Finding a new budgeting and forecasting solution can be an overwhelming task. Not only is the task to find a product to suit your unique business needs, but it also entails sorting through the multitude of products on the market as well. However, knowing the right questions to ask in advance can make the process easy as a Google search. Asking the right questions is a budgeting best practice and these five questions must be addressed by any CFO looking into new a budgeting and forecasting solution, in order to ensure the perfect fit.

1. What is the rationale for the purchase?

First and foremost, you must understand how exactly the solution will benefit your business. What is it that you want to get out of a budgeting solution? Whether you’re looking for a more in-depth understanding of your financial situation, or require greater efficiency when budgeting, you must establish the reason for your purchase. Once you’ve figured this out, you will have narrowed down your choices.

2. What is the business case for a new budgeting solution?

Now it is time to take a few steps backwards and look at the other strategic objectives of this purchase. Not only must you understand the rationale of buying new software, you must understand the needs of the employees. What about the senior executives? And other departments? Take the time to really understand the challenges of each person involved in the budgeting process to build a better business case. Gather this data and you’ll be on your way to purchasing the right solution for you company.

3. Does your current IT infrastructure support your choice of software?

Possibly the biggest contributing factor of how well a product will fit your company is whether your infrastructure will support the program. If it does fit, then perfect, if not, it will just be a waste of money. Before implementing any new software be sure that it will work flawlessly with your company’s system.

4. What is the grand TOTAL?

Be sure to consider all the hidden costs when implementing your budgeting and forecasting software. Find out if all functionalities are included in one solution. Is there a possibility that you will have to implement multiple products? Will you need to provide training to your employees? You cannot focus on product cost alone, consider licenses, implementation costs, customizations and maintenance over time.

5. How are the customer testimonies?

The opinion of a crowd is powerful tool. Much like how you would pick a restaurant, you would probably go with the one with the highest customer rating from a quick Google search or just take a quick glance of how many people are in the restaurant. Explore what other companies in your industry have to say about the product. By answering these five questions, you should have the upmost confidence that your choice of budgeting and forecasting solution will perfectly fit your company’s unique needs. We work with companies that can help you find the planning, budgeting and forecasting software that suits your unique needs the best.

Have you outgrown your Excel spreadsheets and are looking for a budgeting solution to streamline the budgeting and forecasting process? We’d love to help! Contact True Sky.