Financial Management System Proposal[1].pptx

Financial management

1. Financial Management System Proposal Name: Hisham Ismail Mfaume Registration Number: 23/00888 Supervisor: Mr. Collins Ondiek Course: Bachelor of Science in Software Development Unit: BSD 2205 Software Computing Project

2. Presentation Overview Background of the problem Problem Statement Proposed system Objectives of the proposed system Literature review Development methodology Budget and resources Project Timeline Gantt chart References

3. Background Effective financial management is crucial for both organizations and personal financial health. Many enterprises and individuals face significant challenges due to reliance on manual processes for budgeting and expense tracking. These methods are time-consuming, error-prone, and lack real-time data, making informed financial decisions difficult. A comprehensive financial management system would streamline, enhance accuracy, and improve decision-making for businesses and individuals, leading to overall growth and financial stability.

4. Problem Statement Enterprises and Individuals often struggle with financial discipline, which hinders optimal financial oversight and decision-making as manual processes lack real-time data processing, negatively impacting financial planning and performance. This can lead to careless spending and insufficient savings. Effective financial planning is crucial as it provides stability during difficult times and helps manage various desires and habits that affect our finances.

5. Proposal Solution I propose the development of a Financial Management System (FMS) tailored specifically for enterprises. The system will serve as a comprehensive platform for managing financial operations, including budgeting, accounting, expense tracking, and financial reporting. It will revolutionize financial management by embracing modern technology and providing real-time data analytics.

6. Objectives of the Proposed System Improve cash flow management. Improve financial accuracy such as accounting and reporting Enhance Decision-Making: Provide real-time financial data and analytics. Increase financial transparency by providing clear financial reports. Ensure compliance by maintaining accurate records. Optimise financial performance to identify areas for cost saving and growth.

7. Literature Review

8. MINT Mint is a popular personal finance and budget management app developed by Intuit. It was designed to help users manage their finances by aggregating all their accounts into one platform, allowing for comprehensive financial tracking and planning. FEATURES Account Aggregation: Linking multiple accounts. Budgeting tools Expense tracking Bill reminders Financial goals

9. LIMITATIONS

10. METHODOLOGY This includes how requirements are going to be identified and the steps taken to develop the proposed system

11. RESEARCH METHODOLOGY Through questionnaires, the researcher will be able to gather the necessary information such as more user requirements and system requirements that are needed for the development of the system. This data will be processed through charts. Observation of financial operations will provide firsthand understanding of processes such as budgeting, accounting and expense tracking. This will hep identify the bottlenecks and inefficiencies in the current systems

12. DEVELOPMENT APPROACH The system will be developed using the waterfall methodology. This is a robust, simple and easy to use methodology with well-defined phases which must be completed one at a time.

13. WATERFALL METHODOLOGY : The waterfall software development methodology is the most used software development methodology. It is considered traditional and the classic methodology. This methodology splits the software development process into clear and logical steps. Steps involved in the waterfall methodology

14. ADVANTAGES OF WATERFALL METHODOLOGY Waterfall methodology is suited for small projects that have well-defined requirements.
Easy to understand and implement by developers or project managers, even those at beginner levels Before each stage is completed, a thorough quality check is done to ensure that the stage is complete, preventing going backwards

15. Resources Visual Studio Code ( VSCode ): It provides a highly customizable interface, extensive language support through extensions, and powerful features such as debugging, syntax highlighting, and IntelliSense. Next.js and its documentation: A React framework that enables the development of fast, scalable, and SEO-friendly web applications. Next.js simplifies server-side rendering, routing, and other complexities, allowing developers to focus on building feature-rich web applications. TypeScript and its documentation: A typed superset of JavaScript that enhances the development experience by adding static typing, interfaces, and other advanced features to the language. TypeScript helps catch errors early in the development process and improves code maintainability and scalability. Figma: A collaborative interface design tool that allows teams to create, share, and iterate on designs in real-time. GitHub: GitHub provides hosting for software development projects, offering features such as code repositories, issue tracking, pull requests, and project management tools Vercel : Scale , deploy and secure next.js webapps. Skilled development team Office space Existing hardware and software (Desktops)

16. BUDGET Item Price Total Software development 70,000 70,000 Hardware procurement 96,000 96,000 Training and implementation 15,000 15,000 Contingency Expenses 7,000 7,000 Total 188,000

17. PROJECT TIMELINE Task No. Description Task No. of hours Planned start date Actual Start Date Planned Completion Date Actual Completion Date Deliverables 1 System Identification 240 May 24 June 3 Project Proposal 2 Requirement Specification 240 Jun 7 Jun 17 SRS Document 3 System Design Documentation 336 June 17 July 1 SDS Document 4 System Coding 384 July 1 July 17 Progress of System 5 System Testing 24 July 18 July 19 Testing & User Manual 6 Project Presentations 168 July 22 July 29 Presentations of Projects

18. GRANTT CHART 2024 Today May June July May 24-June 3 System Identification June 7 – June 17 Requirement Specification June17 –July 1 System Design Documentation July 1 –July 17 System Coding July 18 –July19 System Testing July 22 – July 29 Project Presentations

19. References Mint - https://mint.intuit.com/how-mint-works https://zenka.co.ke/5-great-apps-to-help-you-manage-your-finances/