Finance Bell

Finance Bell

Abstract

Financial management is a vital, and often challenging undertaking for individuals. Many have to struggle with organizing and following up on multiple debts, savings, investments, salaries, and other financial factors. Finance Bell is an application that is intended to bridge this gap and create an enhanced environment for better planning and organization financially. Targeted advertisements on the app will be useful in presenting relevant content for the various users who will be on the platform. Identifying this gap in the market required in-depth research in the finance and personal finance management aspects in daily life. Extensive research leads to better findings, and, in this case, a better and improved idea. It is evident from data that numerous individuals are grappling with financial management issues but receive non-effective assistance from platforms that lack or undermine strategic approaches. Finance Bell brings ease to the process of transaction recording, evaluation, and other financial management processes. The paper presents a detailed breakdown of the approach to the idea and highlights the various elements and their importance to the business startup.

 

 

Finance Bell

Obtaining Funds

We plan to build and fully launch the app by the end of Jan 2021. We, therefore, have plans involving a series of activities up to the last day of the official launch. Most of these activities require funding. According to pre-calculations, we need a total of about 20,000 US dollars. The series of events involve: First is the design and development of the app. It is followed by a series of thorough testing of the app on various gadgets to determine its compatibility with the expected hardware and software requirements. Secondly, when the trial is successful, we intend to engage the credit companies and sell the idea to them.

Without companies means we cannot operate because they are our first partners. Once we get a sensible number of companies ready to partner with us, we will embark on customer sensitization, and product popularization plans to create awareness of our application to the target audience. At this point, and during this period, we explain our policies and the benefits of using our app to the target customers. Finally, a grand launch of the app in a special event supposedly planned to take place in the last week of Jan 2021.

Since most of these activities require funding to carry out, we first need to get the necessary funds. The expected costs, including the launch cost, are 20,000 dollars. Our intended initial sources of funds include:

1. Our savings, this accrues for 30% of the total cost. Therefore, we have 6000 dollars.
2. Apart from individual contributions, we also intend to generate some funding cash from friends and families. We expect about 1000 dollars in donations from them.

Our personnel contributions and the contributions from our families and friends total to 7000 dollars. This is enough to take us through the first phase of prototype development. Once the prototype is ready and initial tests successful and working, we will move with swift to secure more funds for the final app development. Some of the sources of funds that we intend to exploit in this phase include:

Grants from willing Credit Card Companies. After successful prototype development, we want to conduct one on one communication with the credit card companies and showcase our product to them. The prototype will help convince the companies of the expected benefits embodied in the app.  The prototype will also be accompanied by a grant proposal written to the companies in a request for funding. We expect up to 50% that is 10,000 dollars of the total financing of these companies. The grants can also be on the basis that we can allow the companies to provide grants to conduct advertisement activities of their products on our app without charge until the grant is fully offset.

Donations from Willing Donors. We also expect some contributions from willing donors who might love the idea and feel excited to promote its development and implementation—finally, External Loans from willing lenders. In case of a deficit, we intend to source funds in the form of external debt from loans.

Table 1. Budget

	Activities	Amount(USD)	Source
1	Prototype development & testing	7,000	Personal Contribution
2	Reaching out to Credit Card Companies	500
3	Final product development and testing	5,500
4	App marketing and Popularization	3,000
5	Launch	1,500
6	Other costs (other labor, purchase, et Cetera.	2,500
7	Total	20,000

 

Table 2. Source of funds

	Possible Source	Amount
1.	Individual Contributions	6,000
2.	Contribution from friends and families	1,000
5.	External Loans	3,000
6.	Donor Cash	–
7.	Grants	10,000
8.	Total	20,000

 

 

Timeframe to Launch

It refers to how we have scheduled our activities until the final launch day. Complete development and launch of the app are expected to take a year commencing April. The design and development of the prototype begin in April 2020 and is expected to last four months. By August, the prototype will be availed to determine the user experience. The prototype, if successful, will also be used to find grants from the target companies to help finish the final app development.  The official launch will take place towards the end of Jan 2021.

 

 

Table 3. Timeframe

From	To	Activities	Remarks
April 2020	August 2020	Prototype development and programming
August 2020	Sept. 2020	Testing of App
Aug. 2020	Oct. 2020	Attracting Investors
Nov. 2020	Dec. 2020	Programming and Testing the final app
Jan 2021		Launching
Jan 2021	April 2021	Sensitizations and Popularizations

 

Hardware

Hardware refers to the necessary hardware requirements to design and program the app. We require computers to carry out the programming process. We will also need hardware components, i.e., the machines and smartphones, to install and run the application for testing. Finance Bill is a simple app that does not require specific hardware to design. All we need are computers and smartphones to get started. It is designed to work on android, apple, and Windows devices.

Software

Apart from hardware, the application cannot be programmed without necessary system development software. We will make use of programming software such as Java and other software to do the coding. Once programming is complete, an application cannot run without facilitation from a given software. That is why, during development, we considered various operating systems available, including windows, android, and apple. The application will, therefore, be available on the play store and apple store from which a client can download and install it. Once the installation is complete, all you need to do is sign up with your account details and get moving. Security is also a consideration with the application software ‘Finance Bells’ designed meticulously and all loopholes to infringement of client data blocked. The interface is highly user-friendly.

Other IT support

For the application to work and operate as intended, we require access to the credit companies’ database to link the app to the databases. For example, if it is a bank, we need to connect the client details and the data in the bank via the app. From here, when a client uses his/ her credit card, the Finance Bell app can detect the transactions and update its records appropriately and automatically. The client can have a real-time view and track the history of his/her expenses.

Consequently, there is a need to link different credit cards belonging to a single client. Let us say the client in question has five different credit cards with different companies; the app prompts to obtain data from the various databases and update them accordingly. The system makes it appear like a single entity while giving the client a clear view of how the expenditure happens, possible causes of the spending, and which among the credit cards have a higher rate of use. The client will, therefore, be able to have a complete track and absolute authority over his/ her expense status.

There is a need for support and technical personnel. Support is responsible for providing a communication interface between the clients and the app. They solve the daily problems of the client concerning the services offered by the app. They, therefore, act as the customer service interface. Technical personnel is responsible for the repair and maintenance of the app. They make sure there is a smooth operating environment for a productive relationship between users and the app.

People

First, the external dimension refers to targeted individuals. It is essential to factor in strategic evaluations of the target market in various ways, such as through the analysis of demographics. These and other vital statistical data that may pose an impactful influence on the application development, rollout, and uptake process. The importance this poses is that there is a sense of understanding for other essential elements of the process. For example, it is easier to predict where the application will do well – for rollout purposes. With many millennials attached to their mobile devices for a significant amount of time, being able to target geographical areas with these kinds of populations is one example of a vital advantage that is presented by the analysis project.

On the other hand, apart from the external individuals, there is an innate need for various internal staff to ensure that the application is up, running, and effective in its purpose, with profitability. It is vital to understand the required staff population. The development elements required may vary to some extent, but it must be clear the tasks and obligations that must be fulfilled. The Finance bell is a forward-looking application. The application is geared towards better financial management by the users. It consolidates various elements that are all vital to the application team management and development. The team will consist of various members who will work in cooperation to deliver meaningful business approaches and solutions. They include the chief executive officer, the product manager, designer, and developer. These individuals have roles in the team; for instance, the tasks include product-driven leadership and innovation towards the achievement of Finance Bell’s visions and targets in the business arena.

Equipment

We expect to take a keen evaluation of the options available to effectively apply various equipment towards the achievement of our business goals. The equipment comprises of a vital aspect of the business. For example, various elements depending on the availability of suitable equipment. For example, for staff such as the app designers and developers, elements and equipment such as computers and test mobile devices. Also, high-speed internet connections are necessary; therefore, networking equipment as addressed by the information technology department of the team. The required structures also include a server that includes a source control system.  The business requires an extensive set of tools and equipment. For example, the office space requires furniture and other vital elements that are important for that aspect of the business.

Office Space

The office space requires to adhere to various aspects for optimum usability. Sufficient floor space is one element. The floor space must be utilized well to ensure that wastages are eliminated. The smooth workflow is essential as application development, running, and maintenance is a demanding and delicate task. The office space will be utilized strategically to ensure that the risk for equipment damage is greatly minimized. For the staff, and possible on-site clients and other stakeholders, human security and safety must be implemented I the office space. The office space size and layout will significantly influence the effective control and supervision of the team and the various task at hand. It is a more comfortable working environment when customers and employees are provided various facilities at the premises such as restrooms and water. The office space does require functional quality elements for it to be an effectively sufficient workplace.