AI Skill Report Card
Reviewing Accounting Software
Critical Accounting Software Review
Quick Start
COMPLIANCE CHECKLIST:
□ GAAP/IFRS compliance features
□ Audit trail capabilities
□ Tax calculation accuracy
□ Multi-currency support
□ Bank reconciliation tools
□ Financial reporting standards
Recommendation▾
Add concrete input/output examples showing specific software names and detailed findings (e.g., 'QuickBooks Online: Missing depreciation automation for asset categories X, Y, Z')
Workflow
Phase 1: Core Functionality Assessment
- Chart of accounts setup and customization
- Transaction recording accuracy
- Automated calculations (depreciation, accruals)
- Integration with banks and payment processors
Phase 2: Compliance & Controls
- User permission controls and segregation of duties
- Data backup and recovery procedures
- Audit trail completeness and tamper-proofing
- Regulatory reporting capabilities
Phase 3: Accuracy Testing
- Sample transaction processing
- Financial statement generation accuracy
- Tax calculation verification
- Period-end closing procedures
Recommendation▾
Include specific compliance standards by jurisdiction (SOX, PCI-DSS, etc.) rather than just GAAP/IFRS
Examples
Example 1: Input: Small business invoicing app with basic bookkeeping Output:
- STRENGTHS: Simple invoice generation, payment tracking
- CRITICAL GAPS: No audit trail, missing tax compliance features, inadequate chart of accounts
- VERDICT: Suitable for freelancers only, not business accounting
Example 2: Input: Enterprise ERP with accounting module Output:
- STRENGTHS: Full GAAP compliance, robust controls, audit capabilities
- CONCERNS: Complex setup, expensive, may be overkill for small businesses
- VERDICT: Excellent for mid-to-large businesses with compliance requirements
Recommendation▾
Add templates for documenting findings, such as a standardized evaluation scorecard or risk assessment matrix
Best Practices
- Test with real accounting scenarios, not demo data
- Verify calculations against manual computations
- Check for proper period-end closing capabilities
- Ensure data can be exported for auditor review
- Validate multi-user access controls work as intended
Common Pitfalls
- Don't rely solely on vendor claims about compliance
- Avoid apps without proper audit trails
- Don't overlook backup and data recovery testing
- Never approve software that can't generate standard financial statements
- Avoid solutions without proper user access controls