Development of peaks financial management system

Abstract

The purpose of this dissertation is to develop, implement, and evaluate an automated financial management system for MRT IT PEAKS LIMITED called Peaks Financial Management System, aimed at enhancing the efficiency, accuracy, and decision-making capabilities of the finance department. Traditionally, the company relied on Excel-based systems, which posed numerous challenges including data inconsistency, manual errors, and time inefficiencies. This study adopts a mixed-methods approach, incorporating both qualitative and quantitative methods to provide a comprehensive understanding of the system's impact. The research is structured around the System Development Life Cycle (SDLC) framework, encompassing the phases of planning, analysis, design, implementation, testing, deployment, and maintenance. Data collection involved an extensive literature review, surveys, interviews with key stakeholders, and case studies of similar implementations in other organizations. The development process focused on addressing specific needs identified through a thorough needs assessment and gap analysis. Key features of the automated system include automated expense tracking, income management, real-time reporting, and compliance management. The system was evaluated based on functionality, usability, accuracy, efficiency, scalability, compliance, and user satisfaction. The findings indicate significant improvements in data accuracy, operational efficiency, and user satisfaction, alongside enhanced capabilities for real-time reporting and regulatory compliance. This study highlights critical success factors for the successful implementation of automated financial management systems, such as management support, comprehensive planning, stakeholder engagement, and robust training programs. The results demonstrate the transformative potential of automation in financial management, providing valuable insights for organizations seeking to optimize their financial operations and achieve strategic objectives.