Accounting Software Selection
There is no shortage of accounting software to choose from, and choosing the right accounting software includes more than the software costs. It includes choosing the platform environment where the accounting software will reside, calculating the Total Cost of Ownership (TCO), and determining the Return on Investment (ROI).
New Millennium Solutions represents the Microsoft Dynamics GP software family. If you need an experienced company to implement one of these systems, or to identify the best fit for your organization, you have come to the right place.
On-Premise vs. Hosted-Owned vs. Hosted-SaaS vs. Cloud-SaaS
One of the first steps to determine the right accounting system is to identify the best platform environment from on-premise accounting, hosted, software-as-a-service (SaaS), or cloud/browser based, which often identifies the best software to use.
|Software Platform Environments|
|Product||Dynamics GP||Dynamics GP||Dynamics GP||Dynamics 365|
|Install Location||Your Server||Provider's Servers||Provider's Servers||Microsoft Servers|
|User Licenses||Initial Purchase|
|Initial Purchase & Annual Enhancement|
|Monthly or Annual License Fee||Annual License Fee|
|Monthly or Annual License|
|Hosting Fee||None||Monthly Fee||Included in|
Monthly or Annual Fee
The Total Cost of Ownership (TCO) will include different costs depending on the software platform environments. For example, an on-premise accounting software includes the hardware and its maintenance, software installations, and both hardware and software upgrades, but the hosted, SaaS, and cloud environments will not include those costs. If you are comparing the TCO between the different platforms, it is best to create a comparison chart, so you can easily visualize and determine which costs to include for the various platforms. Learn more...
The Return on Investment (ROI) quantifies the impact the new accounting software will have on your business. It measures the benefits received verses the investment costs of the new accounting software over a pre-determined amount of time. Developing credible monetary values for the benefits can be both challenging and controversial. The decision-makers of the company will determine the benefits to include in the ROI analysis. Determining the ROI is not a precise process, and you will need to estimate the monetary values of some, if not many, of the benefits. Although estimates must be used, it is still important to specifically identify the benefits and their associated ROIs. Learn more...