Insights

What is the Best-of-Breed Software Model in Financial Management?

 

What is the Best-of-Breed Software Model in Financial Management?

Oct 14, 2018

As one of the top 20 accounting and consulting firms in the nation, Wipfli has worked to become a one-stop shop for all your business needs. From tax, audit, and advisory services to cybersecurity to technology consulting, our goal is to provide our clients with the highest levels of service—no matter their needs.

Our technology consulting practice serves businesses of all sizes, industries, and needs, and we provide multiple ERP solutions that can be customized for your unique needs. One of these solutions is Sage Intacct, one of the originators in the cloud accounting marketplace that helps growing businesses to automate complex processes, deliver financial and operational insights and inform strategic decisions.

As we begin to discuss this product in greater detail over the coming months, we would like to start by discussing one of the most common talking points of the software: the best-of-breed software model.

Best-of-Breed Software

The best-of-breed software model has been around for decades—created out of necessity in the 60s and 70s when processing power did not allow for monolithic suites.

Though the market has seen both these and suite platforms leading the market, technological advances and cloud computing have made for an environment in which best-of-breed software options are not only viable, but potentially ideal for certain businesses.

Designed for integration, software is built using a hub-and-spoke model—a central financial management platform that uses a user-friendly application programming interface (API) to connect with a multitude of applications.

Benefits of the Best-of-Breed Software Model

There are many reasons that a company may opt for a best-of-breed software over a suite. From an easier implementation to the simplicity of integration, these focused platforms allow businesses to get up and running quickly.

Implementation

No matter which vendor, scope, or delivery model you choose, the implementation process is going to be a challenge. While the right implementation partner can manage your expectations and help you to succeed throughout every step of the implementation process, many organizations are finding that best-of-breed implementations—featuring shorter timeframes, fewer moving parts, and less disruption—are more likely to be successful.

The best-of-breed model tackles the implementation challenge in numerous small steps that can be completed in tandem or in sequential order.

Robust and Feature Rich Updates

Another selling point for a best-of-breed solution comes in its development. With a narrower product portfolio, vendors can focus research and development efforts on specific needs, resulting in more frequent and robust updates. This means that feature requests are attended to and new functionality is added more often.

Easy Integration

Best-of-breed solutions are designed to do one specific job and do it well. With this in mind, vendors will build a product with integration in mind. For example, a financial management solution vendor knows it will struggle to compete in the CRM market, so they will design products that work with whichever CRM their customers use or intend to use.

Flexibility

Businesses today need to be able to pivot based on regulatory changes, competition, or new needs, and best-of-breed solutions allow businesses the flexibility to make changes faster. If one software can’t meet your company needs, you simply switch that one platform out—rather than being forced to make a massive change when something necessitates it.

User Friendliness

Over the course of a career, your employees will get used to certain processes and interfaces. For many organizations, the best solution is the one that employees will use. Knowing this, best-of-breed software gives users and administrators more choice in the software they use. Rather than tying users to one overarching platforms, organizations get to use the software that users want. Training is easier, changes are easier, and ultimately, business users can get the best possible option for their business.

Sage Intacct: Best-of-Breed, Built to Integrate

As the leading best-of-breed software in the market, Sage Intacct provides a powerful financial management platform that can not only “play well with others,” but one that can scale with your organization—no matter how big, complex, or regulated.

At Wipfli, we are proud to resell Sage Intacct and other best-of-breed solutions, providing the highest level of implementation, support, and integration that you’ve come to expect from a top 20 accounting firm.

We invite you to learn more about our software solutions here, download the Buyer’s Guide to Cloud Accounting Software, and contact us for a free demo.

Learn More about Wipfli’s Sage Intacct Marketplace Solutions at Sage Intacct Advantage 2018

Are you a Sage Intacct customer or prospect headed to Sage Intacct Advantage 2018? Get to know our Sage Intacct Marketplace solutions at our Marketplace Expo Booth. We will have team members available to discuss our ExpenseConnect, InvoiceConnect, SchoolConnect, PositivePay, and LM-2 Reporting solutions for Sage Intacct.

We will also be presenting our insights throughout the Sage Intacct Advantage conference, leading five sessions designed to help users improve reporting, allocations, budgeting, project cost tracking, and more. Learn more about these events here.

Author(s)

Dietz_Brian
Brian Dietz, CPA
Partner
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