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What are the 'standard features' that any finance software should have?
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3 Answers
The list of required accounting system features can be extensive. It will vary by numerous business-specific factors, most notably by the type of business and it's overall complexity.
The best starting point is to look at a comprehensive list of accounting system features and compare that list to what you do/need/use in your business today.
Accounting Software Research has such a list available (over 3000 features are listed and it's free) that can serve as your starting point to help you out with this process, see: http://www.asaresearch.com/articles/features_list.htm.
In addition, there are a number of proprietary selection/database tools that compare features against capabilities of various packages. SoftSelect (www.softselect.com) is one such database focusing on ERP system comparison (and even helps APICS with their list of manufacturing related software).
Access to proprietary databases, such as SoftSelect, isn't free. However, these tools will help you reduce the time and effort required to research and select what you need on your own.
Regards,
rs
It depends on what kind of Finance software you're thinking of. Robert dealt with Accounting software above, and here are some standard features of a few types of Finance software:
1. Financial Consolidation (sometimes called FCRA)
- Currency Conversion
- Inter-company Eliminations/Adjustments, Minority Adjustments
- Built-in reporting standards (GAAP, IFRS, XBRL)
- Multidimensionality (by Company, by Geo., by Business Unit, etc.)
- Audit Trail
- Workflow
2. Budgeting, Planning & Forecasting
- Mutlidimensionality, workflow
- Web based
- automatic consolidation
3. Strategic Finance (usually meaning P&L, B/S, & C/F scenario planning)
- what-if analysis
- funding options
- debt scheduling
- tax impact
4. "Last Mile" of Finance systems (eg: 10Q, 10K prep)
- scheduler
- workflow
- XBRL
Hope that helps!
When I evaluate financial software, I look a bit beyond the nuts and bolts and think about the implementation and ongoing use. Your software needs to have a logic to it that will make it easy to use and easy to teach to new employees. The last thing you want to do is run an ad requiring knowledge of your software because it is too difficult to learn and you don't have the time to train.
Also, the reporting function is very important. It must be capable of producing flexible reports that can fulfill a variety of needs. If reporting is too structured and too confined with regard to format, you will spend countless hours transferring it over to something like excel so you can get your point across to the people reading them.
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