Maximizing ROI: How to Choose the Right Finance and Accounting Technology Solutions

The recent Finance and Accounting Technology Expo hosted by the CFO Leadership Council highlighted a key challenge many organizations face today: how to select the right technology projects that truly solve pain points and deliver the highest return on investment (ROI). With countless vendors promoting Agentic AI and other advanced tools, decision-makers often feel overwhelmed. The key is not to chase every new technology but to focus on understanding your specific challenges and choosing solutions that address them effectively.

This post explores practical steps to help finance and accounting leaders, whether in Fortune 1000 companies or small to medium-sized businesses, navigate the complex landscape of finance technology. It also discusses how to balance enterprise solutions with offshore resources when appropriate.

Identify Your Pain Points Clearly

Before evaluating any technology, start by mapping out the specific problems your finance and accounting teams face. Common pain points include:

• Manual data entry errors slowing down month-end close

• Lack of real-time financial reporting

• Inefficient invoice processing

• Compliance risks due to outdated systems

• Difficulty scaling operations during growth phases

  
  

Understanding these challenges in detail helps you avoid buying technology that looks impressive but does not solve your core issues. For example, if your biggest bottleneck is slow invoice approvals, a solution focused on automated workflow and approvals will bring more value than a broad AI tool that promises many features but lacks depth in this area.

Focus on ROI, Not Features

Vendors often highlight flashy features like Agentic AI or predictive analytics. While these can be useful, the real question is: how will this technology improve your bottom line? ROI can come from:

• Reducing labor costs by automating repetitive tasks

• Shortening the financial close cycle to free up staff for strategic work

• Improving accuracy to avoid costly compliance fines

• Enhancing cash flow visibility to optimize working capital

  
  

Calculate potential savings or revenue gains before committing. For instance, if automating accounts payable can reduce processing time by 50%, estimate the labor hours saved and translate that into cost savings. This approach keeps your selection grounded in measurable business impact.

Use a Structured Vendor Selection Process

With many vendors claiming to offer the best solutions, a structured evaluation process is essential. Steps include:

• Request for Information (RFI): Gather basic details about capabilities and fit.

• Request for Proposal (RFP): Ask vendors to propose solutions tailored to your pain points.

• Demonstrations: See the product in action with scenarios relevant to your business.

• Reference Checks: Talk to current users in similar industries or company sizes.

• Pilot Programs: Test the solution with a small team or process before full rollout.

  
  

This process helps you compare vendors objectively and avoid decisions based on hype or sales pressure.

Consider Scalability and Integration

Finance and accounting technology should grow with your business. Choose solutions that can handle increasing transaction volumes and adapt to new regulatory requirements. Also, ensure the technology integrates smoothly with your existing systems such as ERP, payroll, and banking platforms. Poor integration can create data silos and reduce efficiency.

For example, a mid-sized company selecting an expense management tool should verify it connects with their accounting software to avoid manual data transfers.

Balance Enterprise Technology with Offshore Resources

Not every solution requires expensive enterprise software. For some pain points, combining technology with offshore resources can deliver strong ROI. Offshore teams can handle routine tasks like data entry or reconciliations, supported by cloud-based tools that provide transparency and control.

This hybrid approach works well for small to medium businesses that need to control costs but still want access to skilled finance professionals. It also allows larger companies to focus internal resources on strategic initiatives while outsourcing transactional work.

Stay Open to Emerging Technologies, But Stay Practical

Agentic AI and other advanced technologies offer exciting possibilities, but they are not a silver bullet. Use them where they clearly address your pain points and fit your budget and capabilities. For example, AI-powered fraud detection can be valuable for companies with high transaction volumes and fraud risk, but may be unnecessary for smaller firms.

Keep evaluating new tools regularly but prioritize solutions that have proven results and align with your business goals.

Train Your Team and Manage Change

Even the best technology fails without proper adoption. Invest in training your finance and accounting teams to use new tools effectively. Communicate clearly about how the technology will help reduce their workload or improve accuracy. Manage change by involving key stakeholders early and addressing concerns.

Successful adoption maximizes ROI by ensuring the technology delivers its full potential.