Introduction of Accounting Management System
Table of Contents
The capstone project “Accounting Management System” will streamline the process of tracking and keeping financial records of a company. The said project will manage the records of expenses, invoices and other financial transactions of the company.
Currently, many companies uses a manually-aided system in managing their financial transactions and records. The manual method of accounting is prone to human errors and will not let the company effectively assess their financial situation. Records of expenses and invoices may not be accurate and reliable due to possible human errors especially in the manual calculation of digits. The manual process is thought to be inefficient and ineffective in preparing prompt financial reports. Organizations are in need of an automated system that will assist them to efficiently manage their overall financial activities.
Proposed Solution
The researchers of the study proposed an automated accounting management system in order to resolve the aforementioned issues encountered in the manual method. The proposed system will allow electronic accounting management where records of financial transactions will be processed electronically. The said project will keep the financial records and transactions accurate, reliable, safe and secure. The proposed system will eliminate the paper works and other difficulties encountered in the manual process. The system will fully aid the process of financial transactions and record keeping in the company.
Objectives of the Study
General Objective – the researchers of the study generally aims to design and develop a system that will streamline the process of all the financial transactions of a company or organization.
Specifically, the project aims the following objectives:
- To design a system that will automate the process of accounting management.
- To develop a system that will keep track of all the financial transactions of a company or organizations.
- To develop a system that is easy to operate and should be completed within a short period of time and must fit with the budget of the end-user.
- The accounting management system will serve as a repository of different financial records.
- The system will assist companies in managing financial
- The proposed accounting management system is easy, safe, reliable and convenient to use.
- To evaluate the developed system using ISO/IEC 9126 with the following quality characteristics
- Functionality
- Reliability
- Usability
- Efficiency
- Maintainability
- Portability
Significance of the Study
The success of the project is significant to the following individuals or group:
Companies. The system will help them to efficiently and conveniently perform accounting management. The system will optimize the capability of the company in handling their expenses, invoices and other financial transactions.
Finance Department. The system will assist them to efficiently carry our their tasks which involves financial transactions and records. The said project will ease up the job in the finance department.
Researchers. The success of the study will help them gain more experience, skills and knowledge in developing successful projects.
Future Researchers. The study can serve as their references if they wish to make an update for the system or if they want to develop their own version of accounting management system.
Development Tools
Accounting Management System is a system that allows companies to have automated process of accounting management. The system will let companies electronically manage records of purchases, sales and other financial records.
This article will provide you with an idea on what are the forms to be included in an Accounting Management System. PHP and Bootstrap were used to develop the said template.
Documentation of the project is available upon request (chapters 1 to 5). Feel free to message us for the complete documentation of the project.
The password of the zip file is 345ffn46ij.
Project Highlights
The capstone project, “Accounting Management System” is a database driven system that will allow companies to electronically track and monitor their financial transactions, financial records and financial situation.
Advantages of Accounting Management System:
- Automated accounting management system – by using the system, companies can electronically process and track their financial transactions and
- Records Management – it is a database system which makes the records of the finances electronic, safe, accurate, reliable and fast.
- Fast Transaction – processing of expenses, invoices and other financial transactions will be easy, fast and convenient.
How the System Works
This section of the paper will discuss the forms, module and user interface of the Accounting Management System. We will now discuss the features and how the system will work.
Login Form – this form will be used when the users log in to the system. Each users will have their unique username and password in order to access the records and features of the system.
Shown below is the design of the login form. (please visit our facebook page for the complete source code)
Dashboard – this serves as the main page of the systems administrator when logged in to the system. The dashboard displays the following information:
- Number of items
- Number of invoices
- Total Revenue
- Total Expense
The image shown below is the design of the administrator’s dashboard.
Invoices – this form will allow the admin to manage records of invoices of the company.
The form will require and display the following information:
- Invoice code
- Company name
- Status – (not paid, partially paid, fully paid)
- Deadline
- Amount
- Due Amount
- Action
Shown below is the form design of invoices.
Preview Invoice – this form will allow previewing of the records of invoices. Shown below is the design on how the records of invoices would look like when previewed.
Project Name – this form will allow the admin to manage information of the projects. The form requires the following information to be entered in the system.
- Project name
- Project Details
- Date Started
- Date Ended
- Amount
- Status – on-going, pending, completed
Shown below is the design of the project name form.
Expense Category – this form will require the admin to input the category of expenses. The form requires the following information:
- Category name
- Description
The image shown below is the design of the expense category form.
Expense Record – this form will require the admin to input the information about the expenses for a specific project. The admin will enter the following information to the system:
- Project Name
- Expense Category
- Amount
- Expense Date
- Status
Shown below is the design of the expense record form.
Payments – the payments module will need the details about the payments. The admin will enter the following information to the payment module.
- Invoice number
- Client Info
- Payment Date
- Invoice Date
- Amount
- Payment Method
The image below is the layout of the payments module.
Revenue Record – this form will require and display records of the company’s revenue. The following information will be encoded in the system.
- Revenue name
- Amount
- Revenue Date
- Notes
- Attached File
The image below is the design of the revenue record form.
Balance Sheet – this form will display the balance sheet of the expenses and revenues of the company. The balance sheet will be presented using a table and a graph.
Shown below is the design of the balance sheet form.
Database Backup –this form will allow the admin to set up a database backup for the system.
User Management –administrator can add another user account that can access the project.
User management module includes the following information:
- Full name
- Contact
- Username
- Password
Conclusion
Accounting Management is vital
for the whole operation and performance of the company. Managing financial transactions and records is critical for every company which requires a thorough process to avoid significant errors that will affect the company’s financial situation. The project is conducted to assess the manual method of managing financial activities in a company. The researchers concluded that the current method is not enough to fully optimize financial activities of the company which leave rooms for errors.
The researchers proposed an automated accounting management system that will replace the manual system. The result of the study showed that the developed accounting management system met the needs and requirements of the respondents and the intended users. Therefore, the researchers concluded that the implementation of the developed system will significantly help companies in managing and tracking the records of their financial transactions. The system will eliminate all the problems encountered in the manual method which will help the companies or organization better improve their business operations.
Recommendations
The implementation of the Accounting Management System is highly recommended by the researchers. The researchers suggest that companies should integrate the use of the system in managing their financial transactions and records. The system is highly recommended for its efficiency and reliability that can be offered to the company’s finance department. The researchers of the project suggest that the intended users should have enough knowledge on how the developed system is going to work.
The researchers of the project recommend the following:
- Companies should consider using the system in managing their expenses, invoices and other financial records.
- The system should be installed in the finance department of the company to assist them and electronically aid their work in dealing with the financial activities of the company.
- The system is highly recommended for it will make accounting management easy, fast and convenient.
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