Is your company in need of accounting software? Do you want to reach out to other vendors to evaluate your options? It’s important to take a slow, methodical approach to soliciting proposals from third parties, especially if it’s the first time you’re asking for help in selecting software. Fortunately, there’s a standard practice to doing this — it’s called writing a request for proposal, or an RFP.

Compare Top Accounting Software Leaders

In this article, we’ll go over what an accounting RFP is and outline some of the best practices for writing one, so you can get the most out of your accounting software journey.

This Article Covers:

• What Is an RFP?
• What Does an Accounting RFP Require?
• How Are the Best Accounting RFPs Written?
• Should You Invest In RFP Software?
• Conclusion

What Is an RFP?

An RFP, or request for proposal, is a document that announces that a person or organization is looking for a commodity or service. It’s usually written up in the very early stages of the procurement process and acts as an outline of the preliminary requirements that anyone who submits a bid or proposal needs to meet. Suppliers and providers then respond to the RFP with their proposals and price quotes.

It’s important to make your RFP as detailed as possible while also providing opportunities for respondents to sell their own services. A well-written RFP contains background information about the person or organization requesting the proposal, details about the scope of work and budget, and the necessary qualifications or experience for the responding vendors to have.

Not only are RFPs a useful industry standard for receiving proposals from suppliers, but they can also reduce purchasing costs, thanks to the direct negotiation they enable between the requesting party and the contractor or seller.

Accounting RFP Requirements

If your business requires accounting software, you may want to draw up an accounting RFP to find the right vendors for your needs.

To ensure your RFP is as detailed as possible, have conversations with your shareholders before and as you write it up. Here are a few guiding questions to use in starting the necessary conversations within your company:

• What goals do we hope to achieve by implementing accounting software?
• Which areas of our finances need the most immediate attention?
• What timeframe are we looking at for achieving results with whatever new software we use?

Once you’ve gathered all the information you need, you can start drafting your RFP. It may help to treat it as you would a professional job posting — outline the tasks you’ll need the software to be able to handle, the amount of time you expect to have to implement the software, your company’s background information and industry, and the technical skills required of the vendor.

Automate RFI/RFP Creation with the Decision Platform

How To Write Accounting RFPs

Now that we’ve covered the basics of putting together an accounting RFP, how can you ensure that yours will get the right responses? Here are a few things to consider during the writing process that should make your finished product attractive to potential contractors.

Targeted Details

The less vague your accounting RFP is, the more likely you are to get useful responses from your target audience. Make sure that your content is as specific as possible when describing the tasks and requirements for the work at hand to ensure that you only receive responses from the most qualified candidates. If you use a weighted scoring system, be sure to mention the value of every criteria.

This is also where you should put detailed information about the financial services your company needs. If you’re as transparent as possible when explaining what you need, contractors and firms will better understand what services they can offer you.

Precise Questions

Specificity is key through almost every aspect of your accounting RFP, and this extends to the questions you ask of the recipient. This is likely where the RFP will feel most like a job application — your goal is to invite vendors to sell you on why their product will be the best fit for the task at hand.

Here, you’ll want to ask about the company’s history, industry expertise and their product’s capabilities. Be sure to ask about the recipient’s experience working with the specific technologies your organization uses to ensure integration with whatever technologies you’re already using.

Asking for Formalized Responses

Requesting responses in a specific format makes it easier to compare proposals, ensuring that none are sent to you in formats that are difficult to parse. This will also help weed out vendors who don’t read the entire RFP, as thorough readers are more likely to follow your instructions.

For further study, here’s a sample accounting RFP from the State of Connecticut looking for auditing services. Your organization’s needs will likely differ from these, so be sure to rewrite and tailor your RFP accordingly.

Should You Invest In RFP Software?

If you expect your business will need to write up and post several RFPs in the near future, it may be a good idea to invest in RFP software. Implementing this solution allows you to create and send RFP documents, utilize and manage templates, and compare and respond to proposals submitted.

For more information on RFP software, take a look at our RFP buyer’s guide, where we break down what it can do for you and which options we recommend.

Compare Top Accounting Software Leaders

Conclusion

Writing up a request for professional proposals can seem daunting at first, but, if you know what you need and you know how to ask for it, it’s much simpler than it seems. We hope this guide helps you navigate the ins and outs of putting out an accounting RFP and making it stand out, so you can find the best software vendors for your needs.

Need more help with your RFP? Check out our decision platform, which can automate the RFP creation process based on the information you enter.

Are there any suggestions you have for others writing accounting RFPs? Let us know in the comments below!