Defining Accounting Software Requirements Specification

Choosing a new software package requires companies to develop software requirements specifications. From pricing to specific features and functionalities, these specifications are critical for the success and growth of your business. This is especially true when it comes to your accounting technology. Let’s look at the questions that must be answered when considering accounting software requirements specification.

Product Qualities to Meet All Software Requirements Specification Needs

Defining your requirements before you even begin software shopping is a critical step to save you time in the process. What’s the point in buying technology that doesn’t fully meet your needs? Documenting the software requirements specification factors should take into account the pain points you’re currently facing. Consider how technology features will help your business grow. Think about scalability and how your accounting will need to grow and keep developing.

Here are some central qualities that will help you find a solution that meets all those requirements:

• Flexible | Easily configurable and customizable, grows with you
• Collaborative | Enables a 360-degree view of your business
• Connected | Effectively links mission-critical business applications and banks
• Trusted/Reliable | Used strong API and the system has good reputation
• Automated | Eliminates manual entry and multiple systems

IT flexibility is at the top of the list for a reason. In addition to general accounting functions, system flexibility is what will allow you to fully dictate how you manage your finances. This saves you time, stress, and money because it works the way you need it too. You can then allocate and use financial data in a way that best serves your strategic needs.

Software Requirements Specification Questions to Ask

Here are some additional questions to ask after you have outlined your needs and pain points at a high level. These are great for asking your internal team to define overarching features. Again, think about scalability and flexibility as you look for accounting system options.

• Will we have custom reporting outside of general accounting reports?
• Will revenue recognition be automated?
• Do we need automation around several different accounting tasks?
• Will we be able to process transactions in large batches?
• Can the system connect to IT platforms like the Salesforce Customer Relationship Management (CRM)?
• Will purchase orders and inventory be connected to our accounting system?
• Can the system restrict access and/or give permissions to staff outside of accounting?
• Will the system have automated recurring billing, payables, or journal entries?
• Is the accounting system secure, has the product ever had a data breach?
• Do we need a system that can handle multi-currency and multi-company?
• Will we need a solution that can work with different banks and credit card companies?
• Do I want to move to online checks vs paper checks?
• We need data fast, will the solution be able to show us account balances in real-time?
• Does the system have a strong Application Programming Interface (API) ?

These are just a handful of questions. In addition to your accounting team, be sure to open the discussion to your IT department and other departments like sales. This will help you align financial management processes throughout your organization.

Questions to Ask Accounting Software Vendors

Engaging vendors directly before or after demoing a product is also key. If you’re not sure the accounting system product meets your software requirements specifications, ask directly. Here are a few other questions to bring up.

• What level of consultation and staff training will we need before and after the implementation?
• Which of my requirements will need customization?
• What support and product resources are available after system adoption?
• What can be configured out of the box?

More Resources

For more questions and insight on developing software requirements specifications, check out our Finding the Right Accounting Solution resource .

• Key features for a flexible, effective accounting solution for your company.
• What the cost looks like for your new accounting platform.
• How integration plays a role.
• What to expect with implementing your new solution.
• And more…

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