When evaluating financial management solutions, one of the initial decisions will be what software delivery model to select.
The software delivery model determines where your accounting data will be stored and how you will access your software.
There are three software delivery methods:
Hosted privately or in a public cloud
Native cloud/Software as a Service (SaaS)
This is what most people think of as the “traditional” software model. The application is purchased with a licence upfront, installed on your own internal servers, and maintained and updated by your IT staff or IT partner.
Hosting your software in the cloud allows a non-profit to own software that physically resides at a remote data centre operated by a third-party hosting provider. Users access their unique instance of the fund accounting system over the Internet using a platform like CPiO Cloud.
Native Cloud/Software as a Service (SaaS)
SaaS based products, such as Sage Intacct are accessed securely over the Internet. It will be maintained by the application vendor on a cloud platform of their choice and is easily scalable. Vendors improve and upgrade the system continuously, delivering the software as a high availability service to your users. Sage Intacct is SaaS based.
The eBook, ‘7 Practical steps to non-profit financial transformation’, breaks down the software evaluation and selection process into manageable steps. It includes further advice around evaluating your options plus sections covering areas such as how to conduct a business process review and defining your requirements.