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Off the top of my head, the features I require, to name a few are :
Initial Invoices to unsubsribed members
Reminder Invoices to late payers
Annual expirary of membership resulting in auto-deletion of site user account
Auto Invoicing for expired membership
Annual Renewal of membership subject to payment of invoice
Online Payment Methods (perhaps)
Export to Spreadsheet
Interaction with membership module (perhaps)
Storage of name, address, e-mail address, company name, fax number, etc
I will Edit this post as others occur to me. I have not tried xAsset so will have a look at that, but if it does not Invoice, that's no good for me.
Currently, in my case, it's the treasurer who does all this manually and he then notifies me about new\renewed members and I create\remove a web site account for them depending on what they have decided to do. A module that could do all of this for us would be great and save a non-profit organisation A LOT of time.