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Quickly and easily gather your accounting system requirements and prepare your RFI & RFP.

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Accounting Software RFI/RFP Template

Accounting Software Criteria


Below is a list of the top 20 essential criterion for good accounting software. If you are about to select new accounting software and need to specify a full list of requirements, then visit the Accounting Software RFI/RFP Template which lists thousands of criteria.


Good accounting software should:

1.  Have high functionality

2.  Have the functions included within the software, rather than as add-ons

3.  Perform the accounting functions:

  • required by your organisation
  • the vendor claims the accounting software performs
  • required by statute / regulatory authorities

4.  Provide the following accounting and system wide functions (depending upon your requirements)

  • Accounting software functions:
    • general ledger
    • accounts payable 
    • purchase order processing
    • accounts receivable
    • sales order processing
    • invoicing
    • job order processing
    • job / project costing
    • inventory
    • cash book
    • fixed assets
  • System wide functionality:
    • fully web enabled
    • cloud or on-premise
    • employee self service (ESS) / manager self service (MSS)
    • workflow 
    • alerts
    • accounting standards / IFRS / Sarbanes Oxley compliance
    • multi company, country and currency
    • support multiple Windows versions
    • VAT / Sales and purchases taxes

5.  Be a fully 'open system'

6.  Be written in a widely used programming language

7.  Be fully integrated, or easily / seamlessly integrated with other relevant systems (if stand alone modules)

8.  Provide links to other systems eg payroll, logistics, manufacturing and desktop software

9.  Have the scope to grow with the business

10. Be flexible to accommodate changing user or business requirements

11. Have a chart of accounts structure that is flexible to accommodate your current and future requirements

12. Support good accounting practice


Good accounting software management information includes:

13. Full online enquiry and drill down / around capability

14. Multiple search and select facilities

15. A suite of ready-to-use standard system screen enquiries and reports

16. Standard reports that can be tailored to the user requirements, saved and then reused when required

17. Interactive graphics

18. Reporting across modules

19. Easy to use, flexible report writer either from within the accounting software or provided by third party software

20. Business intelligence tools eg

  • advanced analytics
  • OLAP
  • data warehouse
  • data mining


For additional ‘key software criteria’ visit: Software efficiency criteria / Vendor criteria or for the latest accounting software trends visit: accounting software trends

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