Makerere University developing an automated financial records management system for JT & Partners

Abstract

The efficient management of financial records is paramount for modern accounting firms to ensure accuracy, compliance, and timely financial reporting. In response to the growing complexity and volume of financial data, this study aimed to design and develop an automated Financial Records Management System (FRMS) tailored to meet the specific needs of JT & Partners. The objectives of the study were; to identify the types of financial records generated, to establish how financial records are managed, to identify issues arising from the manual record system, to find suggestions from staff of how to improve the existing manual system and to design an automated financial records management system for JT & Partners. The study used a qualitative research approach. The research team purposively selected 5 respondents to participate in the study that include; Human Resource Manager, Administrator, Records Manager, Records Officers and Accountants. The study found out that different types of records generated at JT & Partners include; income statements, bank statements, balance sheets, cash flow statements, invoices and receipts, tax records, payroll records, expense reports and investment records. The research also established that the current system uses a manual approach for managing financial records. The study also identified the challenges of the current system as; human errors, delays in serving clients, and security risks. The study welcomed suggestion from the JT & Partners Accounting Firm’s staff about the automated financial records system. The study concluded that the staff at JT & Partners are interested in the development of an automated FRMS for timely, secure and accurate delivery of financial services to their stakeholders and clients. The study recommended development of an automated Financial Records Management System that addresses the unique requirements of JT & Partners. Staff training and digitization of paper-based records should be done. A good scanner and computers should be purchased to facilitate the new automated FRMS. By leveraging technology to streamline record-keeping processes, the firm can achieve greater operational efficiency and maintain a competitive edge in the dynamic financial services industry.