Revenue & Financial Accounting System Procurement: Where to Start?

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When considering purchasing a revenue system or any financial accounting system, there are several things to think about. Here are some tips to help you navigate the process: 

Brainstorm and prioritize your requirements: 

Take the time to brainstorm with your team or yourself and write down all the things you want the system to automate. Include everyone up to the CFO, if possible, to ensure you capture all requirements. This will also help get people on board with the importance of automation and alignment in the purchase of the system. Once you have all the requirements, organize them into a prioritized list to guide your evaluation process. 

Identify collaborators: 

Map out the list of requirements to determine who and what you need to collaborate with internally to effectively purchase and implement the system. If you have a financial systems department, involve them in the evaluation process. If not, take on the role of project manager yourself. Reach out to the departments that own the process inputs you plan to automate and explain your intentions. This will help you work with them to improve the business. 

Understand where the data comes from: 

Determine where the data is stored and coming from in your organization. While you may know this information, it's important to map out the business requirements upfront. Confirm that the system can connect to your existing processes and meet your data requirements. Don't let salespeople gloss over your requirements; advocate for yourself and consider all touch points. Lack of planning around data requirements can cause delays in implementation. 

Consider security requirements: 

Don't forget about your company's security requirements. Engage with your IT or security team to ensure that the system you want to purchase meets all necessary security standards. Permissions are important, but there are other boxes to check as well. Partner with the appropriate teams to confirm the system passes security tests. 

Think beyond the system: 

Challenge yourself and your team to consider what the system is not solving. Explore how you will address those gaps and account for them. Revenue complexity varies across businesses, so it's important to evaluate the system's ability to handle future challenges and changes. Ensure that the system can grow with your business and anticipate potential problems. 

Don't delay for month-end: 

Avoid deprioritizing the evaluation and implementation of the system due to month-end close. Instead, hire extra help for day-to-day tasks and empower your employees to focus on finding solutions that make them and the business more efficient. Involving employees in the implementation process will catch errors sooner and increase adoption of the system. 

In conclusion, investing the effort upfront in evaluating and implementing a revenue system or financial system is crucial for long-term success. Be patient, stay aligned with your teams, and lean on your manager, executive sponsor, and professional network for support throughout the process. Remember, the ultimate goal is to achieve a future state of automation and efficiency.

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