Software Construction: Project Guidelines

Farzad Beekzad

Professor Kotala

CSCI 717 Software Construction

10/13/2019

Project Requirement Specification

Scope of Financial Management and Financial Management System

Financial Management is an organic function of any business. Financial management is a critical element that any organization have to put under consideration since poor financial management can lead to an organization wasting a lot of resources on unproductive activities. Financial management is an essential aspect since it keeps an organization focused on achieving tier primary goals and objectives, and hence, the organization will implement better legal accounting and financial management systems that will significantly assist the organization in managing their available resources appropriate for long term benefits. Business management is based on various commercial transactions done by the particular organization and hence tree is need of implementing effective financial management systems that will extensively assist in recording, executing and monitoring multiple financial transactions carried out on daily basses in a given organization ("What is financial management system? - Definition from WhatIs.com", 2019). Financial management generally entails the procurement of funds and ensuring they are effectively utilized.

In order to have a clear understanding of Financial Management System a software developer have to have a prior knowledge of importance of effective financial management and challenges that various organizations and businesses across the world undergo when it comes to financial management scenarios ("What is financial management system? - Definition from WhatIs.com", 2019). An understanding of the financial management scoop is vital when it comes to design, developing and implementing a financial management system that will significantly assist various businesses and organizations across the globe to be able to plan their financial resources appropriate for the benefits of achieving their short and long-term goals and objectives in a concise period of time. Financial management should also ensure that all the shareholders’ interests are taken into consideration. Proper Financial Management is healthy for any business organization since resources are well planned for and well distributed, which significantly fosters the growth and prosperity of the particular organization in a short period and the right path. The scope of financial management and financial management Systems have been represented in the figure below.

Description of QS Financial Management System

A Financial Management System is a methodology of using a computer-based program to oversee, monitor, execute and govern financial resources, and various transactions carried out in a business organization ("What is financial management system? - Definition from WhatIs.com", 2019). Financial Management System, which is also known as ERP systems, is essential, and every organization needs to implement this system within their business organization since the sets have the capabilities of effectively monitoring and executing all financial transactions carried out on daily basses from an organization. Financial Management System have the skills of governing an organization's incomes, assets, and assets with the aim of the organization maximizing their overall profits, enhancing sustainability and assisting an organization to achieve their short and long term goals and goals in an effective manner and I short time.

Developing an effective QS Financial Magnet System in this particular project will significantly improve both short and long term business performance. An effective Financial Management System will stream and inspect various invoices and bill collection documentation. The purpose of this particular project is to develop an effective Financial management System that will meet the requirement of various organizations and businesses across the globe ("What is financial management system? - Definition from WhatIs.com", 2019). This financial Management System project t under development will increase organizational efficiency and accuracy by reducing various accounting errors that are evident from various business organizations, minimize recorded keeping, and the financial system will ensure that all organizations that implement it comply with legal accounting regulatory policies and tax compliance policies. The financial system will also ensure defective budgeting process to any organization that will implement it within their daily operations; the system will still offer flexibility and adaptability of an organization to the changing economy and ensure financial tracking and financial records are kept up to date for biter financial planning and budgeting purposes.

Assumptions regarding this QS Financial Management System Development Project

Accounting assumptions are fey essential since they are the determinant of how a particular business organization will be operated (Bragg & Bragg, 2019). Premises provide a healthy structure of how business transactions are being executed, monitored, and recorded by the Financial Management System. If any assumptions accorded to the financial management system will are designing and developing are not avid to be accurate, it will result in a negative impact on an organization using the system as their primary financial management technique. There are critical assumptions accorded to this particular Facial Management System which are; Accrual assumption. In this assumption, all transactions will be recorded using the accrual basis of accounting, where the recording will take when the financial System detects any transaction carried out by the business organization using the system as their primary financial management solution (Bragg & Bragg, 2019). Conservatism assumption. This assumption will ensure that the financial system will be able to record all revenues earned, expenses, and transactions carried out by a business organization. The financial management system have a unique feature that will ensure earlier recognition of all financial transactions carried out in a specific time for better financial budgeting and planning. Reliability assumption is another assumption associated with this particular economic system under development; this assumption ensures that the system is reliable and can record all business transactions appropriately. Sand finally time period assumption. This Fiancée; System will have recording various operations carried out by any organization appropriately and will be recorded according to time when those transactions were executed.

Dependencies associated with the QS Financial System Development

Various addictions will harm this specific project. These dependencies create barriers that make it difficult for this project to be completed in the stipulated time and negatively impact the overall success of this Financial Management System in the available market after completion of the entire project (2019). Internal Dependencies is a dependency that this project is currently facing, the internal leadership structure is not effective the manager is not able to manage this project effectively this poor leadership is derailing the success and time stipulated for the project to be completed. Dependencies between other projects there are various financial management systems that are already available in the market and are creating stiff competition, this leads to us allocating a lot of financial resources to this particular project to ensures that a comprehensive research is done on the project we are developing so we can establish an economic system that will overlap all industrial, financial management systems from other companies. External dependencies are another dependencies that our p[reject is encountering at the early development stage (2019). This dependency is derailing the time of this particular project since the suppliers are not supplying required essentials such as computers, development software, and other hardware’s in time.

System Features and Requirements of QS Financial Management System

Functional requirements

This particular Financial Management System under development ensured that the design of the primary functionality element complies with all legal laws that govern financial management satrapies (2019). There are significant functionality aspects associated with this particular Financial Management System. This Financial Management System is designed in such a way that the end product will fully satisfy various business organizations and opt to implement this system within their functional business operations. These Functional elements equipped in this particular system are to enhance the efficiency and usability of this Financial management system to any organization that implants and opt to use this financial management system within their functional business operations.

The functional requirements equipped in this particular Financial Management System under design under this specific project are; System Management (SM), General Ledger Management (GL), Cost Management Features (CM), Fund Balance and Treasury Management (FB), Repotting Features (PR), Fund management (FM) and finally payment and receivable fund management (PRFM) These essential features equipped in this particular Financial magnet System are mint to provide critical information and sufficient control data required to carry out any financial management operations in any organization across the globe (2019). These functional elects will significantly enhance the ease of managing various commercial transactions initiated by any business organization; reporting features will improve budget and financial planning processes.

External interface requirements

QS Financial System will be interfaced and integrated with various external sets to enhance its usability and effectiveness when it comes to financial management in any business organization that may opt to implement and use this particular system within its business operation (2019). The QS Financial system will be integrated and interfaced with an external system known as the EServer Commerce System. This system is flexible, which have been developed for integration with other systems, and hence we find it necessary to integrate it with our QS Financial management System. EServer Commerce System supports invoice management, revenue reporting, recording, and expense payment reporting, which helps the usability of our financial system. Integrating EServer Commerce and QS Financial management system will enhance efficiency and increase the user-friendliness of this particular system to any business organization that may opt to use and implement our Fiancée management solution with their business operations.

QS Financial Management System features

There are general features associated with this particular QS Financial Management Software, which are equipped to the system to ensure the efficiency and usability of this financial management solution I sincerest in various business organizations across the globe (2019). QS Financial Management System have numerous and distinct sets of features that make it appropriate to use when it comes to various financial management matters associated with any business organization. This financial System is Fully Web-based System that means it is an online-based Financial management system, the system is multi-language one can change it to the language of his or her choice for usability and effectiveness purposes the system have the capabilities of dealing and working with various and unlimited number of cots centers, the system have complied with the International Accounting Standards (IAS), the use of different G codes have been made more comfortable, the system is flexible, user friendly, secure, multi-tasking and multi-currency system the financial solution can work with various monetary currencies from multiple countries across the globe.

Non-functional requirements

There are various nonfunctional requirements associated with the QS Financial Management System. Nonfunctional attributes related to this financial management solution are meant to increase efficiency, usability, and experience of application to various business organizations that will implement and use our financial systems within their business operations (2019). Nonfunctional requirement attributed to QS Financial Management System are; User friendly the system is user friendly and easy to use anyone can use it across the globe without him or her having prior knowledge on how to use the system, Reliability is another nan fictional attribute attributed to this financial system, the system is reliable and effective to use and is applicable to any business organization across the globe, System availability this QS financial system will be fully operational 24 hours and for the need of system maintained backup running operations have been in scripted within the system to cater for day the system will be under maintain ace. Security is another nonfunctional feature accorded to QS financial management system; all the transaction and financial data that will be recorded by this system will be securely be recorded under the critical condition for future refine and auditing purposes.

References

What is the financial management system? - Definition from WhatIs.com. (2019). Retrieved 9 October 2019, from https://searcherp.techtarget.com/definition/financial-management-system

Bragg, S., & Bragg, S. (2019). The critical accounting assumptions — Accounting Tools. Retrieved 9 October 2019, from https://www.accountingtools.com/articles/what-are-the-key-accounting-assumptions.htm. Retrieved 9 October 2019, from http://www.cogta.gov.za/mig/toolkit/toolbox/PM/Dependency%20Management.pdf

Retrieved 9 October 2019, from https://research.usc.edu/files/2011/06/RASRequirements_3_7_2011.pdf

Retrieved 9 October 2019, from http://www.scope-sys.com/pdf/scopeenglish.pdf