the top ten ‘soft’ factors small business owners are looking for before they buy.
by laurie mccabe
smb group
the best small- and medium-size business know that strong financial planning is essential for survival and growth – especially these days when they’re looking for ways to automate financials, streamline planning and budgeting operations, and provide the visibility they need to steer their businesses through changing market conditions.
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the good news for accounting firms is that smbs are increasingly turning to cloud-based financial solutions that can give them robust capabilities without the hassles of deploying and managing hardware, software, and infrastructure in house. cloud solutions provide continual access to real-time, consistent information, frequent updates, and continuous innovation. while erp cloud adoption has trailed in other areas, it’s poised to catch up quickly as businesses get more comfortable with the cloud model.
smbs tend to start with a shortlist of solutions based on functionality. and then some may move quickly to the softer side – qualities that are usually more difficult to quantify than things such as features and price. but those qualities can often make or break the client’s satisfaction with the solution you ultimately select with them.
at the end of the day, clients want to work with a provider they can trust—one that will work with them to ensure that they’re getting the results they need will their company navigate through change and uncertainty.
smb clients are asking, does the technology provider:
1 – listen to understand their business requirements? every business has unique issues and priorities. providers should take the time to thoroughly understand the client’s particular issues and priorities.
2 – answer all of their questions? this sounds like it should be a given, right? but the number one way that clients say vendors can improve the purchase experience is by doing a better job of answering questions. in the case of financials, their entire business will rely on the solution—making it doubly important for providers to provide easy to understand answers to all of their questions about the solution, business practices, pricing, security, and any other questions they may have so they aren’t left with any nagging doubts.
3 – connect them to reference customers? clients are asking providers to connect them with companies similar to their own so they can get first-hand insights about their experiences with the solution. of course, they’ll want to check customer ratings on online sites as well.
4 – have a positive company culture? check sites such glassdoor.com to see what employees are saying about the company. an accounting firm or tech vendor that cares about and values employees is also more likely to have the same perspective about its customers. and happy employees are much more likely to go the distance for their customers.
5 – speak the language of finance fluently? having a good percentage of cpas, cfos, and finance professionals on staff ensures that the provider not only “speaks finance” but also understands how to build solutions tailored to the requirements of financial users.
6 – have endorsements from financial standards bodies, such as the aicpa (in the u.s.), or the international federation of accountants company (outside of us)? these bodies set high standards for accounting software that help ensure peace of mind.
7 – offer an easy to understand, comprehensive contract? contracts should include service-level guarantees that spell out minimum acceptable performance levels uptime, response time, and other performance variables. they should also include data security and business continuity provisions, such as certifications that validate security, backup and business continuity procedures, and data ownership and return processes. the provider should also be able to make adjustments as needed to conform to client security requirements and clarify their liability for any damages due to security breaches.
8 – provide a clear roadmap to the future? the only constant is change, and innovation will provide clients with a competitive edge. clients are examining accounting firms are modernizing reporting and analytics; improving mobile and integration capabilities; and using artificial intelligence and machine learning, natural language processing, and other technologies to get more value from the solution.
9 – have an active, robust partner ecosystem? no one vendor can do it all for any business. but engaged vendors can fill in the gaps with complementary services and products, such as planning, implementation, integration, customization, onsite support, and more.
10 – make it easy to figure out where the buck stops? clients want to avoid finger-pointing issues down the road by choosing a provider that clearly defines roles and responsibilities.
perspective
many cloud-based financial management vendors are vying for clients. assessing functionality and price may be where clients start their evaluation process, but it doesn’t end there.