Finance Feature Requirements

This document outlines the requirements for a new finance feature integrated into the core system. The goal of this feature is to improve financial tracking, reporting, and analysis capabilities, ultimately leading to better financial decision-making.

Core Functionality

• Transaction Recording: The system must allow users to record all financial transactions, including income, expenses, payments, and transfers. Each transaction should be categorized using a customizable taxonomy (e.g., rent, salaries, utilities, marketing) and include relevant details such as date, description, amount, and associated account. The system should support both manual entry and automated import from bank statements and other financial platforms (using formats like CSV, OFX, or API integrations).
• Account Management: Users should be able to create and manage multiple accounts representing bank accounts, credit cards, investment accounts, and cash holdings. The system must support different currencies and automatically handle currency conversion. Account balances should be automatically updated based on recorded transactions.
• Budgeting: The feature should enable users to create budgets for different categories and track spending against those budgets. Visual representations, such as charts and graphs, should be used to illustrate budget performance. Users should be able to set alerts and notifications when they are approaching or exceeding their budget limits.
• Reporting: The system must generate comprehensive financial reports, including income statements, balance sheets, cash flow statements, and budget variance reports. Users should be able to customize report parameters, such as date ranges, categories, and accounts. Reports should be exportable in various formats (e.g., PDF, CSV, Excel).
• Forecasting: The system should offer basic forecasting capabilities, allowing users to project future income and expenses based on historical data and anticipated changes. This feature should allow users to create "what-if" scenarios to assess the potential impact of different financial decisions.

User Interface (UI) and User Experience (UX)

• Intuitive Interface: The UI should be clean, intuitive, and easy to navigate, even for users with limited financial expertise.
• Accessibility: The feature should be accessible to users with disabilities, adhering to accessibility standards (e.g., WCAG).
• Mobile-Friendly: The feature should be responsive and accessible on mobile devices (tablets and smartphones).
• Customization: Users should be able to customize the dashboard and reporting views to display the information that is most relevant to them.

Security

• Data Encryption: All financial data should be encrypted both in transit and at rest.
• Authentication: The system should use strong authentication methods, such as multi-factor authentication, to protect user accounts.
• Authorization: Access to financial data should be controlled through a role-based access control system.
• Audit Logging: All financial transactions and system activities should be logged for auditing purposes.

Integration

• Bank Integration: The system should integrate with major banks and financial institutions to automatically import transaction data.
• API Integration: A well-documented API should be provided to allow integration with other third-party applications.

Performance

• Scalability: The system should be scalable to handle a growing number of users and transactions.
• Responsiveness: The system should be responsive and performant, even when dealing with large datasets.