Chart of Accounts: Allow for the creation and management of a chart of accounts, including account types, categories, and hierarchies.
Journal Entries: Facilitate the recording of journal entries for various transactions, including debits and credits, and provide tools for adjusting and reversing entries.
Account Reconciliation: Support reconciliation of accounts to ensure accuracy and consistency between financial records and bank statements.
Accounts Receivable (AR)
Customer Invoicing: Generate and manage customer invoices, including customization, recurring invoices, and automated billing.
Payment Processing: Record and track customer payments, including partial payments and adjustments.
Aging Reports: Produce accounts receivable aging reports to monitor overdue invoices and manage collections.
Accounts Payable (AP)
Vendor Management: Manage vendor information, including contact details, payment terms, and tax information.
Bill Payment: Process and record payments to vendors, including scheduling and tracking payments.
Expense Tracking: Track and categorize expenses, including employee reimbursements and supplier invoices.
Aging Reports: Generate accounts payable aging reports to monitor outstanding liabilities and manage payments.
Financial Reporting
Standard Reports: Generate standard financial reports, including balance sheets, income statements, and cash flow statements.
Custom Reports: Allow users to create and customize financial reports based on specific criteria and parameters.
Regulatory Compliance: Ensure reports comply with accounting standards and regulatory requirements (e.g., GAAP, IFRS).
Budgeting and Forecasting
Budget Creation: Enable the creation and management of budgets for various departments or projects.
Forecasting: Support financial forecasting and projections based on historical data and assumptions.
Variance Analysis: Compare actual performance against budgeted figures and analyze variances.
Fixed Asset Management
Asset Tracking: Track and manage fixed assets, including acquisition, depreciation, and disposal.
Depreciation Calculation: Calculate and record asset depreciation using various methods (e.g., straight-line, declining balance).
Asset Reporting: Generate reports on asset values, depreciation, and status.
Cash Management
Cash Flow Tracking: Monitor cash inflows and outflows to manage liquidity.
Bank Reconciliation: Reconcile bank statements with recorded transactions to ensure accuracy.
Audit and Compliance
Audit Trail: Maintain a comprehensive audit trail of all financial transactions and changes made within the system.
Access Controls: Implement role-based access controls to ensure appropriate permissions and prevent unauthorized access.
Integration
Third-Party Systems: Integrate with other systems such as payroll, ERP, and CRM systems for seamless data exchange.
Bank Integration: Connect with banking systems for automatic transaction imports and reconciliation.
User Management
Role-Based Access: Provide role-based access control to ensure users have appropriate permissions based on their roles (e.g., accountant, auditor, manager).
User Profiles: Manage user profiles and authentication settings, including password management and multi-factor authentication.
Non-Functional Requirements
Performance
Response Time: Ensure fast response times for transaction processing, report generation, and data retrieval (e.g., under 2 seconds for most operations).
Scalability: The system should handle increasing volumes of transactions and users without performance degradation.
Reliability
Uptime: Ensure high system availability with minimal downtime (e.g., 99.9% uptime).
Error Handling: Implement robust error handling and recovery mechanisms to manage system failures and maintain data integrity.
Security
Data Encryption: Protect sensitive financial data through encryption, both in transit and at rest.
Authentication and Authorization: Use secure authentication methods and role-based access control to manage user access and permissions.
Fraud Prevention: Implement measures to detect and prevent fraudulent activities.
Usability
User Interface: Design an intuitive and user-friendly interface for managing financial transactions, generating reports, and performing analysis.
Accessibility: Ensure the system is accessible to users with disabilities, following accessibility standards (e.g., WCAG).
Maintainability
Code Quality: Write high-quality, well-documented code to facilitate system maintenance and updates.
Documentation: Provide comprehensive documentation for users, developers, and administrators, including user guides, technical manuals, and troubleshooting guides.
Availability
Backup and Recovery: Implement regular data backups and establish procedures for data recovery in case of system failures or data loss.
Failover: Ensure the system has failover capabilities to switch to backup systems or servers if necessary.
Portability
Cross-Platform Compatibility: Ensure the system is compatible with various devices and operating systems used by users, including desktops, tablets, and mobile devices.
Supportability
Technical Support: Provide mechanisms for obtaining technical support and resolving issues, including help desks, online resources, and customer service.
Error Reporting: Include functionality for reporting issues or bugs and tracking their resolution.
