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2018 Buyer's Guide to Accounting and Financial So ware 8 Results • Reduced IT costs. A er implementing Sage Intacct, Canto was able to reassign one full-time employee who was previously dedicated to application maintenance� • Increased revenue recognition efficiency. Sage Intacct helps Canto recognize revenues during the fiscal period when they actually accrue without using spreadsheets. Canto is now saving one workday/month on revenue recognition. • Increased productivity. Canto employees manage thousands of orders and contracts every year. Contracts now get done three minutes faster; orders get done 10 minutes faster� Canto has also gained time savings on financial closings and other previously manual processes. Evaluating Solutions Selecting a Solution: It's Still About Best Practices When it's time to evaluate vendors for your financial system, it's essential to remember that you are ultimately choosing a sophisticated so ware application. Even with cloud-computing implementations, the basic process of ve ing vendors remains unchanged. Consult the basic evaluation checklist below—then be sure to continue to the next section for additional questions you should ask cloud vendors� Gather requirements. Carefully define and document your needs. Get input and gain consensus from key users in finance and related departments across the organization. Do you need to integrate with CRM systems? Talk to sales. Do you need to deploy new purchase requisition processes? Talk to accounts payable. Identify top priorities and challenges. No system meets every need for every user. Determine which functionality and requirements are "musts" and rank them so that you can select the system which best fits your finance team's unique needs. Create an RFI/RFP. With requirements established, now's the time to list your needs, expectations, and parameters on a Request for Proposal (RFP) form that you can send to a short list of vendors. Using the same form for all vendors will allow you to make an apples-to-apples comparison of solutions. Research your options. Go online to develop a short list, si through competing offerings, and comb through independent research and reviews. You can consult social networks like Linkedln and Twi er to connect with people that are already using the products you are evaluating. For real-world reviews by actual users, check out Proformative, TrustRadius, and the Salesforce�com AppExchange� Canto eliminated 500 hours of manual data entry per year and achieved an annual ROI of 91 percent with an eight-month payback period. For real-world reviews by actual users, check out Proformative, TrustRadius, and the Salesforce.com AppExchange.