What are the major functions that a desired small business budgeting and financi

Question

What are the major functions that a desired small business budgeting and financial application should support (e.g. budgeting, online banking, account management, security, payroll, and tax software integration as just some potential functions)? These will serve as the ‘business requirements’ that will need to be supported by a budgeting and financial application.A minimum of 15 to 20 requirements should be identified.The requirements should be functional requirements only.

Explain, in detail, the requirements for each of the functions identified.

Develop a table that will serve as a checklist for evaluation of each of the selected applications. Your table should have four columns.The first column represents the function; the next three columns will represent selected applications.

Prepare a preliminary detailed plan regarding how you will carry out each of the systems development phases for this project. You are only required to identify the steps.

Explanation / Answer

S.No Functional Requirement Need for requirement Software Applications 1 Integrated Financial management System Financial management systems must be designed with effective and efficient interrelationships between software, hardware, personnel, procedures, controls, and data contained within the systems. To be integrated, financial management systems must have, as a minimum, the following four characteristics: (1) Standard data classifications (definition and formats) established and used for recording financial events; (2) Common processes used for processing similar kinds of transactions; (3) Internal controls over data entry, transaction processing, and reporting applied consistently; and (4) A design that eliminates unnecessary duplication of transaction entry. Oracle, SAP 2 General Ledger Management General Ledger Management is the central function of the Core financial system. The general ledger is the highest level of summarization and must maintain account balances by the accounting classification elements established in the Core Financial System Management function. Oracle, SAP 3 Funds Management Business is everything about Money. Efficient Management of funds is an essential requirement for the success of business. Oracle, SAP 4 Budgetary management For control of finances and efficiently management of funds of business, system of budgetary control is required. Oracle, SAP 5 Payroll Employees are the asset of any business and reward to the employees is the highest motivational factor for them.Right man at the right place with right reward is the pillar for any business People soft 6 Receivable management There should be some software that debtors should be managed properly. Cash or Sales discount given to them should be properly accounted off. Moreover, payment to be received well in time. Oracle, SAP 7 Inventory Management In any business, maintenance of inventory is an difficult task. Software is required for different alerts for inventory like Minimum level, maximum level, danger level etc., so that wastage of Inventory can be minimised. Manage inventory 8 Payment Management Creditors, from whom payment is due are to be paid off well in time. Software is required which alerts the user to make payment to creditor so as to promote goodwill and to avoid any litigation. Oracle, SAP 9 Security Theft, fire, mis carriage are the common problems in any business. When software is integrated for inventory, this will reduce such issues. Further, now survelliance is there to avoid such problems. survelliance 10 Cost Management There is need to analyse the profitability of the business. So, cost managemnent should be the integral part of the software, so as to reduce unnecessary cost and revenue can be miximised Finnacle 11 Bank Account All the funds management system operates from bank account. So, Bank account is one of the necessary functional requirement. 12 Cash Management Liquidity is required for any business. So, kepting of optimum working Capital is always required for any business 13 Reporting There is a system software through which any information can be derived to take appropriate decision 14 Compliances Management There are various laws relating to labour and Industry which needs to be complied with for efficiently running of business in any economy. 15 Tax management All the monetory transactions in the business are to be tax treated. Tax as major compliance in any economy need to be appropriate taken care off.

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