Finance system requirements checklist

We’ve created a comprehensive finance system requirements checklist to help you evaluate which features you need, which you don’t and how different finance and accounting systems stack up.

August 18, 2025
4 Minutes
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Finance system requirements checklist

After several years of disruption and rapid change, CFOs are firmly focused on building finance functions that are more agile, data-driven, and future-ready. In fact, 95% of CFOs now plan to increase investment in digital finance solutions over the next few years, a notable shift from pre-pandemic trends [source: Deloitte CFO Survey, Q4 2024].

But with so many options on the market, how do you assess what your organisation truly needs from a finance system?

To support your decision-making, we’ve developed a practical finance system requirements checklist. It’s designed to help you evaluate key features, prioritise functionality, and make a confident, strategic software investment.

Key considerations when choosing a new finance system

Before evaluating solutions, it’s crucial to define your objectives. Are you replacing an outdated legacy system, or addressing specific pain points like spend management or reporting? Consider how your new platform will integrate with existing systems and scale with your business.

Clearly outlining your scope and requirements at the outset ensures a more efficient selection process and helps avoid project creep or misalignment.

Size of your organisation

Scalability matters. A finance system should meet your business needs today and flex as you grow. Smaller businesses may favour lightweight platforms with essential features, while mid to large-sized entities typically require more robust, multi-entity functionality and consolidation capabilities.

Budget

Finance software can range significantly in cost. Establish a clear, realistic budget early, then explore options that deliver maximum value within those parameters. Consider not just licensing fees, but also implementation, support, and any hidden costs.

Deployment options

How your system is deployed is another critical decision point. Most organisations now prefer cloud-based finance systems due to the benefits of real-time access, remote collaboration, and reduced IT overhead.

However, some may still require on-premise or hybrid solutions depending on data sovereignty, internal policy, or infrastructure preferences. Be sure to align deployment with your operational model and IT strategy.

Top features of finance systems for all your accounting needs

Today’s finance teams need more than just basic bookkeeping functionality. The right system will streamline workflows, enable faster decision-making, and support strategic growth.

Key features to consider include:

  • General ledger: A flexible, multi-dimensional structure for accurate and insightful financial tracking.

  • Advanced reporting: Custom dashboards and real-time reports to drive better visibility and performance.

  • Accounts payable and receivable: Automated processes to improve cashflow and vendor/customer relationships.

  • Customisation: Ability to tailor workflows, reports, and integrations to your specific requirements.

  • Data security: Enterprise-grade security and compliance with GDPR and other relevant standards.

  • Cloud-native design: Scalable infrastructure, seamless updates, and anytime, anywhere access.

  • Technical support: Responsive service and expert guidance to support your finance team.

  • User experience: Intuitive interface to promote adoption and productivity.

How can you prioritise your business’ accounting software requirements?

Not all systems will tick every box, so it’s important to distinguish between must-haves and nice-to-haves. Consider:

  • Will this feature drive operational efficiency or productivity?

  • Does it offer long-term cost savings or risk reduction?

  • Is it future-proofed to support your growth ambitions?

  • Are there integrations or workarounds available if a feature is missing?

Answering these questions will help you build a tailored shortlist and ensure you select a system that supports both immediate and strategic objectives.

Find out more about the key features of AccountsIQ’s award-winning financial management software

Download our in-depth guide: How to Find the Right Finance System for Growth
This eBook includes a detailed finance system requirements checklist and helps you build a compelling business case for change.

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