As Dorothy discovered in the Wizard of Oz, who’s behind the curtain doesn’t necessarily match up with all the grand displays and promises.
This is particularly poignant as we watch such behemoths as CitiGroup trim 50,000-plus jobs from the roster.
When vetting new and improved accounting solutions, make sure the company you’re looking at can sustain itself and its products for the long-haul. Otherwise, you could wind up buying the world’s best accounting software—only to discover later that ongoing support, upgrades and advances have stopped dead in their tracks.
Given current economic volatility, who can you trust long-term to provide both the best accounting solutions and sustainability? Following are some ways to help answer “here today, here tomorrow” questions:
1. Look at company presence as a future predictor. Bluntly put, Microsoft is unlikely to go out of business—even under the worst of circumstances. It’s ubiquitous and has myriad resources to shore up problem areas. Not to put too fine a point on it, but Bill Gates alone has financial wherewithal to solve many of Microsoft’s future financial challenges. Even though he’s stepped away from a day-to-day role, don’t for a minute believe he would let the company he built get torn down.
Microsoft’s staying power is unusual. Look at any company’s accounting software in a similar light, and determine just how much of an economic storm they can withstand—before your accounting software starts suffering.
And don’t figure that past power is necessarily an indicator of the future. As proof, I need say no more than the words, “Big 3 automakers.”
2. See how “bad” bad is. Ask for at least three “negative” recent accounting software references and follow up on them. No, that’s not a typo. All accounting solutions have their detractors and vulnerabilities. By requesting three sources who aren’t happy, you can get a baseline of present drawbacks to view in light of potential future problems. If the accounting system software is fundamentally failing now, don’t expect a magical positive change in the near-term—especially with a faltering economy.
As part of this process, also research blogposts and other online articles/reviews—remembering to view comments with a grain of salt until/unless you can establish their veracity.
3. Look harder at core competencies. For example, accounting software that has “made its bones” in the manufacturing industry before branching out may decide to go back to its roots if the economic going gets too tough. If its roots are in manufacturing, and you’re a manufacturer, this can be a big plus. If you’re a retailer, you may want to locate accounting software rooted strongly in your industry.
Do your homework to help make sure your accounting software wizard can deliver on promises for tomorrow, as well as today.
