Banking and Finance Management System (Financials – Collection, Accounts Payable & Accounts Receivable, Disbursement, Budget Management, General Ledger)

Vol.3, No.1B

Abstract

The Financial Management System plays a crucial role in efficiently allocating funds to various departments and ensuring financial stability, thereby contributing to the growth and prosperity of businesses. There are two ways for borrowers to receive funds from lenders: through direct finance or market-based finance. In direct finance, borrowers sell financial instruments such as debt securities and shares to investors in financial markets, representing claims on the borrower's future income or assets.

The Financial Management System aims to enhance client satisfaction and apply management and accountability standards to mobilize bank resources effectively. Its primary task is to improve financial information and service performance, providing accurate information on the needs of clients and customers.

The proponents of the system utilized the Agile Methodology for development. This approach promotes continuous iteration of development and testing, continual planning, learning, and improvement with team collaboration, resulting in a more organized and manageable development process. The proponents were able to gather vital data for the proposed system.