How to choose college accounting software (with a handy checklist)

What does good accounting software for colleges look like?

For starters, it’s not just about the software package itself. Of course, you’ll be looking for a finance solution that includes all of the core features and functionality you would expect – however the best solutions are those that also offer the flexibility and additional support your college needs to achieve all the potential benefits you would like. So the best accounting software for colleges will also offer the following:

• A well-defined and smooth migration and implementation Your provider should be able to explain exactly what this will involve, demonstrate how they have successfully achieved this previously, and be clear on the amount of input you will need to give at each stage.
• Change always takes a bit of getting used to and for your Finance team, updating the software they use daily will be easier if they have best-in-class customer support to answer their questions and offer guidance or back-up if needed.
• Check how much (if any) flexibility and adaptability is available from each provider you are considering. Whether it’s about pricing options, customisation within the product itself, or even integration with software that Finance is already using and plans to keep – this is one area where you really do need to delve into the specifics.
• Consider the long-term plans for your college. The best fit accounting software for your college today might not meet all of your needs further down the line. Software scalability is a key issue for colleges planning to grow, merge or adapt their offering in the medium or long term.
• Also from a longer term perspective, check that your potential software provider is also investing in the ongoing development of their product. You definitely don’t want to be lumbered with a finance software package that is out-of-date in just a few years.

The 5 key features you need in your college accounting software

1. Multi-dimensional reporting is a very visible and valuable way to give insight into the numbers, not only for Finance but also for the senior leadership team in your college. The best finance software will offer lots of ways to dig into your data and pull together reports for budgeting, planning and strategy development.
2. Access to real-time data should be high on your list of ‘must-haves’ as it makes it quick and easy for Finance to report on the current position instantly and enables key decisions to be made quickly and confidently every time. Accuracy is improved too.
3. Secure cloud-based accounting is the way forward for the majority of educational institutions as well as for businesses – and there are multiple reasons why so many have already moved to the cloud. The three biggest ones are enhanced security, no CAPEX, and instant updates by the provider (not your IT team). There are plenty more too.
4. Staff and volunteer expense management is made significantly easier and more efficient when your finance software differentiates between the two and enables expenses to be submitted and processed electronically.
5. Compliance with financial regulations (DfE, ESFA, CFR, SOFA) is far less of a burden when what’s needed is built into the finance package you’re using. As well as having key steps incorporated into your processes, you’ll also be able to access audit trails and pull reports at the click of a mouse.

CHECKLIST: Choosing the right accounting software for your college

Check out this quick and easy 5-point action plan when reviewing potential providers and deciding which one will deliver the best accounting software to meet the needs of your college.

ACTION: Do detailed research and planning

It really pays to be thorough, especially when making a decision that will impact your entire Finance team and the ongoing financial management of your college. There are multiple options available on the market, so be sure to consider a range. For some specific solutions to look at, refer to Best university accounting software in 2024.

ACTION: Consider specific features and add-ons

Start by detailing what you need (as opposed to looking at the features and functionality included). With your ‘wish list’ defined, it’s much easier to cross-reference this with each college accounting software package to see how well (or not) it matches. Interestingly, Access Finance software offers a modular approach that allows you to select exactly what you need – and avoid paying for additional elements that you don’t need.

ACTION: Prepare your business case

Pulling together a comprehensive business case enables you to present all the key information which will be needed to get approval for investment in the new college accounting software you have chosen. Use this document to quantify the issues, detail the potential solutions, outline your recommendation, and clarify expectations regarding return on investment. Check out this guide to writing a business case for more information.

ACTION: Learn about data migration

Your data migration process depends entirely on how all your college finance information is currently held. Not every provider has proven capabilities in data migration for the education sector, so bear in mind that some will take longer than others. For comparison, if you opt to work with Access, we have experience of migrating data in as little as 24 hours.

ACTION: Factor in implementation time

Be prepared to manage expectations regarding how long is needed to make the change from your existing college accounting software to a brand-new, up-to-date solution. Your provider should be able to provide you with a detailed implementation timeline as well as the key stages and milestones involved so you can plan ahead.