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Key Accounting System Requirements
Must Have Must Have - A system requirement that must be available and is mandatory as part of the proposed software.
Of Interest Of Interest - A system requirement that is of interest but is not mandatory from the proposed software.
*Leave blank if not needed
For each of the functional requirements within this Excel spreadsheet, Vendor please indicate with an "X" whether the functionality is:
Y Yes - A standard feature
N No - Not a standard feature
Cust Customization - Will be accomplished through vendor custom programming to the system
Comment Additional Information is encouraged
Requirements
| Enterprise System Technical and Functional Requirements | CSC | COG | Vendor Has? | | | Comment |
| Need | Need | Yes | No | Cust | |
Core Requirements
| General Requirements | | | |
| Functional | | |
| Provide robust online documentation and user manuals | Must Have | Must Have |
| Provide complete drill-down and drill-across capabilities between the modules and transactions in the system (e.g.. GL to AP) | Must Have | Must Have |
| Provide role based security by major function (role) e.g., segregation of P/O entry and check printing, A/P user cannot perform GL transactions | Must Have | Must Have |
| Additional options for security maintenance: by location, by specific G/L accounts | Must Have | Must Have |
| Support multiple entities, sites, locations | Must Have | Must Have |
| Support for multiple currencies | | |
| Support for multiple time-zones | | |
| Supports user-defined fields throughout the system, to aid in customized functionality and reporting | Of Interest | Of Interest |
| Technical | | |
| Provide secure external access by browser, VPN, etc. | Must Have | Must Have |
| Allow reports to be produced in multiple formats (e.g. Excel, PDF) | Must Have | Must Have |
| Provide integration with Microsoft Products (e.g. Office, SharePoint) | Of Interest | Of Interest |
| Supports report distribution without additional license fees, including access security. Web-based. | Of Interest | Of Interest |
| EDI Integration capabilities to external systems including forms | Of Interest | Of Interest |
| Provide integration with ADP or other third-party payroll system if not included | Must Have | Must Have |
| Finance | | | |
| Entity and COA Maintenance | | |
| Provides for logical account grouping and cost centers | Must Have | Must Have |
| Supports a COA of multiple segments of variable length | Must Have | Must Have |
| Supports a master COA that can be used by all companies | Of Interest | Of Interest |
| Provides an easy method to add a new company COA (ideally the ability to copy master COA) | Of Interest | Of Interest |
| Provides an account alias or short cut to speed data entry of the GL string. | Of Interest | Of Interest |
| Supports statistical accounts ("dimensions", or "non-financial data") | Of Interest | Of Interest |
| Support use of statistical fields in subsidiary ledgers, and the ability to report on them (e.g.,. payroll class, # hours worked, OT hours, inventory number of units purchased). | Of Interest | Of Interest |
| Support tracking of environmental data by location (e.g., water, energy use, raw materials) in monetary and non-monetary units | | |
| GL Journal Entries and Posting | | |
| Support user-defined journal entry templates (e.g., standardized entry to consistently record month-end closing entries) | Must Have | Must Have |
| Supports creation of recurring journal entries | Must Have | Must Have |
| Allows the import of journal entry transactions from Excel templates | Must Have | Must Have |
| Support having multiple GL accounting periods open at the same time with proper internal controls | Must Have | Must Have |
| Allow for closed periods to be re-opened based on restricted security rights | Must Have | Must Have |
| Supports file attachments for journal entries. | Of Interest | Of Interest |
| Supports a variety of cost allocation rules (e.g. other allocations; indirect cost rules; direct cost rules) | Must Have | Must Have |
| Support a mixture of cash basis, accrual and accrual basis of accounting | | |
| Maintain unlimited transaction history until purged | Must Have | Must Have |
| Maintain audit trail that includes user ID, date, and actions such as read, change, delete, write. The audit trial should include before and after values. | Must Have | Must Have |
| Allow posting to prior and future period | Must Have | Must Have |
| Allow for automated workflow functionality to evidence a separation of duties to include preparer, approver. | Must Have | Must Have |
| Provide annual closing processes that carry forward general ledger account balances and project data to the next fiscal year | Must Have | Must Have |
| Treasury / Bank Reconciliation | | |
| Imports the bank records and clears the matched transactions. | Of Interest | Of Interest |
| Provides bank reconciliation reports - ideally with option to report by legal entity or by segment. | Must Have | Must Have |
| Provides an efficient method of managing multiple bank accounts | Must Have | Must Have |
| Integrates with A/P to map cash disbursements to bank reconciliation | Must Have | Must Have |
| Integrates with A/R to map cash receipts to bank reconciliation | Must Have | Must Have |
| Consolidation/ Intercompany | | |
| Ability to consolidate entities in a hierarchy of three or more levels (location, region, corporate) | Of Interest | Must Have |
| Able to consolidate multiple subsidiary books maintained in different currencies and translate into a common currency | | |
| Allow setup to support automatic intercompany receivables and payables | Of Interest | Of Interest |
| Able to automatically eliminate intercompany receivable and payable accounts | | Of Interest |
| Able to setup journal entry templates for standard eliminations | Of Interest | |
| Ability to consolidate multiple subsidiary books and provide reporting on that basis | | Of Interest |
| Intercompany balancing at the location and legal entity levels | | Of Interest |
| Cost Allocations | | |
| Ability to allocate costs across legal entities using automated designs | | Of Interest |
| Flexibility in allocation formulas: multiple formulas, if-then-else, differing percentages, differing fixed amounts, etc. | Must Have | Must Have |
| Cost Allocation by program group | Must Have | Must Have |
| Support gross margin reporting by customer, item type and item | | |
| Report cost variance | Of Interest | Must Have |
| Allow multiple costing methodologies such as standard, average, and actual costing | Of Interest | Of Interest |
| Allow users to track material, labor, and overhead costs | Of Interest | Of Interest |
| Segregate inventory by Raw Materials, Work-in-Process, and Finished Goods | Of Interest | |
| Ability to track and maintain a perpetual inventory based upon actual costs | Of Interest | |
| Allow costs to be closed, moved, or allocated between active product lines | | |
| Provide ability to track indirect labor such as shipping, QC, and warehouse activities | | |
| Allow users to update costs to re-value inventory as needed | Of Interest | |
| Budgeting | | |
| Allow budgeting at various entity levels | Must Have | Must Have |
| Provide comparison of budgeted amounts to actual amounts in financial reports. | Must Have | Must Have |
| Provide ability to create pro-forma financial statements | Must Have | Must Have |
| Provide cash flow projections based on A/P and A/R | Of Interest | Of Interest |
| Allow creation of multiple "what if" scenarios for forecasting | Of Interest | Of Interest |
| Allow forecasting at the account group level or lower (e.g., the account level) | Of Interest | Of Interest |
| Allow consolidation / roll-ups of budgets from entity levels | Must Have | Must Have |
| Manage budgets by organizational level such as division, department, customer, etc. | Must Have | Must Have |
| Support export / import of spreadsheets | Must Have | Must Have |
| Apply user defined percentages to an existing budget to begin development of a new budget | Of Interest | Of Interest |
| Create budget allocation entries based on user defined formulas | Of Interest | Of Interest |
| Print interim financial statement without closing | Must Have | Must Have |
| Report on variances from budgeted or forecasted values | Must Have | Must Have |
| Financial Reporting | | |
| Generate standard financial reports in various groupings (consolidated, legal entity, location, and user defined groupings) including: | Must Have | Must Have |
| Balance sheet | Must Have | Must Have |
| Income statement | Must Have | Must Have |
| Cash flow statement | Of Interest | Of Interest |
| Trial balance | Must Have | Must Have |
| Allow creation of custom financial reports. | Must Have | Must Have |
| Equity roll-forward reporting | Of Interest | Of Interest |
| Report on profit and loss based on program group | Must Have | Of Interest |
| Generate comparative financial statements based on user-defined criteria (this period vs. last period, this year/period vs. Last year/period, etc.) | Must Have | Must Have |
| Report across years | Must Have | Must Have |
| Print interim financial statement without closing subsidiary modules. | Must Have | Must Have |
| Summary reports at the user-defined level of detail | Must Have | Must Have |
| Utilize cost centers and account groups to manage and report cost catagories by entity, program group, and by item. | Must Have | Must Have |
| Compliance Reporting | | |
| Sales and Use Tax | | |
| Provide support for site leases, subleases, lease terms, renewals, and payments | Of Interest | Of Interest |
| Facilitate the management of exemption certifications, provide controls for creating new locations and ensuring NEXUS compliance. | Must Have | Must Have |
| Project Accounting | | |
| Projects can span fiscal years | Must Have | Must Have |
| Provide reports that show transaction detail, project expenses, profitability, ROI, NPV, etc. | Must Have | Must Have |
| Project Management | Must Have | Must Have |
| Contract Management | Must Have | Must Have |
| Compare budgeted amounts to actual | Must Have | Must Have |
| Accounts Payable | | | |
| Vendor Maintenance | | |
| 1099 support | Must Have | Must Have |
| Support multiple transaction search criteria (vendor name, phone number, date of payment, payment amount, etc.) | Must Have | Must Have |
| Ability to map vendors to specific GL accounts | Must Have | Must Have |
| Support multiple pay-to addresses for a vendor | Of Interest | Of Interest |
| Invoice Processing | | |
| Allow for EDI, OCR Scanning, and other electronic invoicing methods. | Must Have | Must Have |
| 2 and 3-way matching of P/Os, invoices and receiving records, with adjustable tolerance levels | Must Have | Must Have |
| Ability to allocate an invoice to multiple locations | Must Have | Must Have |
| Hold completed invoices until released for payment | Must Have | Must Have |
| Options for release of payment: automated or manual match to receiving report, payment terms, or other criteria defined by management | Must Have | Must Have |
| Support credits and discounts | Must Have | Must Have |
| Verify at the point of entry that the expenditure or balance sheet account is valid | Must Have | Must Have |
| Code multiple account distributions on a single invoice | Must Have | Must Have |
| Enter user-defined payment terms codes such as Net 20, 2/10 Net 30, etc. | Must Have | Must Have |
| Provide online detail of invoices by vendor | Must Have | Must Have |
| Provide online summary of invoices by vendor | Must Have | Must Have |
| Provide online detail of invoices by purchase order | Of Interest | Of Interest |
| Report open invoices | Must Have | Must Have |
| Report cash disbursements | Must Have | Must Have |
| Expense tracking for employee credit card use | Of Interest | Of Interest |
| Track workflow approvals for Expenses | Of Interest | Of Interest |
| Check Generation | | |
| Supports wire transfers, EFT and non-check payments | Must Have | Must Have |
| Supports recurring payments and autopay, with automatic approval after the initial review. Flexible definition of payment frequency. | Must Have | Must Have |
| Report check register, including checks issued and checks voided | Must Have | Must Have |
| A/P Processing Capabilities | | |
| Track Use Tax expense accrual by location. | | |
| Ability to attach images and documents to invoices (one to one and one to many), and ability to drill down from A/P to the image or contract | Must Have | Must Have |
| Validation rules (e.g., reference to Repair & Maintenance > $500 alerts that transaction should go to Fixed Assets or vice versa) | Of Interest | Of Interest |
| Auto-mapping to account code streams (if user enters location and account, all other account streams should pre-populate | Of Interest | Of Interest |
| Ability to close A/P while G/L remains open (e.g., at month end) | Must Have | Must Have |
| Robust reporting (e.g., invoices received but not matched, number of invoices processed, time to voucher invoices, days of AP outstanding, discounts taken, etc.) | Must Have | Of Interest |
| Provide user-controlled 2, 3, 4-way matching with source documents available online to prevent payment of invoice until invoice quantities match ordered, received or inspected quantities within user-defined variances with matching source documents available online. | Of Interest | Of Interest |
| Use purchase orders and invoices information to determine future cash requirements (amount and date of future expenditures) | Of Interest | Of Interest |
| Accounts Receivable | | | |
| Support monthly recurring invoices | Of Interest | Must Have |
| Support one time invoices | Must Have | Must Have |
| Provide receipt posting to the invoice and AR | Must Have | Must Have |
| Manage initiation and tracking of credit memo's | Must Have | Must Have |
| Integrate with Sales Order module | | |
| Provide ability to age receivables by location, product line, customer | Of Interest | Of Interest |
| Support off-invoice discounts | Of Interest | Of Interest |
| Support pre-payments and accruals by customer | Of Interest | Of Interest |
| Support wire transfers | Of Interest | Of Interest |
| Support credit-card payments | Of Interest | Of Interest |
| Accept invoice data from various data sources such as EDI service providers | Of Interest | Of Interest |
| Provide traceability of raw materials to sales and billing invoices | Of Interest | Of Interest |
| Allow for pricing based on customer type and pricing based on specific customer | | |
| Provide off-invoice discounts that tie to promotional events and are recalculated based on actual quantities shipped | | |
| Allow for tracking of approved promotional accruals and expenditures by customer and event | | |
| Produce customer statements for defined date ranges | Must Have | Must Have |
| Support posting of debit and credit memos to expenditure accounts | Of Interest | Of Interest |
| Post partial payments against any unpaid invoice | Must Have | Must Have |
| Write-off invoices/specific AR amounts | Must Have | Must Have |
| Grant/Fund Tracking | Must Have | Must Have |
| Donor Tracking | Of Interest | Of Interest |
| Fixed Assets | | | |
| Asset Record | | |
| Reference legal entity in the asset master to provide ability to report on fixed assets by legal entity | | Of Interest |
| Ability to transfer assets between legal entities | | Of Interest |
| Assign asset class in the asset master. | | Of Interest |
| Ability to attach electronic images (e.g., invoice scans, etc.) | Of Interest | Of Interest |
| Ability to use barcoding as means of tracking | | Of Interest |
| Depreciation | |
| Supports multiple depreciation schedules and conventions (mid-month, year, tax, life of lease etc.). | Of Interest |
| Ability to set depreciable life for new assets based on asset class (e.g., heavy equipment 12 years) | Of Interest |
| Auto generate and post monthly depreciation JE's | Of Interest |
| Ability to run depreciation reasonableness tests | Of Interest |
| Provide flexibility in closing of periods | Of Interest |
| Reports: Depreciation reasonableness, future depreciation for budgeting/forecasting | Of Interest |
| Other | | |
| Fully integrated electronic interface into Enterprise system's AP and GL | Of Interest | Of Interest |
| Ability to support physical inventory counts on fixed assets (print count sheets etc.) | Of Interest | Of Interest |
| Flexible search and reporting capability (vendor, asset class, invoice, bar code etc.) | Of Interest | Of Interest |
| Export flexibility (Excel, PDF, etc.) | Of Interest | Of Interest |
| Ability to produce reporting for Personal and Real Property Taxes | | |
| ability to provide up to date IRS reporting (form 4562 etc…) | | |
| yearly updates to provide reporting and calculations based on current tax laws | | |
| ability to consolidate entities for year end reporting | Of Interest | Of Interest |
| Inventory Management | | |
| Inventory Capabilities | |
| Support multiple inventory locations (e.g. offices, entities, programs) | Of Interest |
| Inventory purchasing management (reorder points, order size, etc.) to support optimal inventory levels | Of Interest |
| Ability to reconcile inventory utilization per ordered (to determine spoilage / scrap rates) | Of Interest |
| Support physical inventory process, including count sheets etc. | Of Interest |
| Facilitates automated cycle counting | Of Interest |
| Flexibility in custom report writing (e.g., user defined fields on item master, etc.) | Of Interest |
| Support multiple levels of inventory (e.g., on order, on hold, committed, WIP, etc.) | Of Interest |
| Support use of barcoding/RFID for cycle counts, aging, location, put away, etc. | Of Interest |
| Support multiple costing options, including: first in/first out (FIFO), last in/first out (LIFO), standard cost, and weighted average | Of Interest |
| Provides support for advanced distribution and picking | Of Interest |
| Exception reports of items below minimum on-hand quantity | Of Interest |
| Support customer back orders | Of Interest |
| Support location logic | Of Interest |
| Track movement of items between locations | Of Interest |
| Support item substitution | Of Interest |
| Automatically values inventory based on standard, average, or actual costs | Of Interest |
| Procurement/Purchase Orders | | | |
| Purchase Orders | | |
| Back flush actual freight costs to specific orders | Of Interest | Of Interest |
| Provides support for cost-tracking on landed costs | Of Interest | Of Interest |
| Automatically create a purchase order from a requisition when all approvals have been obtained, defaulting as much information as possible from the requisition | Of Interest | Of Interest |
| Combine multiple requisitions to the same vendor into a single purchase order | Of Interest | Of Interest |
| Copy information from previous purchase order to obtain recurring monthly or annual (crossing one fiscal year to another) purchase orders | Of Interest | Of Interest |
| Prevent purchases from un-approved vendors | Of Interest | |
| Place multiple actual orders against a blanket purchase order | Of Interest | Of Interest |
| Record receiving instructions by item or for entire PO | Of Interest | Of Interest |
| Provide ability to identify hazardous materials | Of Interest | Of Interest |
| Provide "drill down" to view related requisition, invoice, purchase order, receipts documents and general ledger account related to the purchase order | Of Interest | Must Have |
| Apply credits, such as trade-ins, returns, and allowances on a line item basis | Of Interest | Of Interest |
| Alert/route purchase orders to approvers | Of Interest | Of Interest |
| Provide security to control changes to a purchase order after all review and approval obtained. No payment should be allowed against a purchase order until receipts are evidenced. | Of Interest | Must Have |
| Electronically send purchase order to vendor | Of Interest | Of Interest |
| Maintain purchase order audit trail | Of Interest | Of Interest |
| Requisitions | | |
| Authorize individual users to enter requisitions online | Of Interest | Of Interest |
| Accept requisition data from Inventory application (inventory replenishment requisition) | Of Interest | |
| Provide requisition templates | Of Interest | Of Interest |
| Enter one, two or three acceptable/preferred vendors | Of Interest | Of Interest |
| Derive unit price, delivery lead time, and other terms online from vendor default data | Of Interest | Of Interest |
| Maintain requisition audit trail | Of Interest | Of Interest |
| Provide "drill down" to view related PO, invoice, and general ledger account with appropriate security | Of Interest | Of Interest |
| Authorize requisition for purchase order generation after all review and approvals are obtained | Of Interest | Of Interest |
| Vendor Management | | |
| Link multiple commodity codes to one vendor | | |
| Link vendor to one ore more contracts | Of Interest | Of Interest |
| Determine and record vendor performance | | |
| Maintain commodity code data, such as purchase history, commodity substitutes, price histories for each commodity item, commodity specifications or standards | | |
| Establish and identify one-time vendors | Of Interest | Of Interest |
| Reporting | | | |
| Business Intelligence / Data Analytics | | |
| Empower users with self-service BI, including KPIs and standard / ad-hoc reporting tools. | Of Interest | Must Have |
| Monitor performance and formulate effective business strategy using predefined cubes. | Of Interest | Must Have |
| Perform ad-hoc data analysis and reporting with familiar tools such as Excel and Visio. | Of Interest | Must Have |
| Leverage SSRS / SSAS or Microsoft 365 integrations | Of Interest | Of Interest |
| Provides integrated development studio for ETL, data cubes, KPIs, reports, dashboards, etc. | Of Interest | Of Interest |
| HR | | | |
| Approval workflows for request to fill | Must Have | Must Have |
| Connection with external job posting sites | Must Have | Must Have |
| Applicant self scheduling | Of Interest | Must Have |
| Background Check tracking | Of Interest | Of Interest |
| Document management of personnel files | Must Have | Must Have |
| Approval workflows for new hires | Must Have | Must Have |
| Leave and Work comp information | Of Interest | Of Interest |
| Job Position management | Of Interest | Of Interest |
| Benefit management | Must Have | Of Interest |
| Integration to payroll system | Must Have | Must Have |
| Integration to active diretory users and managers | Must Have | Must Have |
| Compliance/Regulation management | | |
tc={C4D2D2F5-4A7B-4402-A87A-10285A88FEB3}: [Threaded comment]
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Comment:
I'm unsure what this means Reply:
| Labor law related items in HR | Of Interest | Of Interest | | |
| | Self service portal for staff | Must Have | Must Have |
| | Applicant tracking | Must Have | Must Have |
| | Coversion from applicant to employee | Must Have | Must Have |
| | HR Reporting | Must Have | Must Have |
| | HR Help Desk | Of Interest | Of Interest |
| | I9 forms/Offer Letters/E-Verify | Of Interest | Of Interest |
| | Performance Management | Must Have | Must Have |
| | Policy Management | Of Interest | Of Interest |
| | Ergonmics/ADA | Of Interest | Must Have |
| | Learning Management System (LMS) | Of Interest | Of Interest |
| Payroll | | | |
| Time & Attendance | Must Have | Must Have |
| Time Off Management | Must Have | Must Have |
| Employee Administration | Must Have | Must Have |
| Employee Self Service | Must Have | Must Have |
| Payroll Processing | Must Have | Must Have |
| Tax Compliance | Must Have | Must Have |
| Direct Deposits | Must Have | Must Have |
| PERS/Retirement Calculations | Must Have | Must Have |
| Payroll Code Tracking | Must Have | Must Have |
| Vacation/Leave Tracking and Approval Workflow | Must Have | Must Have |
| Check Printing | Must Have | Must Have |
| W2 Processing | Must Have | Must Have |
| Benefit Enrollment | Must Have | Must Have |
| Document Management | Must Have | Must Have |
| Employee Handbook | Of Interest | Of Interest |
| Job Description Management | Of Interest | Of Interest |
| Electronic Signatures | Must Have | Must Have |
| FMLA Administration | Of Interest | Of Interest |
| Training Management | Of Interest | Of Interest |
| Garnishments | Must Have | Must Have |
| Multiple Payment Cycles | Must Have | Must Have |
| Hourly/Salary Accounting | Must Have | Must Have |
| Payroll Reporting | Must Have | Must Have |
| Integration to HR system | Must Have | Must Have |
| Integration to Financials | Must Have | Must Have |
I'm unsure what this means
Labor law related items in HR