New Business Proposal

New Business Proposal

Introduction

The management is seeking funding from the business investors for developing a new product in the market. The funding request and market analysis of the project will also be elaborated in this proposal. The department of innovation and technological development is seeking flexibility, funding and guidance of the existing market gap to improve accounting practices that will benefit the management of the accounting system in the industry.

Executive summary

The purpose of the development of this business proposal to initiate the new investors in the event of accounting software. Further, following continuous challenges experienced by most of the business organizations, it is an opportunity and market gap. Software development entails the process of defining, designing testing as well as implementing the application into existence. The daily routine in accounting packages is critical for business since it assists in preparing invoices to customers of different organizations. Moreover, the scope of computerized in accounting has improved, given the demand is also increasing in the market (Diao, 2018). For every specific business, their different versions of accounting software which can be developed depending on their specification. More importantly, this proposed accounting software is viable and has a massive market since it can come in various versions such as for the cases of a doctor, construction, retailers’ wholesalers among others.

The growth of Information technology in the contemporary world has increased and requires various elements to be put into consideration. The media support tool in accessing technology has been missing as it involves integration for every business plan. Furthermore, most of the developing medium and small enterprises are known to be using a manual financial reporting system (Nurkamid, Mulyani, & Gunawan, 2018). Substantially, these have many disadvantages that can affect the operations of the company, such as errors incurred that results in the validity of financial statements and inventory reports. The primary conventional means of accounting problems take place as fraud, such as tamper input and tamper documents. Most of the involved personnel have been doing such illegal activities, and there is a need to improve the changes in accounting management.

Project description

The main components of accounting systems entail the overall system, which assists in gathering financial data and translating them into useful information to communicate it for decision-makers in an organization. This proposed project will have five main components that will be useful in the development of different specified versions for customers. These will consist of;

• Source document which helps in tracking business transactions
• Input devices that entail modems, barcode scanners, and are useful for entering transaction information.
• Information processors that take raw data received from the input devices and translate them to ledgers, reports and journals.
• Information storage is another essential component which will store these reports and ledgers that are created through the information processors.
• Output devices are useful tools such as printers, monitors that take information from the storage to display to relevant authorities (Diao, 2018).

Accounting software has various advantages which can be established. It improves the efficiency of the operations in the company. Substantially, this means that errors are minimized as much as possible. The projection on improvement, which will be realized by most of the affected companies, can improve their financial statements by 90% efficiency. Nonetheless, the developed system would be useful when the following measures are put into consideration (Diao, 2018). The need to detect the internal control system by the developed accounting software. The enterprise system management for computerized accounting files should be standardized. This issue aims to ensure there are a relevant accounting record and disk storage information which cannot be tampered with by another individual.

The other concern is the development of accounting software is understanding the possibility of defects, which can solve the issue of security and confidentiality (Diao, 2018). Lastly, the establishment of professional quality, as well as the ethics of employees, should also be put into consideration. In most cases, corporate financial accounting professionals do not often understand the relevant knowledge of accounting computerization. When the financial professional does not understand the software being used, there is a possibility of a lack of ethics and errors to be encountered.

General analysis of the project

In general, there is consistency in the finding from the studies relating to the deficiency in the application of accounting software’s which can be used in the management of finance in organizations. The underlying feature which has been expressed in the past studies is the emergence of a variety of accounting software that is not effective in improving the application of object-oriented technologies (Enikeev, Georgiev, & Mohammed, 2017). Moreover, some have elaborated excessively narrow specialization of the tools to assist the expected organizations. As a result, this proposal for accounting software development will mainly focus on improving two issues that are lacking in most of the applications existing in the market. Software control is one of the problems which will be enhanced to avoid the case of accounting fraud (Diao, 2018). Substantially, this can be improved by meeting the standards in operations and implementing regulations. The other issue is application control, which needs to maintain the processing of data. This is established by setting internal control measures that can cover all aspects of the company.