For some, 2019 will be the year that Financial Professionals hang up the Finance Officers’ Swiss army knife, the trusty spreadsheet, and look to more sophisticated software to meet reporting requirements. For those of you already using financial reporting applications, it raises the question of whether your current software is up to the task.
Admittedly, choosing the correct GASB financial reporting software (CAFR, PAFR, Single Audit, Budget Book, State Controller’s Report, SEFA, HUD, MMRs, other Constitutionals, etc.) can be a headache. Nonetheless, it is also one of the most important business investments you will make this year. Software purchasing processes are complex, fraught with issues and require significant time and effort to make the right choice. Financial reporting tools are no exception. You need to be certain that the software will meet your specific requirements, and take into account a host of other factors to ensure that your investment gives you the biggest return on your investment.
Factors such as ease of use, flexibility, and affordability are a few of the most common criteria for choosing a financial reporting software solution. However, there are other equally important factors at play. It is as much about the automation of the entire financial audit and reporting process, the technical expertise and support, and an intangible “feeling” you might have when dealing with the provider in the early stages of the relationship.
To guide you through the decision-making process, we have created a list of six considerations when evaluating the financial reporting software providers on your shortlist.