management is a multi-faceted solution that is designed for home care practices. The solution offers a number of features that include an electronic visit verification module that automates real-time shift details, telephony, and no show alerts.


23. FOUNDATION Construction Accounting

  • Best for: Small, medium and large size businesses
  • Price:
  • May 16, 2022
Compare FOUNDATION Construction Accounting Vs. Workday Adaptive Planning

FOUNDATION Construction Accounting is a cloud-based Construction software that enables contractors to create budgets and reports using a job costing tool and manage projects together with correspondences and related documents.


24. eCMS Construction ERP

  • Best for: Small, medium and large size businesses
  • Price: starts at $10,000 per feature/year
  • May 16, 2022
Compare eCMS Construction ERP Vs. Workday Adaptive Planning

eCMS Construction ERP is a cloud-based construction software that assists contractors in handling daily generations of valuable data and ensuring availability at appropriate times.


25. NexusPayables

  • Best for: Small, medium and large size businesses
  • Price: starts at $750 per year
  • Apr 30, 2022
Compare NexusPayables Vs. Workday Adaptive Planning

NexusPayables is a SaaS-based Accounting & Finance software designed for real estate firms to automate their invoicing and purchasing processes.


26. CloudBooks

  • Best for: Small businesses and start ups
  • Price: starts at $3.99 per month
  • May 21, 2022
Compare CloudBooks Vs. Workday Adaptive Planning

Cloudbook is an invoicing software for freelancers and businesses to create customizable invoices, automate payment reminders, track expenses and time, and accept payments.


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. Workday Adaptive Planning

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. Planful

  • Best for: Small, medium and large size businesses
  • Price:
  • Jan 01, 2023
Compare Planful Vs. Workday Adaptive Planning

Host Analytics is a cloud-based CPM (Corporate Performance Management) suite. It is also called an EPM solution, with E meaning Enterprise. This product includes tools such as planning, close management, reporting and analytics. By using this software, companies can have one platform that integrates...


29. Oracle Financials

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

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.


30. ZipBooks

  • Best for: Small businesses and start ups
  • Price: starts at $15 per month
  • May 29, 2022
Compare ZipBooks Vs. Workday Adaptive Planning

ZipBooks is accounting, bookkeeping, and finance software solution for small businesses, contractors, freelancing professionals, and growing enterprises. Its key features include online invoicing, online accounting, time tracking, team management, and recurring billing.


31. Ajera Complete

  • Best for: Small businesses and start ups
  • Price: starts at $45 per person/month
  • Jun 16, 2022
Compare Ajera Complete Vs. Workday Adaptive Planning

Ajera Complete is a project management and accounting software for small to large businesses. It provides solutions including but not limited to an integrated CRM system, business development, pipeline management, marketing and sales, automated proposal creation, and integrated market intelligence.


32. Accurants

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

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...


33. Sparkrock Software

  • Best for: Small, medium and large size businesses
  • Price: starts at $5,170 per month
  • Jun 22, 2022
Compare Sparkrock Software Vs. Workday Adaptive Planning

Sparkrock is a cloud-based accounting software that interpolates the elements of finance management and HR management into a single solution designed to streamline accounting operations and increase productivity.


34. CAPS

  • Best for: SMBs
  • Price: starts at $5,000 per license
  • Jun 26, 2022
Compare CAPS Vs. Workday Adaptive Planning

CAPS is an accounting software that provides a cost accounting processing system that is all-encompassing.


35. Financials for Office 365

  • Best for: SMBs
  • Price: starts at $49 per month
  • Aug 24, 2022
Compare Financials for Office 365 Vs. Workday Adaptive Planning

Financials for Office 365 (now Wiise) is a cloud-based core accounting software that assists managers in organizing payroll, accounting, inventory, and CRM operations from a single system.


36. Pandle

  • Best for: Small businesses and start ups
  • Price: starts at $5 per user/month
  • Jun 25, 2022
Compare Pandle Vs. Workday Adaptive Planning

Pandle is a cloud-based accounting software designed for businesses to maintain full visibility over finances, automate bookkeeping and banking processes, manage invoicing processes, and enhance the categorization of expenses.


37. FundBalance Solution

  • Best for: Small, medium and large size businesses
  • Price: starts at $25 per license
  • Aug 25, 2022
Compare FundBalance Solution Vs. Workday Adaptive Planning

Fundbalance is an accounting and finance software designed for businesses to tackle complex recording challenges, manage employee and citizen activities, manage property tax life cycle, and provides advanced cyber maturity.


38. Acumatica Distribution Management Suite

  • Best for: Start up, Small business, Medium business
  • Price: starts at $649 per month
  • Aug 25, 2022
Compare Acumatica Distribution Management Suite Vs. Workday Adaptive Planning

Acumatica Distribution Management Suite is an application software module, which has been developed to aid in the management of the intricacies of distribution. It enables the user to track inventory, purchasing, ordering, filling orders, and delivering customer support. This software delivers real-...


39. PeopleStrong Alt

  • Best for: Medium and large size businesses
  • Price:
  • Jul 14, 2022
Compare PeopleStrong Alt Vs. Workday Adaptive Planning

PeopleStrong Alt is a cloud-based Human Resources software that enables managers to start requisition processes using job templates and set multiple approval levels.


40. Infor Office of the CFO

  • Best for: Small, medium and large size businesses
  • Price: starts at $1,000 per month
  • Jul 16, 2022
Compare Infor Office of the CFO Vs. Workday Adaptive Planning

Infor\'s Office of the CFO solutions are used by over 25,000 customers worldwide. This comprehensive, complementary suite of solutions will enable you to: Get anytime, anywhere access to systems and information Speed up decision making and reduce errors by having workflows and alerts c...


41. SmartHCM

  • Best for: Small, medium and large size businesses
  • Price: starts at $29 per user/month
  • Jul 24, 2022
Compare SmartHCM Vs. Workday Adaptive Planning

SmartHCM is a comprehensive, human capital management (HCM) software solution that is both on premise and cloud based, designed to assist organizations in various industries to manage their HR tasks such as payroll, onboarding, overtime tracking, and more.


42. UMANA

  • Best for: Medium and large size businesses
  • Price:
  • Jul 24, 2022
Compare UMANA Vs. Workday Adaptive Planning

Umana is time management, human resources, and payroll software designed for businesses to set rules, apply exceptions, track employee history, build job tables, and track events and positions.


43. Profitbase Retail BI

  • Best for: Small, medium and large size businesses
  • Price:
  • Jul 15, 2022
Compare Profitbase Retail BI Vs. Workday Adaptive Planning

Profitbase Retail BI is a business intelligence solution with out-of-the-box templates and software tools to help users reduce the cost, risk and deployment times. The solution can provide 360 degree visibility to all parts of business performance and can help users to track and plan on performance ...


44. Sage 300 ERP

  • Best for: Medium and large size businesses
  • Price: starts at $75 per month
  • Jul 25, 2022
Compare Sage 300 ERP Vs. Workday Adaptive Planning

Sage 500 ERP, previously known as Sage ERP MAS 500, is an integrated enterprise management solution that maximises profits, procedural effectuality and productivity of enterprises.  It offers solutions to standard operation like Accounting, Finance, Reporting and Business Management to name a few. T...


45. AccountEdge

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

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...


46. Workly

  • Best for: Small, medium and large size businesses
  • Price: starts at $13 per unit/month
  • Jul 29, 2022
Compare Workly Vs. Workday Adaptive Planning

Workly is a workforce management software for business owners and managers to empower HR teams by automating paperwork and tracking employee attendance.


47. Infor SunSystems Software

  • Best for: Small, medium and large size businesses
  • Price: starts at $150 per user/year
  • Jul 30, 2022
Compare Infor SunSystems Software Vs. Workday Adaptive Planning

Infor SunSystems is an ERP software that enables businesses to coordinate financial and costing transactions, and process data account balances using existing ledger data. The software grants visibility to balance sheets, profit and loss accounts as well as all purchasing activities.


48. Clear Books

  • Best for: Small businesses and start ups
  • Price: starts at $6.94 per month
  • Sep 13, 2022
Compare Clear Books Vs. Workday Adaptive Planning

Clear Books is cloud-based accounting software that controls the financial reporting, purchase tracking, and invoicing of businesses.


49. Exact Globe Accounting

  • Best for: Small, medium and large size businesses
  • Price: starts at $225 per license
  • Aug 01, 2022
Compare Exact Globe Accounting Vs. Workday Adaptive Planning

Exact Globe is an enterprise resource planning solution for small and medium businesses. Its capabilities include procurement management, accounting, inventory management, and others. The software was designed and launched by K2 Enterprise headquartered in California, United States.


50. INTERAC

  • Best for: SMBs
  • Price:
  • Sep 24, 2022
Compare INTERAC Vs. Workday Adaptive Planning

INTERAC is an accounting software that integrates accounting and management into businesses. The software can be tailored to one business, and it integrates tightly to enable users to enter information only once.


51. HRcogs

  • Best for: SMBs
  • Price: Has a free version
  • Sep 29, 2022
Compare HRcogs Vs. Workday Adaptive Planning

HRcogs is a cloud based human resource (HR) solution that offers staffing, performance, compensation, training and succession planning tools. The core features of HRcogs include payroll management, applicant tracking, and recruitment management among others.


52. 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. Workday Adaptive Planning

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.


53. A3 Modeling

  • Best for: Small, medium and large size businesses
  • Price: starts at $500 per user/month
  • Oct 01, 2022
Compare A3 Modeling Vs. Workday Adaptive Planning

A3 Modeling is an accounting and corporate performance management solution for your business. The software was designed by A3 Solutions headquartered in California, United States. It provides the important functionalities related to accounting, budgeting and forecasting areas of business. 


54. The Financial Edge

  • Best for: Small, medium and large size businesses
  • Price: starts at $299 per user/month
  • Oct 04, 2022
Compare The Financial Edge Vs. Workday Adaptive Planning

Financial Edge is an accounting system best suited for nonprofits and government agencies. This program has an effective solution for grant management. With the user-friendly interface and specific functionalities, all the accounting issues are handled in a timely manner and all postings are done to...



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.



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Auditor - 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.