Route 1
Packaged software
Strength: mature, ready-to-use functionality for standard, regulation-driven work such as accounting, payroll and statutory reporting.
Weakness: processes that don’t fit the package’s assumptions are handled either by changing how the company works or by raising a consulting and development request for every change.
Good fit when: your processes are close to the industry standard.
Route 2
Custom software development
Strength: every detail is exactly the way you want it.
Weakness: permissions, audit log, reporting, mobile and integrations are rewritten every time; maintenance and changes depend on the software team.
Good fit when: the software is the product itself, or the requirement is so specialised that no platform can meet it.
Route 3
No-code business platform
Strength: company-specific data structures and approval workflows are built from the interface; permissions, audit log, mobile, reporting and API come from the platform; when the process changes, the system changes the same day.
Weakness: deep, regulation-driven vertical functionality (e.g. full accounting and statutory submissions) is not as mature as in packaged products; someone has to do the setup.
Good fit when: your processes are specific to you and change often.