For many years in the area of business systems analysis and design, practitioners and researchers alike have been searching for some comprehensive basis on which to evaluate, compare, and engineer techniques that are promoted for use in the modelling of systems’ requirements. To date, while many frameworks, factors, and facets have been forthcoming, most of them appear not to be based on a sound theory. In light of this dilemma, over the last 10 years, attention has been devoted by researchers to the use of ontology to provide some theoretical basis for the advancement of the business systems modelling discipline. While the selected ontologiesare reasonably mature, it is the actual process of an ontological analysis that still lacks rigour. The current procedure leaves room for individual interpretations and is one reason for criticism of the entire ontological analysis. This chapter proposes an enhanced procedural model for the ontological analysis based on the use of meta-models, the involvement of more than one coder and metrics. This model is explained with examples from various ontological analyses.