There are two types of software application available in the market, namely off the shelve software application and custom made software application. In case of off the shelve financial software applications, there are some common applications which are available as open source and can be purchased by anybody, however in case of custom built complexities in financial software application, the service provider actually develops an application after studying the needs and requirement of the business.
There are both pros and cons of both kind of financial software application
Pros of off the shelve financial software applications
- Cheaper : Since these software are already made, therefore not much of efforts are required by the vendor, hence are available cheaper
- Easier to acquire : It’s very straight forward to acquire then as they are available as a open source application. All you have to do is buy a license and the purchase price
- Easier to implement : The implementation is quite general and similar for everybody, there are no complex setting and directions
Cons of the shelve financial software applications
- Expensive : Since it is purchased straight from an open source therefore it might require more maintenance as and when there is a change in the application, thus more cost
- Rigid : Since it is not developed by keeping in mind the needs and requirement of the business, therefore it might be a bit rigid if something needs to be changed
- Obsolete : Off the shelve financial software application is developed by keeping in mind the current situation; they might become obsolete with time as the technology evolve.
It is advisable to study both the pros and cons of off the shelves financial software applications before selecting an application
Pros of Custom built financial software applications
- Asset for life : Custom built software acts as a asset for life as, they are built while keeping in mind the future of the organization, therefore are robust enough to sustain with changing technology as well
- Cheaper in the long run : Since they are developed, by keeping in mind all the scenarios therefore they need little maintenance and work out to be a cheaper option in the long run
- Better integration : Custom built solutions integrate well with each department and enhances synchronization.
- Easier to use : Custom build software are built in line with the goals and vision of the organization therefore they are easier to comprehend and understand.
Cons of Custom built financial software applications
- Expensive : The initial cost of a custom built application may prove to be expensive
- Implementation : Implementation may take a little longer as regards off the shelve software as the development of at the application would take some time and, changes would have to made according to the needs during the test phase.
So, developers at Technoligent, advise you to conduct in-depth study both the pros and cons of off the shelves financial software applications as well as custom built financial software application before selecting the developers as regards the needs and requirement of an organization and its future goals.